compelling alternatives. However, we fully share the increasing level of reservations expressed by head of DB Philippines Research and market guru, Rafael Garchitorena, based on the following factors: • The Philippines is standing at a massive premium to its own history and relative to its own history against the

by DB Regis in 2013 (Figure 57). Figure 57: Foreign client visits hosted by DB Regis -2 s.d. + 1 s.d. -1 s.d. + 2 s.d. Source: Deutsche Bank (Rafael Garchitorena) Deutsche Bank AG/London Page 35 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 EFTA01466470 Jan-04 Jul-04 Jan-05 Jul-05 Ja