US-China tensions keep foreign investors jittery in May
Foreigners opted to take their money out amid global uncertainties.
Foreign portfolio investments reverted to a $206.35 million net outflow in May, the first in three months.
The outflows came amid market uncertainties, especially in the face of a weaker peso and rising oil prices, the Bangko Sentral ng Pilipinas (BSP) said.
“Outflows for the month of US$1.4 billion were 29.3 percent higher compared to the US$1.1 billion level in April due mainly to investors’ reaction to renewed geopolitical tension between the US and China coupled with continuous net foreign selling of PSE-listed securities since February of this year,” the BSP said in a statement.
Still, five-month hot money flows ended positive at $797.19 million.