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  1. Join Date
    Sep 2014
    Posts
    8,481
    #1281
    Gawa tayo fake taxi productions dream, pag mataba ang pasahero, relyebohan mo ko

  2. Join Date
    Feb 2008
    Posts
    10,780
    #1282
    Quote Originally Posted by minicarph View Post
    Gawa tayo fake taxi productions dream, pag mataba ang pasahero, relyebohan mo ko
    Game OB. I love BBWs!

    Sent from my SM-N950F using Tapatalk

  3. Join Date
    Nov 2005
    Posts
    34,875
    #1283
    whatda... what happened to this thread

    busy lang ako kanina ngayon lang ako bumalik napunta na sa fake taxi

  4. Join Date
    Sep 2006
    Posts
    2,541
    #1284
    Quote Originally Posted by uls View Post
    whatda... what happened to this thread

    busy lang ako kanina ngayon lang ako bumalik napunta na sa fake taxi
    Credits to missy

    Sent from my SM-G935F using Tapatalk

  5. Join Date
    Sep 2003
    Posts
    21,876
    #1285
    hmmm...

    Budget Secretary Benjamin Diokno earlier said that “the rule of thumb is that a country with a debt-to-GDP [gross domestic product] ratio below 60 percent is fiscally sound ... The Philippines is comfortably below that ...”
    PHL gov’t debt balloons to record P7.16T as of end-Sept. | Money | GMA News Online

  6. Join Date
    Feb 2008
    Posts
    10,780
    #1286
    San Miguel Foods IPO - P85/share, minimum 500 shares

    Sent from my SM-N950F using Tapatalk

  7. Join Date
    Sep 2003
    Posts
    21,876
    #1287
    Need to borrow more to pay off it's other debt...

    Falling Peso Hits Debt-Laden Philippine Companies

    San Miguel and its energy units have to pay off the most dollar debt in the next five years at $3.3 billion, based on publicly available data. The beer maker that had expanded to infrastructure enters into currency swaps to manage its long-term borrowings, according to regulatory filings.

    The conglomerate and units including oil refiner Petron Corp. and SMC Global Power Holdings Corp. have been borrowing in pesos in the past three years to refinance dollar obligations. The company declined to provide details of its hedging.

  8. Join Date
    Nov 2005
    Posts
    34,875
    #1288
    ^^^

    posted June 21, 2018

    Quote Originally Posted by uls View Post
    The Fed kept interest rates near zero for several years

    Funds went to emerging markets for higher returns

    Demand for EM bonds encouraged EM corporates to borrow in dollars

    and borrow they did

    trillions of $$$ in past several years

    see purple line









    now that US interest rates are rising there’s less incentive to remain in EM

    funds go back home

    dollar exodus = dollar scarcity = dollar rises against EM currencies

    EM corporates have tons of dollar-denominated debt they have to repay

    see the problem?

  9. Join Date
    Nov 2005
    Posts
    34,875
    #1289
    there's a wall of maturing EM dollar-denominated debt starting next year





    EM currencies are now much weaker against the dollar

    so those EM corporates (who earn in local currency) need more local currency to buy dollars (coz it's more expensive today) to pay debt

    more expensive than when they sold the dollars they borrowed years ago

    see the problem?

  10. Join Date
    Nov 2005
    Posts
    34,875
    #1290
    i'm not done yet...


    So the Fed is doing reverse QE (QT -- quantitative tightening)

    so that's reducing the global supply of dollars

    and higher interest rates attracting dollars back to the US

    and the US govt is borrowing more (coz of Trump's tax cuts + more spending)

    so more treasury issuance is sucking the global supply of dollars


    So you got dollar scarcity at a time when EM corporates need tons of dollars to pay maturing obligations

    see the problem?
    Last edited by uls; October 31st, 2018 at 01:34 PM.

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Philippine Economy Talk