Philippines sees $417-M net inflow of hot money in May

The Philippines saw a net inflow of $417 million in foreign portfolio investments (FPI) or 'hot money' in May, according to the Bangko Sentral ng Pilipinas (BSP).

This marks a turnaround from the $374 million outflow recorded in April and the $1 billion outflow in May 2020.

Key factors contributing to this positive trend include the easing of restrictions in Metro Manila, S&P Global Ratings' affirmation of the country's credit rating, and the central bank’s decision to maintain its record-low key policy rate.