A key advantage of Ayala Land is that its diversified portfolio of businesses allows it to participate in each of the key macroeconomic drivers of the Philippines.

Had this phone call come in from a land line, we would have been able to trace the call to the exact address where assistance was needed. Cell phones certainly have their advantages. However, it is still important to have access to a land line from your residence in case of an emergency.

Indications are positive towards stronger loans growth this year, which is becoming quite important in sustaining net profits amid the possibility of declining net interest margins.

The slight earnings disappointment is compensated by the positive outlook on dividends, where management guidance is moving towards our more aggressive dividend payment assumptions.

Our recommendation would be to go for companies that are seen benefiting most from the likely end-result of all these developments -- lower interest rates and improving consumption.

The whole object of travel is not to set foot on foreign land; it is at last to set foot on one's own country as a foreign land.