Philippines: Funds pull 1.4 billion from Philippines in 2008.

Given that investors are pulling back from most areas it is not too surprising that the Philippines should be losing foreign capital in the global downturn. This is quite a change from 2007 when investment increased substantially.

This is from AFP.

Funds pull 1.4 bln dollars from Philippines in 2008: central bank
22 hours ago
MANILA (AFP) — The Philippines lost a net 1.4 billion dollars in foreign portfolio investments as funds pulled out of stocks, securities and bank deposits in calendar year 2008, according to the central bank.
This was a sharp reversal from a net foreign portfolio investment of 3.5 billion dollars in 2007, it said in a statement.
"The global financial turmoil, which was precipitated by the US subprime mortgage crisis, has led to recession in many countries across the globe and heightened risk aversion among investors," central bank governor Amando Tetangco said in a statement.
The deficit came as gross capital outflows fell 19 percent from a year earlier to 9.7 billion dollars while gross inflows plunged 46 percent to 8.3 billion dollars last year, including 5.7 billion dollars ploughed into stocks, Tetangco said


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