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Politics : Formerly About Applied Materials

AMAT 252.25

+0.9%

Nov 28 9:30 AM EST

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To: Jacob Snyder who wrote (18589)	4/6/1998 9:40:00 PM
From: Tito L. Nisperos Jr.	Read Replies (1) of 70976

Jacob, I agree with you that the East Asian problem is not over. I just want to say that not all of the four countries (Indonesia, Malaysia, Philippines and Thailand) that were hit with currency problems were over-extended. Inflation is a disaster to the other three, but to the Philippines it's a Blessing in disguise. In a country that once upon a time composed of 10% rich and 90% poor, a middle class that can afford cars, telephones and other necessities and luxuries in life emerged --- thanks to Inflation. The higher the Inflation the higher the value of the Dollars pouring in from its people working around the globe. Banks are not over-extended in the Philippines; Real Estate is booming but not in a run-away way. Credit is tight but somehow people get money for business without burdening the Banks. Here are two examples:--- a friend of mine got a second mortgage of his house here in Silicon Valley in the amount of just over 50K and then built a 4-story office building complete with a Bank as tenant near his hometown (yes, businesses are now sprouting outside Manila). Another example is my sister (one of two who worked as nurses in Libya) who bought her house in just 10 monthly installments of 1K each without burdening the Bank. (She is in better shape than me in that I have to struggle for 30 years for my house). AMAT may not directly gain in the good business activity in the Philippines; but indirectly, yes --- as the growing middle class in that country, because of Inflation, gets more buying power for their dollars for Electronic things that require CHIPs...(I wish the other three countries well. I feel for their people soon to be unemployed as more CHIP making operations like Cypress' relocate to the Philippines...)

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