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

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

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

6. A Major Local Bank
Peso Funds

7. A Major Local Bank
Foreign Currency Funds

8. Peso Money Market Funds%
INSTITUTION
UITF NAME
YOY
YTD
Banco de Oro
BDO Peso Money Market Fund
4.3915
3.1626
BPI
Short-Term Fund
3.3694
2.2620
East West Banking Corp.
Infinity Money Market Bond Fund
3.8700
2.7900
Equitable-PCI
EPCIB Peso Money Market Fund
4.5277
3.1812
Export and Industry Bank
Expert Fund
6.1170
4.6760
GE Money Bank, Inc.
Classic Fund
ING Bank, N.V.
ING Peso Cash Management Fund (UITF)
4.1500
2.6700
Metropolitan Bank and Trust Company
Metrofund Starter
4.4971
2.6333
RCBC
Dragon Fund
4.3297
3.0737
RCBC Savings Bank
Molave Fund
4.0818
2.8077
Security Bank Corporation
SB Secure Peso Fund
4.1308
2.8846
SB Peso Ease Fund
3.9743
2.7831
United Coconut Planters Bank
United Cash Management Fund
4.0512
2.7713
Unionbank of the Philippines
iFund Peso Money Market Porfolio
4.0117
2.7735

9. Peso Intermediate Term Funds (Fixed Income)%
INSTITUTION
UITF NAME
YOY
YTD
Asiatrust Bank
Asia Trust Peso Income Fund
Enterprise Fund
BPI
Premium Bond Fund
Banco de Oro
BDO Peso Bond Fund
BDO Fixed Income Fund
East West Banking Corp.
Peso Trust Maximizer UITF
ING Bank, N.V.
ING Peso Short Term Fixed Income Fund (UITF)*
ING Peso Income Fund
Metropolitan Bank and Trust Company
Metrofund Elite
Metro Invest Plus
Multinational Investment Bancorporation
MIB Plus UITF
Philippine Bank of Communications
Signature Trust Fund
Philippine National Bank
Peso Punla
Mabuhay Plus
Unionbank of the Philippines
iFund Current Income Portfolio (T-Bill 91)
Infinity Prime Fund

10. Peso Medium-Term Funds (Fixed Income)%
INSTITUTION
UITF NAME
YOY
YTD
AIG Philam Savings Bank
Philam Earner Trust Fund
Allied Banking Corporation
Allied Unit Performance GS Fund
Asia United Bank
AUB Peso Investment Fund
BPI
ABF PBIF
China Banking Corporation
Chinabank GS Fund
Equitable-PCI
GS Fund
ING Bank, N.V.
ING Peso Bond Fund (UITF)*
Metropolitan Bank and Trust Company
Metrofund Peak Earner
Philippine Business Bank
Diamond Fund - A UITF
Philippine National Bank
Mabuhay Prime
Robinsons Savings Bank
Rbank Blue Peso Fixed Income Fund
Unionbank of the Philippines
iFund Philippine Peso Bond Portfolio

11. Peso Long-Term Funds (Fixed Income)%
INSTITUTION
UITF NAME
YOY
YTD
Bank of Commerce
Peso Trust Fund
7.3927
6.3397
East West Banking Corp.
Infinity Peso Long-Term Bond Fund
3.8600
2.7400
Land Bank
GS-FI Fund
0.9166
RCBC
Unicorn Fund
3.7608
2.0908
Unionbank of the Philippines
iFund Long Term Current Income Portfolio
3.0493
0.5574
United Coconut Planters Bank
United Conservative Fund
5.0460
2.3875

12. Peso Equity Funds AB Capital and Investment Corp.%
INSTITUTION
UITF NAME
YOY
YTD
AB Capital and Investment Corp.
AB Capital Equity Fund
Allied Banking Corporation
Allied Unit Performance Equities Fund
Asia United Bank-TIG
AUB Equity Investment Fund
Banco de Oro
BDO Peso Equity Fund
BPI
Equity Fund
Equitable-PCI
UITF Equity Fund
ING Bank, N.V.
ING Philippine Equity Fund (UITF)*
ING Philippine High Conviction Equity Fund (UITF)*
Metropolitan Bank and Trust Company
Metro Equity Fund
Philippine National Bank
PHISIX
RCBC
Tiger Equity Fund
United Coconut Planters Bank
United Equity Fund
Union Bank
iFund - Large Capitalization Philippine Equity Portfolio

13. Peso Balanced Fund Banco de Oro BDO Peso Balance Fund -22.7166%
INSTITUTION
UITF NAME
YOY
YTD
Banco de Oro
BDO Peso Balance Fund
BPI
Balanced Fund
Development Bank of the Philippines
Gintong Sikap Secure Fund - (GSSF)
3.7290
2.6179
ING Bank, N.V.
ING Diversified Capital Fund
ING Diversified Balanced Fund
Landbank of the Phils.
Growth Fund
Metropolitan Bank and Trust Company
Metro Capital Growth Fund
Philippine National Bank
Mabuhay Prestige
2.3328
Robinsons Savings Bank
Rbank Balanced Fund
Security Bank Corporation
SB Peso Asset Variety Fund
United Coconut Planters Bank
United Balanced Fund

14. Dollar Money Market Funds%
INSTITUTION
UITF NAME
YOY
YTD
Banco de Oro
BDO Dollar Money Market Fund
3.6018
2.4285
Equitable-PCI
EPCIB Dollar Money Market Fund
3.3754
2.2696
Metropolitan Bank and Trust Company
Metro Dollar Money Market Fund
5.4104
3.7329
RCBC
Phoenix Dollar Fund
2.9772
1.9137
Security Bank Corporation
SB Secure Dollar Fund
1.5079
0.1022

15. Dollar Intermediate Term Funds (Fixed Income)%
INSTITUTION
UITF NAME
YOY
YTD
Asiatrust Bank
Dollar Income Fund
2.2752
1.7342
Banco de Oro
BDO Dollar Bond Fund
2.9910
1.1470
BPI
Global Phil Fund
4.2175
2.9314
International Fund Plus
1.2084
1.6985
Chinabank Savings, Inc.
Fixed Income US Dollar Fund
2.7175
1.9689
East West Banking Corp.
Dollar Trust Maximizer UITF
0.3900
ING Bank, N.V.
ING US Dollar Income Fund (UITF)
1.9900
0.5200
Metropolitan Bank and Trust Company
Metrodollar Phil Liquid Fund
6.7215
4.1678
Philippine National Bank
Dollar Punla
2.0904
1.4478

16. Dollar Medium-Term Funds (Fixed Income)%
INSTITUTION
UITF NAME
YOY
YTD
Asia United Bank
AUB Gold Dollar Fund
4.7500
2.8700
China Banking Corporation
Chinabank Dollar Fund
2.1960
1.2700
Equitable-PCI
Dollar Fund
2.7137
0.7043
GE Money Bank Inc.
Greenback Fund
Metropolitan Bank and Trust Company
Metrodollar Phil Bond Fund
4.9822
2.5506
Philippine Bank of Communications
Winner Dollar Fund
2.8112
1.9980
Philippine National Bank
Dollar Profit
4.1011
2.8107
Robinsons Savings Bank
Rbank Green Dollar Fixed Income Fund
3.3200
1.8100
Unionbank of the Philippines
iFund - Philippine Dollar Bond Portfolio
2.3623
0.2661

17. Dollar Long-Term Funds (Fixed Income)%
INSTITUTION
UITF NAME
YOY
YTD
Allied Banking Corporation
Allied Unit Performance Dollar Fund
Bank of Commerce
Bancommerce Dollar Trust Fund
3.9313
0.1886
BPI
Phil. Dollar Bond Index Fund
3.9136
0.5597
East West Banking Corp.
Infinity Dollar Long-Term Bond Fund
0.3600
Export and Industry Bank
Expert Green Fund
2.5955
1.4963
ING Bank, N.V.
ING Philippine Dollar Bond Fund (UITF)
1.4200
Landbank of the Phils.
Global Dollar Fund
3.6363
2.8711
RCBC
Eagle Dollar Fund
1.4669
0.0548
United Coconut Planters Bank
United US$ Money Market Fund
4.6365
1.3720

18. Dollar Equity Funds % INSTITUTION UITF NAME YOY YTD BPI
BPI
Global Equity Fund
-23.44
-22.53
ING Bank, N.V.
ING Asia Pacific High Dividend Equity Fund
-22.25

19. Tax-Exempt Funds % INSTITUTION UITF NAME YOY YTD Banco de Oro%
INSTITUTION
UITF NAME
YOY
YTD
Banco de Oro
Institutional Fixed Income Fund
3.8113
0.6799
BPI
Institutional Fund UITF
4.9785
2.1784
ING Bank, N.V.
ING Tax-Exempt Peso Fixed Income Fund
ING Tax-Exempt Dollar Fixed Income Fund
1.1700
ING Tax-Exempt Philippine Equity Fund (UITF)*
Unionbank of the Philippines
iFund Institutional Tax Exempt Porfolio
0.1541

20. FIRM                               WRITE-DOWNS CAPITAL RAISED
Citigroup Inc.                                   49.1 Merrill Lynch & Co.                                 UBS AG                                               28.0 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                       10.4           Wells Fargo & Company                                 Barclays Plc                                           Credit Agricole S.A.                                   Lehman Brothers Holdings Inc.*                         13.9

21. WRITE-DOWN CAPITAL RAISED
FIRM
WRITE-DOWN CAPITAL RAISED
Fortis                                                 Canadian Imperial Bank of Commerce           7.1           Bayerische Landesbank                         7.1       HBOS Plc                                               ING Groep N.V.                               6.8           Societe Generale                                       Mizuho Financial Group Inc.                   5.9           National City Corp.                           5.4           Natixis*                                               Indymac Bancorp Inc                           4.9           Landesbank Baden-Wurttemberg                 4.8           Lloyds TSB Group Plc                                   WestLB AG                                     4.7           Dresdner Bank AG                                       BNP Paribas                                   3.9           Goldman Sachs Group Inc.                               E*TRADE Financial Corp.                       3.6           Rabobank                                               Nomura Holdings Inc.                                   Bear Stearns Companies Inc.                   3.2           0.0

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