Investment rises in RP<\/p>\n
MANILA (AFP): Foreign portfolio money is returning to the
\nPhilippines after the global aftershocks of the Mexican currency
\ncrisis, the Central Bank said yesterday.<\/p>\n
Central Bank Governor Gabriel Singson said investment managers
\nplowed a net US$125 million through six major banks in the four
\nweeks to May 26, compared with a net outflow of $27 million in
\nthe first five weeks of 1995 and $45 million in March.<\/p>\n
The increased volume is exerting an upward pressure on the
\npeso, forcing the Central Bank to step up its purchases of
\ndollars, ending the month of May with a net purchase of $385
\nmillion, Singson said in a statement.<\/p>\n
He attributed the situation to the \"fresh mandate given to
\nPresident (Fidel) Ramos and his coalition party\" in the May 8
\nelections.<\/p>\n
He said foreign portfolio investments would continue to stream
\nin this month following a credit upgrade of the Philippines by
\nrating agency Standard and Poor's.<\/p>\n
The additional liquidity in the financial system should \"buoy
\nup the stock market which can, in turn, encourage more inflows,\"
\nSingson said.<\/p>",
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