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Nearly $1 billion worth of net foreign portfolio investments or hot money flowed into the Philippines in the first two weeks of November, pushing the year-to-date inflows to $3.4 billion, the Bangko Sentral ng Pilipinas (BSP) said over the weekend.

The hot money that flowed into the country in two weeks — which totaled to $984.8 million — highlighted the migration of foreign funds from developed economies to emerging markets like the Philippines, the central bank said.

BSP data showed that $10.19 billion flowed inward of the country on gross basis from the first day of business in January up to November 13 — almost double as against the same period last year.

The central bank said the bulk of the gross inflows were used to purchase equity issues at the Philippine Stock Exchange particularly in real estate, banks, telecommunications, and the various utilities.

The balance was used for the purchase of government securities, peso time deposits, and money market instruments.