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To: Jyoti sharma who wrote (14129)	2/15/1998 9:11:00 AM
From: Zeev Hed	Read Replies (1) \| Respond to of 18056

Jyoti, this number make much more sense. By the way, do you see a V type end to the decline in the Philippines, or a lengthy slow recovery (more like the Nikkei decline and saucer (possible bottom?) we have experienced for the last 9 years? Zeev

To: Jyoti sharma who wrote (14129)	2/15/1998 10:01:00 AM
From: Tony van Werkhooven	Read Replies (1) \| Respond to of 18056

re: First Phill. Fund- It is my recollection that, pre asia flu, it typically traded at a discount in the range of 20%. IMHO, when ready to participate in an asia recovery, ADR's are a much better means, rather than country funds. I would expect the performance of most country funds to lag as they move from premium to discount.