Foreign portfolio investments (FPI) are also referred to as “hot money” due to the ease with which these flows enter or leave the country. Meanwhile, gross outflows of hot money soared by 44.13% year on year to $2.772 billion in June from $1.924 billion. FIRST-HALF FLOWSIn the first half of the year, the country’s total hot money net outflow stood at $4.005 million, a reversal from the $1.542-million hot money that flowed into the country at end-June last year. Mr. Asuncion noted that hot money flows would depend on geopolitical developments. The BSP expects FPIs to end this year at a net inflow of $1.8 billion, lower than the $3.7-billion total estimated net inflows in 2025.