PayPal lets Facebook friends send cash

Agence France-Presse

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SAN FRANCISCO—Online financial transactions powerhouse PayPal released an application on Thursday that lets friends send one another cash at leading social network Facebook.

A “Send Money” application tailored for Facebook by PayPal lets members of the online community tie money to occasions such as birthdays or send it in an unadorned online transfer.

“We are bringing the largest online payments company to the world’s largest social network to make it even easier to send money to your friends and family directly from Facebook,” PayPal marketing manager JB Coutinho said in a blog post.

“Our new Send Money application on Facebook allows users to turn those wall posts into actual gifts,” she said.

Gifts of money sent to Facebook members through PayPal can be announced with digital greeting cards, videos, or pictures. Links in e-cards or messages are followed to culminate in cash transfers.

PayPal charges no fee for people to send money to Facebook members in the United States as long as transactions are done through accounts with banks or the eBay-owned online financial service.

“PayPal is going to where friends and family connect now,” Coutinho said of the reasoning behind the application. “Imagine the smile when someone gets money for a cold beer and a message saying ‘This one is on me.’”

The release of the PayPal application for Facebook came the same day that Skype improved its software to allow Facebook members to engage in video calls with one another using the Internet telephony service.

Skype, which was recently acquired by Microsoft, began powering video calling at Facebook in July.

Facebook is the world’s largest social network with more than 800 million members.

‘Hot money’ inflow still up in 1st 10 months

But risk aversion took its toll in October

By: Michelle V. Remo
Philippine Daily Inquirer

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‘HOT MONEY’ The net inflow in the first 10 months of 2011 in the Philippines was up by 37 percent to $3.445 billion from the $2.509 billion in the same period last year, according to the Bangko Sentral ng Pilipinas. ILLUSTRATION FROM TREASURY-BONDS-NOTES.COM

There was an increase in the net inflow of foreign portfolio investments to the Philippines in the first 10 months, as investors earlier this year showed strong appetite for stocks and bonds from emerging economies.

The net inflow in the 10 months to October reached $3.445 billion—up by 37 percent from the $2.509 billion registered in the same period last year.

However, the Bangko Sentral ng Pilipinas reported that the flow of foreign “hot money” to the country dropped in October from that of a year ago as the prolonged crisis in Europe dampened the outlook offund managers on the global economy.

The BSP said that the drop in the flow of foreign portfolio investments last month was not peculiar to the Philippines, as other emerging markets had also been affected by investors’ growing risk aversion for securities from emerging markets.

The net inflow of hot money to the country settled at $237.44 million in October, down by 78 percent from the $1.089 billion reported in the same month last year, the central bank said Thursday.

“Combined investments in (Philippine) listed securities and peso-denominated government securities were much lower due to the lingering eurozone crisis,” the BSP said in a statement.

Data from the BSP showed that, in the first 10 months, gross inflows reached $14.14 billion, while outflows amounted to $10.69 billion.

The inflows were mostly in the form of purchases of listed stocks and government securities, the central bank report showed.

Main beneficiaries of foreign investments in PSE-listed entities include holding, property, telecommunications and utility firms.

Foreign portfolio investments to the country came mostly from investors based in Singapore, the United Kingdom, the United States, Hong Kong and Luxembourg.

The higher net inflow of foreign portfolio investments in the first 10 months was credited for the slight appreciation of the peso against the US dollar.

But the peso’s value against the greenback came in lower in October, compared with previous months as due to foreign fund managers’ decision to withdraw their portfolio investments in the country.

The BSP said the depreciation of the peso—which now hovers in the 43-to-a-dollar territory—since October was still within tolerable levels.