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Byline: Doris C. Dumlao
FOREIGN INVESTORS ARE PULLING their money out of local stocks and bonds on jitters over rising inflation and slowing economic growth, resulting in a net outflow of portfolio investments or hot money for the third month in a row in May.
About $158-million worth of foreign hot money flowed out of the country in May, bringing net foreign portfolio outflows in the first five months of the year to $271.76 million, the Bangko Sentral ng Pilipinas reported yesterday.
This was a sharp reversal from the $1.68 billion in net portfolio inflows recorded in January to May last year.
The continued spiraling of oil and other …