Related Stories Hot money swings back to net inflowThe report said that while stock-specific factors partly stoked the flight, fund managers are concerned over the perceived slowness of the Bangko Sentral ng Pilipinas in tightening monetary policy and controversial policies of Philippine President Rodrigo Dutere. In a statement reported by ABS-CBN News, BSP Governor Nestor Espenilla said the Philippines is still a “solid” choice for foreign investors. He also expressed hope that fund managers would change their mind “once they realize the Philippines remains a solid investment opportunity with a strong growth story and considerable upside." "The BSP conducts monetary policy based on what we think is best for our economy," Espenilla was quoted as saying. The BSP expects a net outflow of foreign portfolio investments amounting to $900 million this year.

Source: Philippine Star August 30, 2018 08:03 UTC