GEOPOLITICAL tensions and the coronavirus disease 2019 (Covid-2019) outbreak lead to net outflows of foreign portfolio investments reaching an eight-month high in January, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

In a statement, the BSP said last month’s $486.10-million net outflows of these investments, also called “hot money” — so called because of how easily these go in and out of the economy — was higher than the $320.96-million net outflows in December last year.