Tax reform, infra rollout attract foreign money to PH
The Philippines remained a head-turner for foreign investors looking for new places to go.
Hot money investments yielded net inflows for the third straight month with January seeing $162 million of inbound capital, the Bangko Sentral ng Pilipinas (BSP) said.
More foreign investors chose to keep their flighty funds in the country rather than pull them out. Total placements reached $1.62 billion versus $1.5 billion outflows.
The BSP said the inflows are “attributable to investor optimism over the passage of the first phase of the government’s tax reform program, positive news on corporate earnings, and expected higher government spending for infrastructure projects.”
Implementation of the landmark Tax Reform for Acceleration and Inclusion law started on Jan. 1, 2018.
Investments in listed companies at the Philippine Stock Exchange brought in $80 million, while peso government securities collected $82 million, the BSP said.
The United Kingdom, the United States, Malaysia, Singapore, and Hong Kong were the top five investor countries for the month.