Hot money inflows surge in PH

Foreign portfolio investments in the Philippines, or “hot money,” more than doubled in April from the year before, boosted in part by large subscriptions in shares of LT Group Inc. The Bangko Sentral ng Pilipinas reported hot money amounted to $3.5 billion in April, 137.4% higher than the $1.5 billion recorded in the same month of 2012. The latest figure was also 50.3% more than the $2.3 billion inflows that came in last March. Contributing to the growth were $970 million worth of subscriptions in tycoon Lucio Tan’s LT Group, which sold shares to global investors in April. The top 5 investor countries in April were US, UK, Singapore, Hong Kong and Luxembourg, which, combined, had a share of 87.8%.

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