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THE LIQUIDITY CRISIS Mr. Joey Bermudez Chair, Maybridge Former President, Chinatrust Briefing on NGO Investments September 30, 2008 | Ramon Magsaysay Center.

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Presentation on theme: "THE LIQUIDITY CRISIS Mr. Joey Bermudez Chair, Maybridge Former President, Chinatrust Briefing on NGO Investments September 30, 2008 | Ramon Magsaysay Center."— Presentation transcript:

1 THE LIQUIDITY CRISIS Mr. Joey Bermudez Chair, Maybridge Former President, Chinatrust Briefing on NGO Investments September 30, 2008 | Ramon Magsaysay Center Ramon Magsaysay Award Foundation

2 Sub-prime crisis, graduating into a full-blown housing crisis Financial losses losses Shattered confidence confidence Vanishing liquidity Bursting asset bubbles Systemic wealth destruction Net outflow of FDI and hot money, lower Fil-Am demand for property, weaker global demand External events Domestic events Constricted liquidity, lower purchasing and investing power Falling asset prices Runaway commodity prices Full economic crisis

3 Dow Jones Industrial Average Sept 2007 Jan 2008 March 2008 June 2008 Sept 2008

4 Philippine Stock Exchange Index Sept 2007 Jan 2008 March 2008 June 2008 Sept 2008

5 Sept 2007 Jan 2008 March 2008 June 2008 Sept 2008 PRICES OF ROP 32

6 A Major Local Bank Peso Funds

7 A Major Local Bank Foreign Currency Funds

8 % INSTITUTIONUITF NAMEYOYYTD Banco de Oro BDO Peso Money Market Fund BPIShort-Term Fund East West Banking Corp. Infinity Money Market Bond Fund Equitable-PCI EPCIB Peso Money Market Fund Export and Industry BankExpert Fund GE Money Bank, Inc.Classic Fund ING Bank, N.V. ING Peso Cash Management Fund (UITF) Metropolitan Bank and Trust CompanyMetrofund Starter RCBCDragon Fund RCBC Savings BankMolave Fund Security Bank CorporationSB Secure Peso Fund Security Bank CorporationSB Peso Ease Fund United Coconut Planters Bank United Cash Management Fund Unionbank of the Philippines iFund Peso Money Market Porfolio Peso Money Market Funds

9 % INSTITUTIONUITF NAMEYOYYTD Asiatrust BankAsia Trust Peso Income Fund Asiatrust BankEnterprise Fund BPIPremium Bond Fund Banco de OroBDO Peso Bond Fund Banco de OroBDO Fixed Income Fund East West Banking Corp.Peso Trust Maximizer UITF ING Bank, N.V. ING Peso Short Term Fixed Income Fund (UITF)* ING Bank, N.V.ING Peso Income Fund Metropolitan Bank and Trust CompanyMetrofund Elite Metropolitan Bank and Trust CompanyMetro Invest Plus Multinational Investment BancorporationMIB Plus UITF Philippine Bank of CommunicationsSignature Trust Fund Philippine National BankPeso Punla Philippine National BankMabuhay Plus Unionbank of the Philippines iFund Current Income Portfolio (T-Bill 91) Unionbank of the PhilippinesInfinity Prime Fund Peso Intermediate Term Funds (Fixed Income)

10 % INSTITUTIONUITF NAMEYOYYTD AIG Philam Savings BankPhilam Earner Trust Fund Allied Banking Corporation Allied Unit Performance GS Fund Asia United BankAUB Peso Investment Fund BPIABF PBIF China Banking CorporationChinabank GS Fund Equitable-PCIGS Fund ING Bank, N.V.ING Peso Bond Fund (UITF)* Metropolitan Bank and Trust CompanyMetrofund Peak Earner Philippine Business BankDiamond Fund - A UITF Philippine National BankMabuhay Prime Robinsons Savings Bank Rbank Blue Peso Fixed Income Fund Unionbank of the Philippines iFund Philippine Peso Bond Portfolio Peso Medium-Term Funds (Fixed Income)

11 % INSTITUTIONUITF NAMEYOYYTD Bank of CommercePeso Trust Fund East West Banking Corp. Infinity Peso Long-Term Bond Fund Land BankGS-FI Fund RCBCUnicorn Fund Unionbank of the Philippines iFund Long Term Current Income Portfolio United Coconut Planters Bank United Conservative Fund Peso Long-Term Funds (Fixed Income)

12 % INSTITUTIONUITF NAMEYOYYTD AB Capital and Investment Corp.AB Capital Equity Fund Allied Banking Corporation Allied Unit Performance Equities Fund Asia United Bank-TIGAUB Equity Investment Fund Banco de OroBDO Peso Equity Fund BPIEquity Fund Equitable-PCIUITF Equity Fund ING Bank, N.V.ING Philippine Equity Fund (UITF)* ING Bank, N.V. ING Philippine High Conviction Equity Fund (UITF)* Metropolitan Bank and Trust CompanyMetro Equity Fund Philippine National BankPHISIX RCBCTiger Equity Fund United Coconut Planters BankUnited Equity Fund Union Bank iFund - Large Capitalization Philippine Equity Portfolio Peso Equity Funds

13 % INSTITUTIONUITF NAMEYOYYTD Banco de OroBDO Peso Balance Fund BPIBalanced Fund Development Bank of the Philippines Gintong Sikap Secure Fund - (GSSF) ING Bank, N.V.ING Diversified Capital Fund ING Bank, N.V.ING Diversified Balanced Fund Landbank of the Phils.Growth Fund Metropolitan Bank and Trust CompanyMetro Capital Growth Fund Philippine National BankMabuhay Prestige Robinsons Savings BankRbank Balanced Fund Security Bank CorporationSB Peso Asset Variety Fund United Coconut Planters BankUnited Balanced Fund Peso Balanced Fund

14 % INSTITUTIONUITF NAMEYOYYTD Banco de Oro BDO Dollar Money Market Fund Equitable-PCI EPCIB Dollar Money Market Fund Metropolitan Bank and Trust Company Metro Dollar Money Market Fund RCBCPhoenix Dollar Fund Security Bank Corporation SB Secure Dollar Fund Dollar Money Market Funds

15 % INSTITUTIONUITF NAMEYOYYTD Asiatrust BankDollar Income Fund Banco de OroBDO Dollar Bond Fund BPIGlobal Phil Fund BPIInternational Fund Plus Chinabank Savings, Inc. Fixed Income US Dollar Fund East West Banking Corp. Dollar Trust Maximizer UITF ING Bank, N.V. ING US Dollar Income Fund (UITF) Metropolitan Bank and Trust CompanyMetrodollar Phil Liquid Fund Philippine National BankDollar Punla Dollar Intermediate Term Funds (Fixed Income)

16 % INSTITUTIONUITF NAMEYOYYTD Asia United BankAUB Gold Dollar Fund China Banking CorporationChinabank Dollar Fund Equitable-PCIDollar Fund GE Money Bank Inc.Greenback Fund Metropolitan Bank and Trust CompanyMetrodollar Phil Bond Fund Philippine Bank of CommunicationsWinner Dollar Fund Philippine National BankDollar Profit Robinsons Savings Bank Rbank Green Dollar Fixed Income Fund Unionbank of the Philippines iFund - Philippine Dollar Bond Portfolio Dollar Medium-Term Funds (Fixed Income)

17 % INSTITUTIONUITF NAMEYOYYTD Allied Banking Corporation Allied Unit Performance Dollar Fund Bank of Commerce Bancommerce Dollar Trust Fund BPIPhil. Dollar Bond Index Fund East West Banking Corp. Infinity Dollar Long-Term Bond Fund Export and Industry BankExpert Green Fund ING Bank, N.V. ING Philippine Dollar Bond Fund (UITF) Landbank of the Phils.Global Dollar Fund RCBCEagle Dollar Fund United Coconut Planters Bank United US$ Money Market Fund Dollar Long-Term Funds (Fixed Income)

18 % INSTITUTIONUITF NAMEYOYYTD BPIGlobal Equity Fund ING Bank, N.V. ING Asia Pacific High Dividend Equity Fund Dollar Equity Funds

19 % INSTITUTIONUITF NAMEYOYYTD Banco de Oro Institutional Fixed Income Fund BPIInstitutional Fund UITF ING Bank, N.V. ING Tax-Exempt Peso Fixed Income Fund ING Bank, N.V. ING Tax-Exempt Dollar Fixed Income Fund ING Bank, N.V. ING Tax-Exempt Philippine Equity Fund (UITF)* Unionbank of the Philippines iFund Institutional Tax Exempt Porfolio Tax-Exempt Funds

20 FIRM WRITE-DOWNS CAPITAL RAISED Citigroup Inc Merrill Lynch & Co UBS AG HSBC Holdings Plc Wachovia Corporation Bank of America Corp IKB Deutsche Industriebank AG Washington Mutual Inc Morgan Stanley Royal Bank of Scotland Group Plc JPMorgan Chase & Co Deutsche Bank AG Credit Suisse Group AG Wells Fargo & Company Barclays Plc Credit Agricole S.A Lehman Brothers Holdings Inc.*

21 Fortis Canadian Imperial Bank of Commerce Bayerische Landesbank HBOS Plc ING Groep N.V Societe Generale Mizuho Financial Group Inc National City Corp Natixis* Indymac Bancorp Inc Landesbank Baden-Wurttemberg Lloyds TSB Group Plc WestLB AG Dresdner Bank AG BNP Paribas Goldman Sachs Group Inc E*TRADE Financial Corp Rabobank Nomura Holdings Inc Bear Stearns Companies Inc FIRMWRITE-DOWN CAPITAL RAISED

22 Debt Capital Liquidity Spending and Investing Power The Anatomy of Liquidity Leveraging De-leveraging Panic! More! Loss!


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