BSP: 'Hot money' fled PH markets in Jan due to bad news

Philippine financial markets saw a net outflow of $486 million in January 2020 due to adverse economic news both locally and internationally, including geopolitical tensions between the US and Iran, ongoing trade negotiations between the US and China, renegotiation of water concessionaire contracts, and concerns over the spread of COVID-19.

This represents a higher outflow compared to December's $321 million net outflows. Gross outflows in January totaled $1.7 billion, while inflows were at $1.2 billion.