(Bloomberg) -- Overseas investors continue to shun Philippine equities, unloading more than $370 million in a 24-day selling streak that helped sink the Philippine Stock Exchange Index to a 3.5% slump, the worst in Southeast Asia. Withdrawals in the five-week period through Friday pushed this year’s outflow to more than $552 million.

Global investors are unloading Philippine equities due in part to a risk that the local central bank may remain hawkish as rising commodities prices could re-escalate inflation. High borrowing costs and elevated inflation cooled economic growth in the second quarter to the slowest level since 2011, not including the pandemic years of 2020 and 2021. 

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