Amando Suratos Jr.

Deputy Governor Amando Suratos, currently officer-in-charge of the BSP, said investor sentiment in the second half of October was affected largely by lingering political concerns and by a P27.7-billion budget deficit in recorded September -- a reversal of an P1.8-billion surplus in August) plus the rise in key BSP policy rates and apprehensions on negative effects of the newly enforced expanded value-added tax (VAT) on inflation, consumption and overall economic growth.

The BSP said it expected net foreign portfolio investments -- known as "hot money" because of their volatile nature -- to reach $2.6 billion this year and $2.8 billion in 2006.

In 2004 they amounted to only $486.8 million.

Suratos said BSP-registered foreign portfolio investments from January to Nov. 4 showed a net inflow of $2.1 billion, 7.4 times the level in the same period last year.

Inflows registered by the BSP totaled $5 billion, almost thrice the level in the comparative period in 2004.Outflows amounted to $2.9 billion, more than double the $1.4 billion in the same period last year.

"The bulk of registered foreign portfolio investments were in shares of stocks listed with the Philippine Stock Exchange, followed by placements in peso-denominated government securities, peso time deposits in banks and money market instruments issued by the local private sector," Suratos said.

"These investments were funded with new inward remittances of foreign exchange converted into pesos through banks operating in the Philippines," he said.

He noted that in the two-day, holiday-shortened stock trading week ended Nov. 4, there was a large net inflow of $21.4 million, showing investor optimism that the implementation of the VAT starting Nov. 1 would shore up the government's finances and boost the government's credit rating.

Rodolfo Biazon, chairman of the Senate committee investigating the Hello, Garci tapes, to discuss the certification issued by BSP Deputy Governor Amado Suratos showing that Garcillano's passport was forged.

"These investments were funded with new inward remit-tances of foreign exchange con-verted into pesos through banks operating in the Philippines," Cen-tral Bank deputy governor Amando Suratos said.The continued easing of oil prices and the appreciation of the peso, bolstered by substantial OFW remittances, also boosted investor sentiment," Suratos said.

Central bank deputy governor Amando Suratos Jr assured the public that the banknotes with Arroyo's surname wrongly spelled as "Arrovo" were still legal tender."The central bank has apologised to the president over the incident," he said."These banknotes ... are considered legal tender and should be accepted as genuine currency."Suratos said the bills were printed abroad to ensure sufficient supply of P100 bills during the Christmas season.He added that the central bank's cash department has already withheld the release of the rest of the bills that misspelled the president's surname.-DPA ">
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Central bank deputy governor Amando Suratos Jr assured the public that the banknotes with Arroyo's surname wrongly spelled as "Arrovo" were still legal tender."The central bank has apologised to the president over the incident," he said."These banknotes ... are considered legal tender and should be accepted as genuine currency."Suratos said the bills were printed abroad to ensure sufficient supply of P100 bills during the Christmas season.He added that the central bank's cash department has already withheld the release of the rest of the bills that misspelled the president's surname.-DPA

The central bank "has apologised to the president over the incident", Deputy Governor Amando Suratos said in a statement.

The central bank "has apologized to the president over the incident," Deputy Governor Amando Suratos said in a statement.

The central bank "has apologized to the president over the incident," Deputy Governor Amando Suratos said in a statement.

The central bank "has apologised to the president over the incident", Deputy Governor Amando Suratos said in a statement.

"The BSP has apologized to the President over the incident," BSP Deputy Governor Amando Suratos Jr. said on Sunday.