Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla said the Philippines remains a solid investment destination even with reports that foreign funds were exiting the country. The average fund weight of emerging market investors in the Philippines fell to 0.87 percent, the lowest since 2011, the Financial Times (FT) reported, citing Copley Fund Research, which analyzed 180 emerging market funds. 83% of funds cut their holdings in the Philippines over the past year and only 58% now have any funds at all in the Philippines, the FT said. The study included investment vehicles run by BlackRock, Fidelity, Ashmore, Carmignac and Pictet. The report cited concerns over the pace of the BSP’s interest rate hikes and potential uncertainties under President Rodrigo Duterte policies. In response to the report, Espenilla said the Philippines continues to be an investment magnet and he expressed the hope that fund managers will change their mind and keep their money here.
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