We maintain our constructive stance on Philippine long-term foreign currency bonds and dollar-peso forecast of 50 by year-end.

We foresee limited political risks over the next six to nine months and remain bullish on the Philippines.

Investors over the next two quarters are likely to then turn their attention to the process and timing of Charter change to create a parliamentary form of government.

We believe allocated subsidies for the power generation sector may be fully utilized by the end of the second half.

On a net basis, it is still quite positive.

The risk is that the baht depreciates because capital flows to Thailand may slow, particularly to the stock market. We’re having a problem related to how elections are going to pan out.