Philippines sees record $1B 'hot money' outflow in May

Foreign portfolio investments, or 'hot money,' exited the Philippines by $1 billion in May, marking the largest outflow since January 2014.

This third consecutive month of net outflows is attributed to investors seeking safer havens due to the ongoing coronavirus crisis.

The BSP reported a $3.073 billion net outflow for the first five months of 2020, compared to $685 million in the same period last year.

May's gross inflows of $486 million were the lowest since November 2009, representing a 22.4% decline from April.