name: JORGE DOVAL LORENZO
B1: Submit
Date: August 02, 2000
Time: 19:17
Hello, first of all I have to say I was here two years ago and last month in general course, then I knew how are the lessons and the town. This new course gives to me more knowledge what keep relationship with my degree in Spain and will be useful in my job in the future, for example how to do a good presentation what I have been learnt today. For me that is very interesting as learn economic vocabulary and improve my fluency. Living in the campus help you to develop your english and to learn about other cultures because have many different situations everyday. In the future, when I finish my degree I would like to do a master here if it is possible, concretly MBA or someone similar, I have to think about it. That would open many ways to me to look for a good job. Finally I have to say that I feel very happy here and I am learning too much english.
name: kanekiyo mayumi
B1: Submit
Date: August 02, 2000
Time: 19:31
1.Since this weekend,I've exparienced a lot.but what the most impressive for me was saying good bye to many students who stayed with me last 3 weeks.But this week,fortunately I could join this course,it's also big news for me. 2.I found that this course is very competitive and practical.And most of my classmates speak English much more fluently than me,so it's not easy for me to study with them,however,I believe my English skill will improve after this course.I'm very satisfied with this class,because I can speak students from various countries. 3.I've learned many expression of the same meaning,and on buisiness situation,it's very important to know the difference of culture.And I didn't expect that people in Weastern countries accept our cuture,for example,changing buisiness cards,and try to follow when they work with us. So,I thnk we also must be careful when we work together. 4.As I said above quastions,if I have an opppotunity to work on international project,it will be useful for me to know the difference of the way of thinking about greeting,punctuality,and so on.And practice of presentation is very useful for me even when I presentate in speak in Japanese,because I have no exparience to speak something in fpont of many people,and I don't like it.So I hope I will be able to speak logicaly,clearly with confidence.And I have no knowledge of economy,it makes me so embarassed,but i'll do my best.
name: Georg Doppelhofer
B1: Submit
Date: August 02, 2000
Time: 19:52
The last few days were really fantastic, because I came in contact with so many people from all over the world. This already started on Sunday when I got to know other students on my floor. No doubt, socializing is a very important thing and for that reason we already had one kitchen party yesterday evening with over 15 people sitting in our kitchen drinking beer and watching the "Sixth Sense" with Bruce Willis. Monday was Iris's birthday and for that reason a group of Austrians, Spanish, Japanese, Germans and Italian decided on going down to the Hothouse which is a disco at the quay. Moreover it was sports night as well which is a great idea, because doing some sports together can unite people from different countries. Exeter in fact is not completely new to me, because I have been here two times before in 1995 and 1996, but then I attended a course at the International School. The first two days in class were really interesting, because we started out with comparing business meetings and negotiations in different countries and especially here in Britain. Apart from some grammar which was for sure very very useful we talked about British Press and News and sew some of the Day's economic news. This topic was really fascinating and I'm looking forward to hear more in the following lessons. The excursion to the glass factory today and speaking to two representatives was very informative and will probably bring us closer to our project aim which we will discuss tommorow morning.
name: Cinzia Marogna
B1: Submit
Date: August 02, 2000
Time: 20:00
1. When I arrived, last Saturday, I felt very sad and alone, but after the beginning of the lessons I have met lots of other foreign student and I have begun feeling better. Yesterday there was a very funny and nice "welcome drink" where socialize was very easy, I enjoyed it a lot. At this party there were our teacher too, they are very nice and polite people. In class we have talked of politeness too, and, in my opinion they are a good example of the English one. 2. The university campus is, in my opinion, very good. In Italy the university system is completly differen: there is not the idea of a wide campus including residence for students, bars, bank, travel agency or supermarket. Perhaps it depends on the different traditions and cultures between Italy and Great Britain. The teacher attitude to students is different too: they make you feel a person not a number. I'll give only an exemple: today durig the coffee break a Sir, perhaps a teacher of another course, stopped me in the corridor and said to me: "there's a packet for you" whitout asking my name! 3. Working in a multicultural class is an unique, useful and very interesting experience that makes you understand lots of aspects of foreign usages and culture. It was very interesting to learn the japanese usage of the business cards: a sort of very important ritual made with two hands and a bow. We have also learnt how to introduce ourselves and someone other, and how to be polite, we have spoken about our hobbies, attitudes to life, future project and so on. I find the course very useful because it is less theorical and more practical. Especially the visit to "Dartington" was very important as a first contact with a British factory. 4. In a dynamc economic situation, like the ome we are experiencing at these days, I think that the most important thing to learn is the flexibility. To have an open mind and to be able to face to problems in a quick and effective way is a must. I think that it is not important to have always a prompt solution, what is important is to be able to find out prompltly the right way to obtain it.
name: eva
B1: Submit
Date: August 02, 2000
Time: 20:14
1.- I have made some friends in class. We have talked about the taboos that there are in each country. About direct and indirect styles. Outside of my classes, normally I go to my flat to rest or to chat with my flatmates. 2.- New: the way of giving the classes. Interesting: the visits and the project work. I am surprised due to English people are very kind 3.- I have learned to live with people of other countries and other cultures. I have a very good impression of English people.Before I have never been here. 4.- Telephoning and writing letters.
I am very happy for chosing Exeter to improve my English.
name: Sirinnuj Ratthanawan
B1: Submit
Date: August 02, 2000
Time: 20:43
1.Last weekend was so boring,I was just shopping in High street 2.The first two day of business english class is far more interesting indeed. I met a lot of new friends and leart somethings new in my class as well. I feel I like something that challenge me. 3.Thing that I learnt is I have to beware and concentrate when I communicate in english with another person by using telephone. 4.I think everything that I'm learning now is absolutely important for me. Up to now I've scheduled my time-table--I've shared my time between reviewing what I learn in class each day and reviewing my subject such as mathematics,statistic,finance and economics (in order to succeed my Master degree)
name: E.Albina
B1: Submit
Date: August 02, 2000
Time: 21:35
1.Today is my second day in Exeter,but time runs so quickly, and it seems that I have been here for ages.I participate in class activities (I find them very interesting and useful),speak to students from different cultures,and I find it really exciting. Yesterday I went to the drink party in the yard of Yniversity, and after that i visited the Doctors and nurses night at the Quay.I also walked in the streets and in the parc. 2.It is not my first visit to Great Britain,but I'm surprised by the following things: politeness of people everywhere, in the streets, in the shops, in the Yniversity,high level of sevices, order and tidiness, exotical beauty of the nature. 3.I have acqired an experience of workig in teams(in Russuia it is not a typical method of learning).My concepts about English and other cultures have substationally broadened. 4.While studing with people from different countries who have a broad practical knowledge from different spheres of business, I learn much information,and by this way I'm trying to define what willl be better for me in the future. Probably, I will work in the sphere of marketing and advertising, but I'm still in the process of taking a decision. I do hope that your course will help me to make the right choice.
name: Iris Mautz
B1: Submit
Date: August 02, 2000
Time: 21:58
1.I would like to start with my expereinces outside of classroom. First of all I met new interessting peopl from different cultures, with whom I live in the same flat. That means, that we all, who share the same kitchen, have to make compromises and until now it works, but we will see,... For me it is really great, because in my flat there are many different people like Japanese, Korean, Spanish, .... thats all about my life until now outside class.
In class we first introduced ourselves, had the chance to talk to each other, and learned about how to be diplomatic, how to use correct business English.
2. Well, for me there was new how the way of presentation in English is and also how different cultures handle in negociation. Very interessting was our tour to Dartington and there we saw how they produce things out of glas by hand. It was great, that we had the chance to ask the managers our questions, they both were very friendly and tried to answer all the asked questions.
3. My first impression was - how friendly and polite our teachers are, and that they want us to ask questions. And I think it is great to call them by their firstname, so the situation is more relaxed than at my universtiy where erverything is so formal. My point of view didn't really changed, because I am an open person to each culture, to everybody and I try not to think in stereotyps.
4. Well, I have learned, that I have to give my business card always with two hands to an japanese business man. i also can implement the way english business man negociate, because they always use a very diolpmatic way of speaking and a very positiv way of using the language, ex. they say " The food is not too hot" than its cold.
At last I would like to add, that this course is really great and will be very use full for my future career.
name: Kirsten Neininger
B1: Submit
Date: August 02, 2000
Time: 22:07
1. I arrived by plane on 30 July 2000. First I had a shock about my room but now I find it really nice and I'm feeling very good. This is my first stay in a flat with other students and we all have to be disciplined. I find it very interessant to live with young people from an other country. In my flat there live students from korea, taiwan, austria, japan and turkey. So I have the possibility to learn about their differents cultures. We are making a lot of jokes of each other and one evening we were in a club. In my class there are also many differents people and one time we spoked about introducing yourself and someone else. That was very interesting because every student told about the handling in his country.
2. For me it was new that the Asien people give their business cards every time with two hands. This surprised me because if someone doesn't know this he would get problems.
3. I have learned that the german meaning for "okay" isn't the same in English. When you use this word, the people think you are unhappy. For example: "My flat is okay for me" - an English man think I find my flat not very nice and I don't feel very well there. My impression of English culture is better than I thaught before. The people are very friendly and the landscape is wonderful. The shops for food are more expansive than in Germany but I find here my favourite food. The impression of the other culture is also positive. I find it so interesting to speak to them and find new difference to my own culture. On this way I am able to understand the "strange" traditions.
4. It could be useful to speak English fluently. But I think you have also a profit if you are able to speak other languages like French or Spanish. For future it is also useful to be flexible and open for everthing new. After my stay in Exeter I will move to Hamburg to a big advertising agency called SPRINGER & JACOBY, I am sure that I can use my English improvement there because they have a departement in London.
name: massimiliano
B1: Submit
Date: August 02, 2000
Time: 22:41
In class we started talking about business english, and we also started our discussion about our project work. I did other few english courses years ago, but this is my first time in a business course, so for me it is new the way to teach english, all the issues are done with a business vision. I think this will be very useful for me, because I want firsrt to improve my english, but at the same time I want to have also a vision of this language in an International business context. In future I think i`ll be a sort of free lance worker, so I hope this course will help me to give me the possibility to expand my professional goals also in an international way.
name: Stefan Brus
B1: Submit
Date: August 02, 2000
Time: 23:39
1.The first classes were very nice. I learned about the English code of behaviour, especially how to behave when you meet people and how you introduce people to other people. Also I learned about the habits of some other cultures, especially outside the classes but also in the class. Outside the classes I have socialized or something like that and I have watched the City of Exeter. 2.A lot of things I recognize, but now it is brought from another point of view and that is very interesting. There also are a lot of new things. I especially liked the subjects about the differences between the cultures. But till so far every thing is very interesting. In general everything was nice and there was not a thing that surprised me. 3.I learned about the English language and the behaviour. I also learned more about the different cultures. My view has not changed very much. But one thing I learned, changed my way of thinking. I thought that the English and American Businesses were very hierarchical, but they are not any more. 4.In general I believe everything I learned so far will be usefull. I am going to implement it by learning it and to practice it a lot. But how I will exactly use it I do not know at the moment.
name: karim mostafa
B1: Submit
Date: August 02, 2000
Time: 23:39
1.On monday i had my first interview, which was very nice and i get to know every one of the teachers and assistance. After that we had to do the exam for english language.At last we had a campus tour.in our classes i learned alot of way of behaving in britain and how to use the language properly and also how buisness works in england abritain and in other cultures. 2.it was very interesting for me to visit the glass company and to know how it is produced and it was especially intersting to have a talk with the manager. 3.Actually it was very nice to get to know a lot of english and a lot of people of other cultures as well.I also know much more about how british behave in buisness and in their life. 4.Actually i will get use of what i will learn here in exeter like how to behave in buisnees and how to talk in a formal way in meetings with buisness people.
name: Aida
B1: Submit
Date: August 03, 2000
Time: 00:27
1We arrived on the 31 of July,Monday, so we are here only for 2 days. But we did a lot for this short time. Yesterday we took part in lessons' activities: we did speaking,got acquainted with our group,started to prepare our project work. I chose a topic, connected with communication across cultures. The project of our team is called "The Unity of cultures".We've decided to take a closer look at multinational cooperation and euro. 2.I really enjoyed the way of studying. The atmosphere was quite informal and we did speak a lot, which I find very important. I had a nice opportunity to know the group better. I can't say that I was suprised with something, because everything was made to make studying enjoyable. 3.I find our classes important in terms of prononciation, exressing our ideas properly, using the right expressins in right time.I like tne teamwork very much,because our group is mixed:there are people from different countries, this helps to understand other cultures much better, which is necessary in business 4 Knowledge of English language is very useful.It gives a nice opportunity to communicate with people from other countries, to exchange our ideas, gives wider carrer prospects inlife.
name: Asya
B1: Submit
Date: August 03, 2000
Time: 00:28
1.I find our staying in Exeter very exciting and amasing. I am very happy to get along with foreign students and teachers. We had several classes which I found interesting and useful. 2.I found the way of studies here rather unusual and I was a little bit surprised. System of education differs from the system of education in my country.Here we work in groups, it seems to me that it is more interesting, it helps to be more communicative. 3.I was impressed by our last class where we formed a team and started a project work. We prepared a presentation of our project,discused the main ideas of it and made a logo . 4.The main thihg i am interested in is practicing English. In addition to that I would like to know more about people from other countries,about their lifestyle, their attitudes to business. I am planning to connect my future with business thats why this course will be useful for me.
name: Wei-Hsiao Chang (Smile)
B1: Submit
Date: August 03, 2000
Time: 02:43
1. Well! I really feel tired since this Monday unite now, when I started this new course, but I learened quite a lot of things from the teachers and my classmate. For example, like how to use phone to make short arrange or speak on the phone in English with another company or people etc. . 2. I think everything for me are very interesting and so on. Then I would like to learn more in this month. I was so surprised from the beginning, because it's complete different tape the courses, so...... 3. I think most importent for me which's project work, that was remind me over the night. I have not got any clue about this. So I do not know how to answer it at the moment, but may be next week or before we finish this course I hope I can give you the answer. 4. I am not quite show which one will be more useful for me, but I think all of them for me that is very important in the future. No I idea. Let things go on. p.s Below this four questions is my report, which's about this afternoon the trip. Could you help me to correct it,please? This afternoon I have had a wonderful visiting to "Dartington Crystal".It was very interesting the trip. From the beginning I saw the many different tape the glasses and many workers were making new glassings. At the end we met the manager, who was answer our many questions.
For example, I asked him about "how long it will be take the people become a top maker?". He said: it might be take a ten or twelve years for training basic maker after that, parhapes they cna become a professional in this company. But another possibility is : If you have the dextrous hands, that will not take you like that longer. So from this question I really appreciate why this company making a perfack of profit in Britian, which's about 16 million pounds per a year. So this trip gave me too many unlike sense. I really enjoy it. I hope next week will be the same, but different company. Thank you for arrage this visiting and paying attention to read this very bad article.
name: Hiroshi Iwata
B1: Submit
Date: August 03, 2000
Time: 10:02
1,I have been business English course,in class I have studied busimess skill,outside I have looked for freinds. 2,Business study is so dificult for me. 3,I think, I must make responsbity for my life. 4,I am going to university,I will need a lot of knowlages.
I wentto Datington Crystal that is glass maker company, then i saw how to make same glasses.
The most interesting thing is recycling. There are a lot of recycling systems.If someone fines a rejected article of glass and pice of glass, it will be recycled. It makes curtailment of cost,also never makes waste of glass. At a moment,a lot of things have been recycled,cans, bins,paper etc. Recycling system has been necessary for factory.
name: Heinz Breschan
B1: Submit
Date: August 03, 2000
Time: 10:26
when I came here I expected the course to be much more intens. I know that is difficult to teach many different students, but I would not mind the teachers to speak and go on in classes faster.
for my personal use I hope to improve my skills in the teminology used in the business world and I would like to work on that (e.g. words like "turnover" etc.)
name: Rene Graeber
B1: Submit
Date: August 03, 2000
Time: 10:27
1. In last week, I learned a lot about different cultures. It was verry interesting to communicate withs students from spain, russia, asia, ... an to understand ther english language. In the classroomes we learned to be diplomatic and to understand business news in television/newspapers.
2. It was really intresting for me to understand the different languages in formal and informal meetings. I was positive surprised about the relaxed atmosphere here in the language centre. Especially the teachers have good feeling to communicate with the students.
3. In practical usage of english, I learned to use different language terms and not always the same.
4. In my profession (IT and business consulting) it is absolutly necessary to communicate in the rigth way, to have knowladge about meeting culture and to use correct terms in presentations and negotiations. I think that all what we learned are useful for my professional activities in the future.
regards Rene Graeber
name: Juergen Endres
B1: Submit
Date: August 03, 2000
Time: 10:29
The contents of our lessons were the communication skills, how to do presentations and to intruduce ourself. We talk about the different ways to do smalltalk and about the taboos in smalltalk in diffrent countries. Yestarday we visit a glas manufacture. The most suprising thing during this visit for me was that it tooks about ten years to educate a high level worker for the company. An other very exiting thing is that they only produce there goods by hand even they serve the high, middle and low quality market. I can't belive taht this strategy works because the costs for thier low quality products must be to high comparing to other - industrial producer - competitors.
name: Chou, Pei-Ling
B1: Submit
Date: August 03, 2000
Time: 17:19
My answer :
1. In the class, I followed what teachers taught, and tried to make myself understand each classmate told, because there are many accents. I could not quite follow therir pronounciation. Outside the class, because this is my first time to be in England, therefore, I have many things to get used to, such as food, weather and closing time of stores.
2. The direction of car driving here is on the left side of the road. It is different from Taiwan, so, I should be careful. What surprised me is that I can still see the sun until 10:00 in the evening. It makes me feel that I have more hours than in my country.
3. The very important thing I learned here is to respect different culture. What they eat, what they act, and the way they talk to each other. It is the complete new experience for me to live with people from different countries.
4. Until now, what I learned from classes are telephoneing, presentation and making a survey. Acturally, I knew the skills before. To me, it is just like using the skills in English instead of Chinese so far.
name: diana, diaz de cerio
B1: Submit
Date: August 03, 2000
Time: 17:21
1. I arrived on Saturday night so I could rest the whole Sunday and make myself familiar to the city and my accomodation in James Owen. But acctually as this is the third time I'm in Exeter University, I'm quite confident and experienced walking around the city, so it didn't took my a lot of time. I'm very happy with my accommodation since last year I was in Lafrowda, so this time is far much better than last one. The only disadvantage is that going to the University takes me about 20' so I can't ussually be here till 7.oo pm working in the computer as I used to do last August.
The classes have been good so far, I'm happy with the teachers but I would like to spend more hours in the classroom learning new vocabulary and strageties in business, instead of going out to the centre and taking notes by ourselves. My aim is to get a comprehensive knowledge about business, so that at the end of this course I would be able to speak about it without making mistakes.
The trip to Dartington was interesting, but I found it quite far away from here, so the time in the coach was bouring and useless.
2. What is really new and interesting for me is the business topics we deal with. I specially like Sue Chambers way of teaching, she's very fast in speaking and hard working. Jeff Evans seem to know a great lot about the business world, I'd like to squeeze the time in his classes. Evening classes are very useful in terms of improving our speaking skills.
3. As I'm very fond of English culture ("the way we do things around here", they say) I am not surprised about their timetables, behaviour, activities or even what they eat. I love U.K., and I would really love to spend one year living here when I will finish my degree in Law.
4. Everything related with business is so important for me, so I consider dealing with this wide topic within the classes time is really worthy. I would also like to get a great deal of vocabulary and tipical sentences in this area.
name: Saif
B1: Submit
Date: August 03, 2000
Time: 17:21
In our daily life we are faced by a lot of different economical terms especiallz in business field which considered with shopping. In International Business English course we hope to learn a lot of these terms and I suggest if it is possible 10 per week.
name: Yi-Shu Fu
B1: Submit
Date: August 03, 2000
Time: 17:27
1. This is the third time I come to England, but Exeter is quite different from other cities I've ever visited. Though it's small, it's pretty beautiful. But, it's a pity that I do not have a car so that I can visit this city around. Thus, from the past one week I only have the chacne to be in the campus and the city center. After all, it's too hard to walk far in this hilly city.
As to the class, the most interesting thing and helpful skill for me till now is the skill of "presentation", which is what I wish to learn for my job when I go back to Taiwan.
2. Till now the most surprising thing to me is that many of my classmates are so young and still students. Thus, they do not have any working experience. Before I come, I thought I can have the chance to share the experience with the others in the class.
As to the weather, it surprised me that it doesn't rain a lot here in Exeter during the past one week.
3. Actually, many people in Taiwan think that English people are not so friendly campared to other west countries, like America or other European countries. However, during the long trip from Taiwan to England and one-week stay in Exeter, I found it different. I guess I am quite lucky.
4. I've worked for about 4 years in the trading companies. What I want and need for continuing my job and upgrading myself is the skill of presentation, negotiation, marketing and management. For the first two issues, I believe I can learn from this class. Furthermore, for the next two issues, I think I can learn from the further master course in the University of Exeter.
name: Jose Benito
B1: Submit
Date: August 03, 2000
Time: 18:42
1.- Well, on Monday, the first day, we did a test and an interview, nothing special. On tuesday mornig we introduced ourselves to the group. The following days we have done a lot of presentations in class and the whole group, I think this is very interesting, cause at the same time we learn english and we learn to do presentations, what it will be very useful in the future. Out of class, everything i think is very normal, meet people... we will see during the folowing weeks. 2.- As i said before, to do presentations in english language is new so at the begining is very difficult, but it's sure that things will go better in the future. About what has surprised me, I think the way to teach here, it's very direct, I mean, sometimes it's not like a normal english course, it's diferent. 3.- About academic knowledge, I think it's a short time to evalute what I have learned. About english culture, I have been living here since January, so english culture is not new for me, anyway I think all the european countries are very similar, the diference is the way to do the things. But I like english culture. Of course, the english food is not very good, but it's not so bad. It's very surprised the oriental cultures, because they are very different. 4.- The presentations and the research works I think it'll be very useful for me in the future. So I thing the course, at least at the moment, it'll be very useful.
name: harry pattikawa
B1: Submit
Date: August 03, 2000
Time: 22:42
I know this is not the right thing to provide you the underlying text but I really need feed back from you. I am a credit analyst at an international bank. I felt that there was no much time left to improve my corespondent skill till I read you brochure about the course at the same time I had to decide where I had to go for my holiday. So I have been using my holiday to improve my correspondent skills.
I will appreciate it if you could cheek it whenever you can.
Regards,
Development Bank of Philippines (100% government owned)
A. Introduction Natexis Banques Populaires Singapore branch invites us to joint for the captioned facility. We, hereby, seek the CIC's approval for a participation amount of USD 5 mn All-in-yield 105 bps. pa. The tenor of the facility is 3 years and subject to be sold during the life time. For commercial details please find CLM/ CF' proposal attached. We feel that by participating in this deal we can further increase our popularity in the region and therefore we will much appreciate a prompt decision from the CIC as this offer is subject to availability.
B. Purpose of the facility & Covenant The facility is supposed to be used to refinance the bank's maturing USD 110 mn FRN due 18 July 2000. Furthermore, the Issuer continuing to be 100% owned by the Republic of the Philippines.
C. Quantitative Analysis The following analysis is based on not- audited financial figure as per fye99 provided by Natexis.
I. Assets quality Loans comprised 55.8% of assets as per fye99 down from 62% the year before in line with both bank's expansion in security assets and its strategy opening more branches. Through the Country's banking system, loans portfolio has been put in country vital industries to support the Government policy. Past due loan was lower than average equivalent to 5.4% while coverage ratio was 62% as per fye99. NPL ratio further climbed to 7.2% as per 1q00 compared to average 14% . Lower past due loans was attributable to its wholesale lending (trough financial institutions) which carries lower default risk. On the other hand Moody's however notes that loan classification understates the true level of loan impairment as restructured loans are excluded equalling 23.6% as per fye98 compared to the peer average of 33.3% (agriculture, mining, manufacturing, and construction). Cited from S&P' report from July 99, more than 99% of bank's lending portfolio is secured while lending highly concentrated in term large exposures, with aggregate of the top-10 lending exposures. Fcy loans was 22.2% as per fye99. Loan breakdown by industry as per fye99 was financial institution 48.8% and transportation & communication 7% while power and manufacturing was 6.4% and 6.9% respectively.
Security assets rose 30.4% to USD 537 mn representing 15.9% of total assets as per fye99. Most of the assets was government securities.
II. Solvency Equity to total assets had been decreasing during the analysed periods standing at 10.47% as per fye99. This is because assets growth had not balanced with capital increased while high percentage dividend paid off had limited bank's core capital growth. Moreover, the Government recently rejected bank' request for an additional capital of USD 49.8 mn but instead It lowed dividend rate from 30% to 10%.
III. Profitability Net income improved substantially from USD 13.1 mn to USD 25.6 mn as per fye99 lifted up ROAA from 0.47% to 0.81%. This was on account of both 4.4x enlargement in trading gains to USD 7.1 mn and sharp decline in non operating expenses. Fee income dropped 20% to USD 3.6 mn representing of 2.8% of total revenues.
IV. Funding has been dominated by LT borrowing accounting for 65.9% of fye99's total assets (mostly in foreign currency). In that mentioned period, LT borrowing expanded 21% to USD 2.3 bn. Deposits accounted for 16.2% of total assets compared to 14.7% the year earlier. Particularly in association with bank's wholesale lending activities, funding has been arranged through Official Development of Assistance (ODA) accessed under bilateral and multilateral funding arrangements with international institutions such us World Bank, the ADB, the OECF and KFVV of Germany. For details of borrower names we refer to page 17 of report provided by Natex. We note that most of the funds raised under ODA programs are guaranteed by the Government.
IV. Liquidity is acceptable. Liquid assets to total borrowing fell from 20.7% to 18.9% due to stronger increase in total funding. With extra funding received, the bank increased its security assets which improved its net loans total funding from 75% to 65%.
C. Peer Group Informed by Natex, the bank ranked 6th interms of loan portfolio among top ten commercial banks and 7th in term of capital as per fye99. According to a Business World Asia survey, the bank ranked 8th in the Country as per fye99.
C. Qualitative Analysis
Background The bank has been Government's economic vehicle to support and finance the Country's policy initiatives and development project such us housing finance, poverty alleviation, job creation and the agricultural sector. Much of its lending is conducted trough other banks including our clients such as Metro Bank & Trust Company, Equitable Bank PCI, Land Bank of the Philippines. The bank has 77 branches across the Country. The Government has delayed its plan to privatise the bank's non-whole sale operations.
Ratings S&P assigned LT rating BBBpi in October 99. Currently, Moody's' LT rating is Ba2 and financial strength is D.
Business profile Lending business is implemented trough three major business units: the Program lending sector primarily undertaking wholesale relanding operations to PFIs and other program based retail lending for specific purposes; the Corporate Banking Sector undertaking retails lending directly to large and medium-sized corporations; and the Branch Banking sector which undertakes retail lending to private clients and smaller companies. Bank's to five corporate borrowers are Manila Electric Company, Southern Philippines Power Corporation, Philippine Long Distance Telephone Company, Baurang Private Power Corporation and Bayan Telecommunications, Inc. Merchant banking activities focuses on project finance, syndications arrangements, and financially advisory, assisting hence various private and Government corporations. In the past the bank was several arranger and lead manager of several Syndicated deals. For details please see page 14 of report provided by Natex.
Internal credit process Within the three major business units mentioned above, loans are administrated trough Windows I,II and III. The first administrates ST lending, the second medium and LT lending and the third is only for lending for science and technology. Credit approval is the responsibility of either the bank or the Funders depending on loan sized. Generally, the Funder set a credit limit, known as the Free Limit, for each lending facilitythey grant the bank. Under the Free limit the bank has the authority to evaluate the eligibility criteria for borrowers and investment project. Above the Free limit, Funder's approval is required.
Shareholder and Management The Republic of the Philippines has had equity stake for 100% in the bank. The Government appoints bank's directors.
National Government Guarantee The Government provides certain guarantees with respect to certain funding facilities as described in " National Government Support". Implicitly, these are loans, particularly its bilateral and multilateral facilities, guaranteed by the Government and carry negative pledge, pari passu, and cross default provisions which could take effect in the event of a default provisions, which could take effect in the event of a default on the FRN.
Strategy As a policy bank, the bank continues to serve the Country's society. The bank avoids competing with private sector banks by operating in sectors (technology and science) where commercial banks are not active. The bank has intended to open more branches in the coming years.
C. Conclusion and Recommendation
Development Bank of the Philippines is the 8th largest bank with 77 branches in the Philippines. The bank is owned fully by the Government and has played a significant role in the Country's economy. Through the Country's banking system, the bank has provided lending to Country's strategic sectors. The Government therefore has strong interest to support the bank if necessary. Moreover, the Government provides certain guarantees with respect to certain funding facilities as described in National Government support.
Financially, bank's performance is acceptable although we are aware its eroded assets quality as a concern following its role as a Policy bank to serve the Country's society. But with this unique position and strong ownership structure, we believe than the Government will support the bank in any events of difficulty. Solvency had been decreasing under the periods reviewed, as assets growth was not balanced by capital increased while dividend ratio was massive. But we believe the Government policy to cut dividend paid out level, which totally fell during the last two years from 50% to 10%, will strength bank's core capital's growth. We consider 10.47% in equity to total assets ratio is more than acceptable. Bank's profitability had been remarkable during the analyzed periods with NIM never below 4.2%. ROAA went up from 0.47% to 0.81% due to substantial increase in trading gains. Trough its merchant banking activities the bank is ensured for sufficient non-interest income. Liquidity was acceptable with liquid assets to total borrowing at 18.9% reflected government assets the bank held. Long term borrowing from foreign institutions is bank main funding source. However, we feel that its funding structure is adequate due to Government guarantees and improving as deposits to total assets ratio went up from 14.7% to 16.2%.
Development bank of the Philippines enjoys high LT rating BBBpi from S&P. While Moody's assigns LT rating Ba2
Based on bank's good performance described above we propose to assign RR at 5. Furthermore we recommend agree with the proposal based on:
1. Overall acceptable financial fundamental 2. Strong ownership structure and as covenant the Government will maintain its 100% interest in the bank. 3. By participating for this facility, we can build up our popularity in the region for further business purposes 4. With regard to 3 years tenor of the facility, we deem that we can sell the facility during the life time if necessary
name: Kirsten Neininger
B1: Submit
Date: August 06, 2000
Time: 22:48
Hi Norbert,
is it possible to correct my first learning log once more? I prepared the text and I hope now it is better. Thanks a lot.
Kirsten
1. I arrived by plane on 30 July 2000. First I was shocked about my room but now I find it really nice and I'm feeling very good. This is my first stay in a flat with other students and we all have to be disciplined. I find it very interest to live with young people from other countries. In my flat there live students from Korea, Taiwan, Austria, Japan and Turkey. So I have the possibility to learn about their different cultures. We are making a lot of jokes of each other and one evening we were in a club. In my class there are also many different people. one day we spoke about introducing ourselves and someone else. That was very interesting because every student related about the habits in their home country. 2. For me it was new that Asian people always give their business cards with two hands. This surprised me because if someone doesn't know these habits you would get problems.
3. I have learned that the German meaning "okay" isn't the same as English. When you use this word, people think you are unhappy. For example: "My flat is okay for me" - an English man thinks that I find my flat not very nice and that I don't feel very well there. My impression of English culture is better than I thought before. The people ar friendly and the landscape is wonderful. Food shops are more expensive than in Germany but I find there my favourite food. The impression of the other cultures is also positive. I find it so interesting to speak to them and find new differences to my own culture. By this way I am able to understand the "strange" traditions. 4. It could be useful to speak English fluently. But I think you also profit by having a good command of other languages like French or Spanish. In future it is also useful to be flexible and open to everything new. After my stay in Exeter I will move to Hamburg to a big advertising agency called SPRINGER & JACOBY.I am sure that my English improvement I can use there because they have a department in London.
name: Saif Nasser
B1: Submit
Date: August 07, 2000
Time: 14:50
To carry on business course, our visit to Dartington Crystal Factory is very interesting and in that time I hope to complete the 'visitor survey' but unfortunatly there is no time. I suggest that ElC should provide 'thanks card' to sieng it by all students of this course. Now, the project, Project needs a lot of hard work which we came for. As it seems to me there are many advantages we can have it from this scheme ,for example, collective agreement by focussing in one subject this after collective bargaining then all members' experiences are pouring in teamwork to achieve collective ownership(project). Also it help as to empty our opinions and notes in the presentation which follows the project.
So, what is a good method of study and I hope to do the best for our scheme "distribution and advertising" and other teams too.