Updated Mar 14, 2019, 7:50:33 PM
Metro Manila (CNN Philippines, March 14) — More investors came to the Philippines last month, according to the latest Bangko Sentral ng Pilipinas (BSP) data.
Net foreign portfolio investments for February was at $339.57 million, a turnaround from -$528.53 million for the same month last year.
"(This) may be attributed to investor optimism arising from developments on trade negotiations between the US and China and the passage of the tariffication law, which is expected to help boost the rice supply in the country and thereby temper inflation," the BSP said in a statement.
Majority of these investments, at around 77.4 percent, was in the Philippine Stock Exchange, while the rest went to government securities and other peso debt instruments.
The top five investor countries for February were the United Kingdom, the United States of America, Singapore, Luxembourg and Norway.
While foreign investors brought in $1.4 billion in February, approximately $1.1 billion was pulled out, with the U.S. as the main destination of these funds.
Year-on-year inflows rose by 34.9 percent compared to the $1.0 billion for the same period a year ago, when nearly $1.6 billion worth of portfolio investments were pulled out.