Philippines' foreign investments yield net outflows in March

MANILA, April 27 (Xinhua) — The Philippines’ foreign investments yielded net outflows of 70 million U.S. dollars in March, resulting from the 1.33 billion dollars in gross outflows and 1.26 billion dollars in gross inflows for the month, the Philippine central bank said Thursday.

“This is smaller compared to the 531 million U.S. dollars net outflows recorded in February 2023 and 305 million U.S. dollars in March 2022,” the Bangko Sentral ng Pilipinas (BSP) said.

The BSP said the 1.26 billion dollars registered investments for March are higher by 84.7 percent or 576 million dollars compared to the 680 million dollars recorded in February.

Investments for the month mostly came from the United Kingdom, the United States, Singapore, Luxembourg, and Norway, with a combined share of 86.4 percent.

The BSP said that the 1.33 billion dollars gross outflows for March are 9.5 percent larger (or by 115 million U.S. dollars) than those recorded in February 2023 (1.2 billion dollars). The United States received 67.2 percent of total outward remittances.

Year-on-year, the BSP said that registered investments in March 2023 are 1.7 percent lower than the 1.28 billion dollars recorded in March 2022 (or by 22 million dollars), while gross outflows are lower by 16.2 percent (or by 257 million dollars) vis-a-vis the gross outflows recorded for March 2022 (1.6 billion dollars).

The January 1 to March 31, 2023 transactions for foreign investments registered with the BSP yielded net outflows of 309 million dollars which are larger compared to the 16 million dollars net outflows noted for the same period in 2022, the BSP added. Enditem

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