‘Hot money’ disappoints with $247-M outflow in 2023

MANILA, Philippines  —An above-target inflation that spoiled growth and jacked up borrowing costs for both consumers and businesses sent flighty foreign funds fleeing in 2023, with the exodus defying the Bangko Sentral ng Pilipinas’ (BSP) expectation of inflows. Data released on Thursday by the BSP showed a net outflow of $247 million in foreign portfolio
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