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Net Foreign Portfolio Investment Inflow Up 226% in First 11 Months

12.04.2003

Bangko Sentral Governor Rafael B. Buenaventura reported today that, for the year through November 28, 2003, foreign portfolio investment transactions posted a net inflow of US$625.5 million, up by 226 percent from the US$191.7 million for the same period last year. Sources of data are the weekly reports of the five major custodian banks to the Bangko Sentral.

Non-resident investments in all types of portfolio investment instruments recorded net inflows during the period: PSE-listed securities, US$50.2 million; government securities/money market instruments, US$168.3 million; and peso bank deposits, US$407 million. Bank deposits may eventually end up as investments in the first two types of instruments.

During the comparable period last year, investments in peso bank deposits had a net inflow of US$317.2 million while investments in PSE-listed securities and in government securities/money market instruments registered net outflows of US$104.8 million and US$20.7 million, respectively.

On a gross basis, non-residents inwardly remitted US$1,514.5 million for portfolio investments during the period in review, compared to US$1,216.3 million last year. Withdrawals of non-resident investments in these instruments amounted to US$889.0 million this year, lower than the US$1,024.6 million last year.

For the month of November, a US$147.7 million net inflow was registered, the highest monthly total for the year, due primarily to sizeable inflows for settlement of block purchases of Globe Telecom shares. Positive factors during the month included expectations of higher third quarter corporate earnings, the acceleration in export growth in September, the lower than-programmed budget deficit in October, and the higher-than-expected GDP growth. On the other hand, developments pertaining to the coming presidential elections, the resignation of Finance Secretary Camacho and the lingering security concerns were negative factors that limited the rise in foreign portfolio investments.

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