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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 Fund4.39153.1626 BPIShort-Term Fund3.36942.2620 East West Banking Corp. Infinity Money Market Bond Fund3.87002.7900 Equitable-PCI EPCIB Peso Money Market Fund4.52773.1812 Export and Industry BankExpert Fund6.11704.6760 GE Money Bank, Inc.Classic Fund ING Bank, N.V. ING Peso Cash Management Fund (UITF)4.15002.6700 Metropolitan Bank and Trust CompanyMetrofund Starter4.49712.6333 RCBCDragon Fund4.32973.0737 RCBC Savings BankMolave Fund4.08182.8077 Security Bank CorporationSB Secure Peso Fund4.13082.8846 Security Bank CorporationSB Peso Ease Fund3.97432.7831 United Coconut Planters Bank United Cash Management Fund4.05122.7713 Unionbank of the Philippines iFund Peso Money Market Porfolio4.01172.7735 Peso Money Market Funds

9 % INSTITUTIONUITF NAMEYOYYTD Asiatrust BankAsia Trust Peso Income Fund5.02875233.6177573 Asiatrust BankEnterprise Fund7.95982836.9340532 BPIPremium Bond Fund5.31856003.0352300 Banco de OroBDO Peso Bond Fund4.74421682.0470098 Banco de OroBDO Fixed Income Fund4.02379620.8132147 East West Banking Corp.Peso Trust Maximizer UITF3.67000002.5600000 ING Bank, N.V. ING Peso Short Term Fixed Income Fund (UITF)*3.84000002.7300000 ING Bank, N.V.ING Peso Income Fund2.8400000 Metropolitan Bank and Trust CompanyMetrofund Elite4.38639901.8366430 Metropolitan Bank and Trust CompanyMetro Invest Plus5.78416201.8483000 Multinational Investment BancorporationMIB Plus UITF5.20562003.3487200 Philippine Bank of CommunicationsSignature Trust Fund3.48270002.3891000 Philippine National BankPeso Punla3.10069101.9762500 Philippine National BankMabuhay Plus3.14089102.2624630 Unionbank of the Philippines iFund Current Income Portfolio (T-Bill 91)4.05633202.7323450 Unionbank of the PhilippinesInfinity Prime Fund2.87064201.9368780 Peso Intermediate Term Funds (Fixed Income)

10 % INSTITUTIONUITF NAMEYOYYTD AIG Philam Savings BankPhilam Earner Trust Fund Allied Banking Corporation Allied Unit Performance GS Fund2.57643881.6922684 Asia United BankAUB Peso Investment Fund3.35000001.8900000 BPIABF PBIF3.2989400-0.7669500 China Banking CorporationChinabank GS Fund4.08100002.8660000 Equitable-PCIGS Fund3.71480000.5360000 ING Bank, N.V.ING Peso Bond Fund (UITF)*2.9400000-0.9600000 Metropolitan Bank and Trust CompanyMetrofund Peak Earner4.44833800.7617810 Philippine Business BankDiamond Fund - A UITF3.71200002.6530000 Philippine National BankMabuhay Prime2.78545102.0347160 Robinsons Savings Bank Rbank Blue Peso Fixed Income Fund5.31000003.0400000 Unionbank of the Philippines iFund Philippine Peso Bond Portfolio4.07141501.4920070 Peso Medium-Term Funds (Fixed Income)

11 % INSTITUTIONUITF NAMEYOYYTD Bank of CommercePeso Trust Fund7.39276.3397 East West Banking Corp. Infinity Peso Long-Term Bond Fund3.86002.7400 Land BankGS-FI Fund0.9166-1.4009 RCBCUnicorn Fund3.76082.0908 Unionbank of the Philippines iFund Long Term Current Income Portfolio3.04930.5574 United Coconut Planters Bank United Conservative Fund5.04602.3875 Peso Long-Term Funds (Fixed Income)

12 % INSTITUTIONUITF NAMEYOYYTD AB Capital and Investment Corp.AB Capital Equity Fund-31.5649-35.0799 Allied Banking Corporation Allied Unit Performance Equities Fund-12.7983-13.6155 Asia United Bank-TIGAUB Equity Investment Fund-18.9200-21.0600 Banco de OroBDO Peso Equity Fund-22.9810-26.3178 BPIEquity Fund-28.6479-27.9060 Equitable-PCIUITF Equity Fund-22.7803-25.7406 ING Bank, N.V.ING Philippine Equity Fund (UITF)*-31.4600-33.4700 ING Bank, N.V. ING Philippine High Conviction Equity Fund (UITF)*-36.1200-35.7200 Metropolitan Bank and Trust CompanyMetro Equity Fund-21.5936-23.9327 Philippine National BankPHISIX-18.4704-21.5947 RCBCTiger Equity Fund-19.8465-18.7552 United Coconut Planters BankUnited Equity Fund-13.0603-14.6799 Union Bank iFund - Large Capitalization Philippine Equity Portfolio-22.0135-24.1045 Peso Equity Funds

13 % INSTITUTIONUITF NAMEYOYYTD Banco de OroBDO Peso Balance Fund-22.7166-25.9769 BPIBalanced Fund-19.4016-18.7579 Development Bank of the Philippines Gintong Sikap Secure Fund - (GSSF)3.72902.6179 ING Bank, N.V.ING Diversified Capital Fund-11.7100-14.7800 ING Bank, N.V.ING Diversified Balanced Fund-18.5500-21.2600 Landbank of the Phils.Growth Fund-7.6051-9.4746 Metropolitan Bank and Trust CompanyMetro Capital Growth Fund-14.7547-17.2658 Philippine National BankMabuhay Prestige-0.39292.3328 Robinsons Savings BankRbank Balanced Fund Security Bank CorporationSB Peso Asset Variety Fund-7.0858-7.1648 United Coconut Planters BankUnited Balanced Fund-4.7595-6.4361 Peso Balanced Fund

14 % INSTITUTIONUITF NAMEYOYYTD Banco de Oro BDO Dollar Money Market Fund3.60182.4285 Equitable-PCI EPCIB Dollar Money Market Fund3.37542.2696 Metropolitan Bank and Trust Company Metro Dollar Money Market Fund5.41043.7329 RCBCPhoenix Dollar Fund2.97721.9137 Security Bank Corporation SB Secure Dollar Fund1.50790.1022 Dollar Money Market Funds

15 % INSTITUTIONUITF NAMEYOYYTD Asiatrust BankDollar Income Fund2.27521.7342 Banco de OroBDO Dollar Bond Fund2.99101.1470 BPIGlobal Phil Fund4.21752.9314 BPIInternational Fund Plus1.20841.6985 Chinabank Savings, Inc. Fixed Income US Dollar Fund2.71751.9689 East West Banking Corp. Dollar Trust Maximizer UITF0.3900-0.0200 ING Bank, N.V. ING US Dollar Income Fund (UITF)1.99000.5200 Metropolitan Bank and Trust CompanyMetrodollar Phil Liquid Fund6.72154.1678 Philippine National BankDollar Punla2.09041.4478 Dollar Intermediate Term Funds (Fixed Income)

16 % INSTITUTIONUITF NAMEYOYYTD Asia United BankAUB Gold Dollar Fund4.75002.8700 China Banking CorporationChinabank Dollar Fund2.19601.2700 Equitable-PCIDollar Fund2.71370.7043 GE Money Bank Inc.Greenback Fund Metropolitan Bank and Trust CompanyMetrodollar Phil Bond Fund4.98222.5506 Philippine Bank of CommunicationsWinner Dollar Fund2.81121.9980 Philippine National BankDollar Profit4.10112.8107 Robinsons Savings Bank Rbank Green Dollar Fixed Income Fund3.32001.8100 Unionbank of the Philippines iFund - Philippine Dollar Bond Portfolio2.36230.2661 Dollar Medium-Term Funds (Fixed Income)

17 % INSTITUTIONUITF NAMEYOYYTD Allied Banking Corporation Allied Unit Performance Dollar Fund Bank of Commerce Bancommerce Dollar Trust Fund3.93130.1886 BPIPhil. Dollar Bond Index Fund3.91360.5597 East West Banking Corp. Infinity Dollar Long-Term Bond Fund0.3600-0.1900 Export and Industry BankExpert Green Fund2.59551.4963 ING Bank, N.V. ING Philippine Dollar Bond Fund (UITF)1.4200-1.9700 Landbank of the Phils.Global Dollar Fund3.63632.8711 RCBCEagle Dollar Fund1.46690.0548 United Coconut Planters Bank United US$ Money Market Fund4.63651.3720 Dollar Long-Term Funds (Fixed Income)

18 % INSTITUTIONUITF NAMEYOYYTD BPIGlobal Equity Fund-23.44-22.53 ING Bank, N.V. ING Asia Pacific High Dividend Equity Fund-22.25 Dollar Equity Funds

19 % INSTITUTIONUITF NAMEYOYYTD Banco de Oro Institutional Fixed Income Fund3.81130.6799 BPIInstitutional Fund UITF4.97852.1784 ING Bank, N.V. ING Tax-Exempt Peso Fixed Income Fund-0.0900-3.5800 ING Bank, N.V. ING Tax-Exempt Dollar Fixed Income Fund1.1700-2.2300 ING Bank, N.V. ING Tax-Exempt Philippine Equity Fund (UITF)*-30.5800-32.9600 Unionbank of the Philippines iFund Institutional Tax Exempt Porfolio0.1541 Tax-Exempt Funds

20 FIRM WRITE-DOWNS CAPITAL RAISED Citigroup Inc. 55.1 49.1 Merrill Lynch & Co. 51.8 29.9 UBS AG 44.2 28.0 HSBC Holdings Plc 27.4 3.9 Wachovia Corporation 22.7 11.0 Bank of America Corp. 21.2 20.7 IKB Deutsche Industriebank AG 15.1 12.4 Washington Mutual Inc. 14.8 12.1 Morgan Stanley 14.4 5.6 Royal Bank of Scotland Group Plc 14.3 23.4 JPMorgan Chase & Co. 14.3 9.5 Deutsche Bank AG 10.6 3.2 Credit Suisse Group AG 10.4 2.7 Wells Fargo & Company 10.0 4.0 Barclays Plc 9.8 18.0 Credit Agricole S.A. 9.0 8.7 Lehman Brothers Holdings Inc.* 8.2 13.9

21 Fortis 7.3 7.1 Canadian Imperial Bank of Commerce 7.1 2.8 Bayerische Landesbank 7.1 0.0 HBOS Plc 6.8 7.3 ING Groep N.V. 6.8 4.7 Societe Generale 6.7 9.6 Mizuho Financial Group Inc. 5.9 0.0 National City Corp. 5.4 8.9 Natixis* 5.4 6.6 Indymac Bancorp Inc 4.9 0.0 Landesbank Baden-Wurttemberg 4.8 0.0 Lloyds TSB Group Plc 4.8 4.8 WestLB AG 4.7 7.4 Dresdner Bank AG 4.0 0.0 BNP Paribas 3.9 0.0 Goldman Sachs Group Inc. 3.8 0.6 E*TRADE Financial Corp. 3.6 2.4 Rabobank 3.6 0.0 Nomura Holdings Inc. 3.3 1.2 Bear Stearns Companies Inc. 3.2 0.0 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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