act of returns through most of the rest of Asia. Figure 56: MSCI Philippines — P/BV (x) since 2000 x 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 MSCI Philippines P/BV Average P/BV Source: Deutsche Bank, Bloomberg Finance LP However, firstly, the good news is the continued superior macroeconomic performance in t