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PIA Press Release
2006/10/13

September net portfolio inflows $373.7M vs $131.5M in August

Quezon City (13 October) -- NET FOREIGN portfolio investments more than doubled to $373.3 million last month from $131.5 million in August as improving economic fundamentals here bolstered investor confidence, the central bank said.

For the first nine months of the year, net portfolio inflows were $1.396 billion, down from $2.03 billion in the corresponding period of last year, the central bank said in a written statement.

Central bank governor Amando Tetangco said the higher net inflows last month reflected investor confidence following the announcements that the economy grew by 5.5 percent year-on-year in the second quarter and that the government's budget surplus was P14.3 billion in August.

He said investors had also been been encouraged to park their funds in equities, government securities and money market instruments here because the peso was strengthening, oil prices were easing and the central bank's policy interest rates were steady. (PIA) [top]

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