RP investment abroad up

Thu, 28 Jul 1994 | Source: AFP

MANILA (AFP): Investments by Filipinos in other countries rose by 864 percent in 1993 due to the liberalization of foreign exchange regulations, the Philippine Central Bank statistics office said here yesterday.

Outward investments from the Philippines, both in stock portfolios and in capital, amounted to US$1.167 billion in 1993 compared to US$121 million in 1992, the Central Bank said.

This was attributed to the government's decision in September, 1992, to allow Filipinos to invest as much as $1 million overseas without Central Bank approval.

Portfolio investments abroad reached US$1.061 billion while capital investments reached $106 million in 1993 compared to $115 million in portfolio and $16 million in capital investments abroad in 1992.

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