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THE LIQUIDITY CRISIS

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. External events. Domestic events.

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THE LIQUIDITY CRISIS

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  1. 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

  9. Peso Intermediate Term Funds (Fixed Income)

  10. Peso Medium-Term Funds (Fixed Income)

  11. Peso Long-Term Funds (Fixed Income)

  12. Peso Equity Funds

  13. Peso Balanced Fund

  14. Dollar Money Market Funds

  15. Dollar Intermediate Term Funds (Fixed Income)

  16. Dollar Medium-Term Funds (Fixed Income)

  17. Dollar Long-Term Funds (Fixed Income)

  18. Dollar Equity Funds

  19. Tax-Exempt Funds

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

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

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