By the way, I always remember, this one will never be outside of my mind. When I was in NEDA, the spread [between the Philippine and US rates on ten-year dollar government bonds] was 600 bps for the sovereign. Can you imagine what the spread was for everyone else?
Not only do banks not have any material exposure to the failed institutions [in the US and Europe], the balance sheets of our banks are quite strong and their losses from the rising policy rate are not as high as in the United States where the starting yields were much lower and the maturity structure much longer.