PORTFOLIO investments, more known as “hot” or speculative money, proved lower in September with net inflows totaling only $150 million or 62 percent lower than the $394 million inflow the previous August, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

The BSP traced the decline to bearish market sentiment resulting from the continuing debt crisis in the euro zone.

This was also 70 percent lower than year-ago net inflows totaling $494 million.

The continued inflow of portfolio investments in the Philippines benefited holding companies whose shares trade at the Philippine Stock Exchange, particularly holding companies which received $148 million worth of investments; property companies, with $95 million; banks, with $73 million; telecommunications firms, with $71 million and utility companies, with $66 million.

Gross portfolio outflows in September rose to $1.2 billion from only $950 million in August and only $929 million last year.

The nine-month portfolio transaction showed a net inflow totaling $3.2 billion, which was more than double the year ago inflows of only $1.4 billion.

The inflow of portfolio funds originated mostly from the United Kingdom, the United States, Singapore, Luxemburg and Hong Kong.

Outflows generally went to the United States and consisted largely of withdrawals from so-called interim peso deposits, the BSP said.