EFTA Document EFTA01451010

II December 2013 GEM Equity Strategy Outlook 2014 We cannot downgrade the Philippines to underweight because of the dearth of compelling alternatives. However, we fully share the increasing level of reservations expressed by head of DB Philippines Research and market guru, Rafael Garchitorena, based on the following factors: • The Philippines is standing at a massive premium to its own history and relative to its own history against the GEM benchmark on a P/BV to ROE basis. • There ar