"This is a turnaround compared to the net inflows recorded in January 2023 at 292 million U.S. dollars," the Bangko Sentral ng Pilipinas (BSP) said late Thursday night.
It added that the registered investments for February of 680 million dollars are lower by 32.3 percent, or 324 million dollars, than the 1 billion dollars recorded in January this year.
Investments for the month mostly came from the United Kingdom, the United States, Luxembourg, China's Hong Kong Special Administrative Region, and Singapore, with a combined share of 82.5 percent.
The BSP said the gross outflows for February of 1.2 billion dollars were higher by 70.2 percent, or 499 million dollars, than the 712 million dollars gross outflows recorded for January. The United States received 67.3 percent of total outward remittances.
Year on year, the BSP said registered investments in February decreased by 28.0 percent, or 265 million dollars, from the 945 million dollars recorded in February 2022, while gross outflows were larger by 80.7 percent, or 541 million dollars, than the 670 million dollars outflows recorded in February 2022.
"The 531 million U.S. dollars net outflows in February 2023 are a reversal compared to the 274 million U.S. dollars net outflows recorded for the same period a year ago," the BSP added.
From January 1 to February 28 transactions, foreign investments registered with the BSP yielded net outflows of 239 million dollars, a turnaround from the 289 million dollars net inflows recorded in the same period last year.
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