You plan to move to the Philippines? Wollen Sie auf den Philippinen leben?

There are REALLY TONS of websites telling us how, why, maybe why not and when you'll be able to move to the Philippines. I only love to tell and explain some things "between the lines". Enjoy reading, be informed, have fun and be entertained too!

Ja, es gibt tonnenweise Webseiten, die Ihnen sagen wie, warum, vielleicht warum nicht und wann Sie am besten auf die Philippinen auswandern könnten. Ich möchte Ihnen in Zukunft "zwischen den Zeilen" einige zusätzlichen Dinge berichten und erzählen. Viel Spass beim Lesen und Gute Unterhaltung!


Visitors of germanexpatinthephilippines/Besucher dieser Webseite.Ich liebe meine Flaggensammlung!

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Saturday, March 30, 2013

Rating Upgrade on Philippine Shares...







HONG KONG: The Philippines could attract more capital inflows after winning its first-ever investment grade rating, but any boost to local bonds, stocks or the peso currency is likely to be mild for now, investors and analysts say.
Fitch Ratings raised the Philippines' sovereign rating by one notch to BBB, noting that a persistent current account surplus underpinned by remittance inflows has helped the country become a net external creditor.
But while the upgrade is widely seen as positive for Philippine assets, expectations for a ratings upgrade have already been built into markets, limiting the scope for further gains.
Moreover, either Moody's or Standard & Poor's will likely have to upgrade their ratings on the Philippines as well to spur major inflows from overseas investors who are only allowed to hold investment grade assets.
The influential JPMorgan Asia credit index (JACI) requires that for a bond to be classified as investment grade, it should be rated investment grade by either Moody's or S&P. JPMorgan does not take Fitch into account when categorising bonds.
“There is no big impact at the moment since most index providers require upgrades to investment grade from two agencies for inclusion in their investment grade indices,” said Joep Huntjens, a fund manager for ING in Singapore.
“There could be some technical support if another agency upgrades Philippines, but looking at the valuation of the bonds, much of that has been priced in already,” Huntjens said, adding that at least one more rating agency was likely to upgrade the Philippines this year.
“We think there is some room for spread compression in the sovereign linked entities and banks in Philippines, less so in the sovereign,” he added.
Philippine sovereign bond prices rose 25 to 75 cents after the Fitch move on Wednesday while stocks briefly hit a record high. Local markets were closed yesterday for the long Easter holiday and trading will not resume until Monday.
Reflecting how strongly the upgrade expectations have been priced into markets already, long dated Philippine sovereign bonds are trading with a yield spread of just 92 basis points over 30-year US Treasuries, compared to 185 basis points for Indonesian bonds.
The impact on equities could be limited as well, as some market watchers think valuations are already stretched after the benchmark index rallied 18% in the first quarter.
“The Philippines is overrated and overextended and overowned like Indonesia and Thailand... there is serious potential for correction,” said David O'Neil, chief investment office at Asean Investment Management in Hong Kong.
At 16.9 times forward 12 months earnings, it is the priciest market in the Asia-Pacific region. Versus its own past, the MSCI Philippines index is trading at a 42% premium to its 10 years forward median PE.
“All the ducks are in line. You can't expect anything to happen there now,” said Homiyar Vasania, former MD of Morgan Stanley Investment management and founder of River Valley Asset management. “In Philippines, everything looks very good... The actual numbers look very good for the last five years. But whenever they look very good, whenever all the ducks are exactly aligned, you normally have a problem,” Vasania added.
Judging from past episodes of credit rating upgrades to investment grades in the past decade, the impact on Philippine shares could prove short-lived, Michael Wan, an analyst for Credit Suisse in Singapore, said in a research note. Reuters

(Resource: The Star ONLINE)

The Weather Right Now in my Surroundings

IT'S SUMMER IN THE PHILIPPINES!
ES IST SOMMER AUF DEN PHILIPPINEN!