Silviase/jgov_v1.4_full_ann huggingface dataset:
Table A2.9 Korea Reaction Function on Exchange Rate (Flexible ML)

C	BP(-1)	BP(-2)	BP(-3)	BP(-4)	BP(-5)	BP(-6)	BP(-7)	BP(-8)	R2	DW
744.007	-0.107153E-02	0.613985	0.772517
(13.6198)	(-0.481703)
742.151	-0.159716E-02	0.612328	0.815709
(13.3474)	(-0.862692)
733.709	-0.345853	0.623552	0.950439
(12.7824)	(-2.05447)
722.878	-0.487623E-02	0.650227	0.999463
(12.4161)	(-3.18810)
721.009	-0.384610E-02	0.635268	1.10460
(12.0266)	(-2.99473)
719.779	-0.351970E-02	0.632486	1.08531
(11.7706)	(-3.09813)
716.847	-0.375203E-02	0.641996	1.06597
(11.5061)	(-3.51256)
716.336	-0.354049E-02	0.639976	1.03146
(11.3154)	(-3.56018)

Independent variable: Rate of change of nominal exchange from the previous period (Yen/\$).

1) Variables BP(-x): Accumulated current account balance since previous x periods (millions US$)

2)Periods BP(-1): 81:2-90:4 (quarterly)

3) Estimated by Maximum Likelihood Iterative Technique

Table A2.10 Korea Reaction Function on Exchange Rate (Whole Period-ML)

C	DKGDP	DKPW	DKPC	DKIIP	DKEX	DKRES	R2	DW
0.017054	-0.289652	0.043599	2.00027
(3.03684)	(-1.92093)
0.278748E-02	0.318210	0.072775	1.99468
(0.504521)	(2.52102)
-0.131087E-02	0.458414	0.71074	1.99830
(-0.199121)	(2.48928)
0.026351	-0.203025E-03	0.062857	1.99926
(3.30045)	(-2.33046)
0.956450E-02	0.02942	0.608861E-02	2.00540
(1.77475)	(0.701338)
0.013403	-0.142106E-02	0.068240	1.99288
(2.99335)	(-2.43542)

Independent variable: Rate of change of nominal exchange from the previous period (Yen/\$).

1) Variables DKGDP: Growth rate of GDP at 1985 Prices(billions of Won)

DKPW: Inflation Rate (Wholesale Price Index 1985=100)

DKPC: Inflation Rate (Consumer Price Index 1985=100)

DKIIP: Growth Rate of Industrial Production Index (1985=100)

DKEX: Growth Rate of Export Volume Index (1985=100)

DKRES: Growth of International Reserves (excluding gold, millions of US$)

2)Period 70:2-90:4

3) Estimated by Maximum Likelihood Iterative Technique
Table A2.11 Korea Reaction Function on Exchange Rate (Whole Period-ML)

C	BP(-1)	BP(-2)	BP(-3)	BP(-4)	BP(-5)	BP(-6)	BP(-7)	BP(-8)	R2	DW
529.894	0.219500E-02	0.021210	1.37472
(2.86633)	(-0.640762)
539.673	-0.234391E-02	0.037878	1.39919
(4.02212)	(-0.861225)
536.334	-0.526598E-02	0.071663	1.48115
(-2.08383)	(-2.08383)
541.796	-0.671179E-02	0.154920	1.62996
(3.69286)	(-2.84247)
564.681	-0.548791E-02	0.139104	1.53139
(4.32969)	(-2.86467)
433.832	-0.018848	0.433088	1.91062
(10.1971)	(-3.08224)
570.461	-0.542231E-02	0.170573	1.57364
(4.23563)	(-3.28477)
593.840	-0.586003E-02	0.208275	1.60227
(4.70250)	(-3.50727)

Independent variable: Rate of change of nominal exchange from the previous period (Yen/\$).

1) Variables BP(-x): Accumulated current account balance since previous x periods (millions US$)

3) Estimated by Maximum Likelihood Iterative Technique

Table A2.12 Indonesia Reaction Function on Exchange Rate (ML)

C	DGDP73	DGDP83	DINPW	DINPC	DINEX	DINRES	R2	DW
0.078443	-2.80107	0.039980	2.01577
(1.73853)	(-1.08943)
-0.409374E-02	2.58781	0.419391	1.94403
(-0.2321340)	(4.30288)
0.765733E-02	0.663982	0.091060	2.01688
(0.567323)	(2.46762)
0.036907	-0.339215	0.311739E-02	2.00699
(1.64390)	(-0.424829)
0.027609	0.044476	0.549689E-02	2.00540
(2.41721)	(0.569066)
0.027750	0.702342E-02	0.184625E-02	2.00804
(2.34482)	(0.321113)

2)Periods DGDP73: 76:2-83:4

DGDP83: 83:1-89:4

Others: 76:1-91:4

3) Estimated by Maximum Likelihood Iterative Technique
Table A2.13 Indonesia Reaction Function on Exchange Rate (ML)

C	BP(-1)	BP(-2)	BP(-3)	BP(-4)	BP(-5)	BP(-6)	BP(-7)	BP(-8)	R2	DW
1168.62	-0.041525	0.055528	1.82818
(1.72982)	(-2.15560)
1148.64	-0.035743	0.050590	1.96503
(1.73840)	(-2.10106)
1111.71	-0.43789	0.113638	1.58325
(1.74163)	(-3.02096)
1131.55	-0.026955	0.034793	1.90666
(2.36382)	(-1.85625)
1137.85	-0.21463	0.030344	1.89349
(1.77290)	(-1.74535)
1120.75	-0.023608	0.038722	1.86309
(2.36569)	(-1.97539)
1117.63	-0.022535	0.039452	1.91709
(2.33239)	(-1.98970)
1096.46	-0.026966	0.076803	1.86898
(2.12756)	(-2.53511)

Independent variable: Rate of change of nominal exchange from the previous period (Yen/\$).

1) Variables BP(-x): Accumulated current account balance since previous x periods (millions US$)

2)Periods BP(-1): 76:2-91:4 (quarterly)

3) Estimated by Maximum Likelihood Iterative Technique

Table A2.14 Indonesia Reaction Function on Exchange Rate (Probit)

C	DGDP73	DGDP83	DINPW	DINPC	DINEX	DINRES	R2
-0.908196	-42.5061	0.610404E-02
(-1.16945)	(-0.816135)
-10.7382	250.162	0.639293
(-1.18950)	(1.12869)
-2.17643	10.4461	0.193970
(-5.16815)	(1.99985)
-1.54926	-5.10955	0.529614E-03
(-2.89295)	(-0.251390)
-1.68155	0.392689	0.101816E-02
(-6.03663)	(0.233386)
-1.72544	0.279838E-03	0.328014E-02
(-5.74912)	(-5.74912)

Independent variable: 1 : when there is a substantial devaluation 0: no substantial devaluation

1) Variables DGDP73: Growth rate of real GDP at 1973 Prices

DGDP83: Growth rate of real GDP at 1983 Prices

DINPW: Inflation Rate (Wholesale Price Index 1985-100)

DINPC: Inflation Rate (Consumer Price Index 1985=100)

DINEX: Growth rate of Export Volume Index (1985=100)

DINRES: Growth of International Reserves (excluding gold, millions of US$)

2) Periods DGDP73: 76:2-83:4

DGDP83: 83:1-89:4

Others: 76:1-91:4

Others 75IIQ-89IIQ

3) Estimated by Probit Iteration

3) Estimated by Probit Iteration
Independent variable: Rate of change of nominal exchange from the previous period (Yen/$).

1) Variables DPHGNP: Growth rate of GNP at 1985 Prices(billions of Pesos)

DPHPW: Inflation rate (Wholesale Price Index 1985=100)

DPHPC: Inflation rate (Consumer Price Index 1985=100)

DPHEX: Growth rate of Export Volume Index (1985=100)

DPHRES: Growth of International Reserves (excluding gold, millions of US$)

2) Period 81:2-91:4

Table A2.15 Indonesia Reaction Function on Exchange Rate (Probit)

C	BP(-1)	BP(-2)	BP(-3)	BP(-4)	BP(-5)	BP(-6)	BP(-7)	BP(-8)	R2
-2.40751	-0.961141E-03	0.291981
(-4.68785)	(-2.808323)
-2.28791	-0.437716E-03	0.143406
(-4.51858)	(-1.81810)
-2.22313	-0.278064E-03	0.961573E-01
(-4.39479)	(-1.63725)
-2.06353	-0.1675323E-3	0.435461E-01
(-4.36584)	(-1.28805)
-2.02855	-0.128761E-03	0.409644E-01
(-4.32745)	(-1.20725)
-1.96718	-0.968487E-04	0.234713E-01
(-4.23906)	(-1.0317)
-1.90092	-0.720435E-04	0.143482E-01
(-4.16921)	(-0.871287)
-1.85620	-0.56781E-04	0.855561E-02
(-4.05822)	(-0.745089)

Independent variable: 1: when there is a substantial devaluation 0: no substantial devaluation

1)Variables	BP(-x): Accumulated current account balance since previous x periods (millions US$)
2)Periods	BP(-1): 76:2-91:4 (quarterly)
BP(-2): 76:3-91:4
BP(-3): 76:4-91:4
BP(-4): 77:1-91:4
BP(-5): 77:2-91:4
BP(-6): 77:3-91:4
BP(-7): 77:4-91:4
BP(-8): 78:1-91:4
3)Estimated by Probit Iteration

Table A2.16 Philippines Reaction Function on Exchange Rate (ML)

C	DPHGDP	DPHPW	DPHPC	DPHEX	DPHRES	R2	DW
0.031435	0.283031E-02	1.85792
(3.42010)
0.226786E-02	0.784231	0.522761	1.45772
(0.339107)	(6.68073)
0.307290E-02	0.816186	0.326487	1.57406
(0.346865)	(4.44018)
0.031455	-0.030751	0.124914E-02	1.87275
(3.31699)	(-0.189155)
0.031248	0.989193E-03	0.386917E-02	1.85389
3.43931	(-0.375362)

3) Estimated by Maximum Likelihood Iterative Technique
Table A2.17 Philippines Reaction Function on Exchange Rate (ML)

C	BP(-1)	BP(-2)	BP(-3)	BP(-4)	BP(-5)	BP(-6)	BP(-7)	BP(-8)	R2	DW
17.4748	0.226304E-04	0.391690E-02	1.66597
(2.12133)	(0.33698)
17.3231	0.379141E-03	0.010968	1.67949
(-0.37914E-03)	(-0.665709)
17.1357	-0.411531E-03	0.014215	1.67671
(2.07809)	(-0.731900)
17.6728	-0.100869E-03	0.01406	1.66270
(2.7183)	(-0.188719)
17.4291	-0.215408E-03	0.014637	1.66004
(2.67109)	(-0.430551)
17.5883	-0.161512E-03	0.014090	1.69348
(2.60336)	(-0.325180)
17.2193	-0.314498E-03	0.031376	1.67352
(2.72249)	(-0.687903)
18.6392	-0.110315E-04	0.021018	1.76660
(2.93277)	(-0.026463)

Independent variable: Rate of change of nominal exchange from the previous period (Yen/\$).

1) Variables BP(-x): Accumulated current account balance since previous x periods (millions US$)

2)Periods	BP(-1): 81:2-91:4 (quarterly)
BP(-2): 81:3-91:4
BP(-3): 81:4-91:4
BP(-4): 82:1-91:4
BP(-5): 82:2-91:4
BP(-6): 82:3-91:4
BP(-7): 82:4-91:4
BP(-8): 83:1-91:4

3) Estimated by Maximum Likelihood Iterative Technique

Table A2.18 Philippines Reaction Function on Exchange Rate (Probit)

C	DPHGDP	DPHPW	DPHPC	DPHEX	DPHRES	R2	DW
-1.00877	3.92095	0.504508E-02
(-4.26535)	(0.571337)
-1.52199	11.2291	0.128851
(-4.33732)	(2.36196)
-1.34329	8.90435	0.402716E-01
(-3.93696)	(1.56198)
-1.01137	1.78551	0.508469E-02
(-4.23547)	(0.479592)
-0.995213	0.302206E-03	0.310563E-02
(-4.29200)	(0.498147)

Independent variable: Rate of change of nominal exchange from the previous period (Yen/$).

1) Variables DPHGNP: Growth rate of GNP at 1985 Prices (billions of Pesos)

DPHPW: Inflation rate (Wholesale Price Index 1985=100)

DPHPC: Inflation rate (Consumer Price Index 1985=100)

DPHEX: Growth rate of Export Volume Index (1985=100)

DPHRES: Growth of International Reserves (excluding gold, millions of US$)

2) Period 82: 1-91: 4

3) Estimated by Probit Iteration
Table A2.19 Philippines Reaction Function on Exchange Rate (Probit)

C	BP(-1)	BP(-2)	BP(-3)	BP(-4)	BP(-5)	BP(-6)	BP(-7)	BP(-8)	R2
-1.32598	-0.882677E-03	0.332663E-3
(-3.52016)	(-1.25388)
-1.45505	-0.608545E-03	0.488665E-01
(-3.45106)	(-1.53986)
-1.46606	-0.428092E-03	0.531376E-01
(-3.36468)	(-1.55037)
-1.48832	-0.347413E-03	0.608918E-01
(-0.347413E-03)	(-1.62816)
1.57905	-0.331194E-03	0.914414E-01
(-3.37315)	(-1.85063)
-1.64019	-0.311486E-03	0.104291
(-3.34196)	(-1.97439)
-1.69110	-0.297548E-03	0.128340
(-3.34136)	(-2.09487)
-1.72309	-0.283979E-03	0.139974
(-3.31543)	(-2.17123)

Independent variable: 1: when there is a substantial devaluation 0: no substantial devaluation

1) Variables BP(-x): Accumulated current account balance since previous x periods (millions US$)

2)Periods BP(-1): 81:2-91:4 (quarterly)

BP(-2): 81:3-91:4

BP(-3): 81:4-91:4

BP(-4): 82:1-91:4

BP(-5): 82:2-91:4

BP(-6): 82:3-91:4

BP(-7): 82:4-91:4

BP(-8): 83:1-91:4

3) Estimated by Probit Iteration
the variables when including the exchange rate in the model as we have done in the analysis of the monetary policy. To examine the exchange rate policy, exchange rates and current accounts balances were included in the equation. We included exchange rates and current accounts balances in estimation in of all four countries.

##### A.2.6.1 Japan

The results of the VAR analysis of Japan are shown in Tables A2.1-1 through A2.1-6 and Figures A.1-1 to A.1-6.

In the equation 1-1, 3 variable VAR of exchange rate, current account balance and the growth rate of real GNP are included. Estimation period is first quarter of 1973 to fourth quarter of 1990. We can see from these results that exchange rate, current account balance and real GNP growth do not have an impact on other variables, which means that exchange rate is an independent variable.

Next we included money market interest rate in the equation 1-1 and formulated 4 variable VARs, equation 1-2. From the result of the variance decomposition of the forecasting error, we can see that the exchange rate influences the interest rate, and the interest rate influences real GNP growth. We can interpret from the result that the fluctuations in the exchange rate affect the domestic interest rate which eventually affects the real GNP growth. However, there was no effect on the current accounts balance.

In the next equation 1-3, we replaced interest rate with wholesale price inflation, which produced some effect on the exchange rate and weak a effect on the real GNP growth. When we replaced consumer price inflation with wholesale price inflation, we obtained a different result. There is a strong mutual relationship between consumer price inflation and real GNP growth.

In equation 1-5, we replaced change of reserves with current account balance and using wholesale price inflation, we can see the relationship between inflation, exchange rate and interest rate. When we replaced wholesale price inflation with consumer price inflation, we can see that exchange rate -> interest rate -> inflation->real GNP growth in Table A2.1-6 and Figure A.1-6.

The results of VAR analysis suggest that there is no significant relationship between current account balance and exchange rate. Also, we found that the exchange rate had an impact on inflation rate and interest rate, and these variables effected real GNP growth. From all these results, we can assume that the relationship between exchange rate and current accounts balance is weak. This result is quite different from
JEX (1.80)

[1.00372]
Figure A.1-5

Figure A.1-6

← over 20% contribution on variance decomposition

←— over 10% contribution on variance decomposition

◀--- over 5% contribution on variance decomposition

( ) F-statistics (block exogeneity)

[ ] Schwarz-Bayes Information Criterion
the results we have obtained from the reaction function analysis. We can interpret that the authorities expect current account can be influenced by exchange rate policy, but the policy was ineffective.

Iwabuchi (1989) used structural VAR to analyze the relationship between monetary variables and real economic variables. In this study, the exchange rate was the most independent variable in this model. The results suggest that the effect of the appreciation of the exchange rate on the real economic growth is shown by the change of the industrial production index in this study. The lax monetary policy gradually led to the depreciation of the Yen rate. This had an expansionary effect on the first six months through the interest rate, but had a deflationary effect afterwards.

##### A.2.6.2 Korea

First, we applied equations which are the estimations of the three variables: exchange rate, current account balance and real GNP growth. In the case of Korea, the period we chose was from the third quarter of 1970 to the fourth quarter of 1990. Table A2.2-1 is the results for the whole period in the 3 variable VARs. Table A2.2-2 is the results of 1970 to 1980 which we considered as fixed exchange rate period, and Table A2.2-3 is the results of the period which we considered as flexible exchange rate period. The results of Tables A2.2-1 and A2.2-2 show that these three variables have independent character. In Table A2.2-3, when we dealt with the 1980's, the exchange rate had an effect on current accounts balance and real GNP growth.

In equations 2-4 and 2-5, we included interest rates as a new variable in the model. The results of Table A2.2-4, the period of the 1970's and including discount rate as an interest rate, show that all the variables are also independent. In the estimation of equation 2-5, which is for the period from 1980 to 1990, which is the period of flexible exchange rate, and including deposit rate as an interest rate, we can see that shocks on the exchange rate have an effect on current accounts and real GNP growth. In equation 2-6, which included wholesale price inflation instead of interest rate, we found effects of exchange rate on inflation.

In the case of Korea, the results of reaction function and VAR indicated that the effects of the change of the exchange rate on other variables are weak, as in the case of Japan. Despite these results, we can interpret from the result of VAR analysis that Korean authorities implemented exchange rate policy taking into account the movement of current account balance and real economic growth, and this policy was effective.
2. KOREA
Figure A.2-1(70:3-90:4)	KREX(0.62)
[-0.076629]
KRBP(0.14)	KRY(0.47)

Figure A.2-2(70:3-80:4)	KREX(0.72)
[-1.09074]
KRBP(0.18)	KRY(0.33)
Figure A.2-3(81:1-90:4)
Figure A.2-5 (81:1-90:4)

Figure A.2-6 (70:3-90:4)
##### A.2.6.3 Indonesia

On the analysis of Indonesia, we divided the estimation period in two, due to discontinuity of the GDP data.

Equation 3-1 is the results of the first period (third quarter of 1976 to fourth quarter of 1983) and equation 3-2 is the results of the second period (third quarter of 1983 to fourth quarter of 1989) both of the 3 variable VARs. Results of the three variable VARs are shown in Tables A2.3-1 and A2.3-2. The results of the first period estimation show that the exchange rate has an impact on real GDP growth, as does the current account balance. In Tables A2.3-3 and A2.3-4, the result of the exercise of the first period for the 4 variable VARs are shown. The results of the estimation of equation 3-3 show that the exchange rate has strong effects on money market rate, current account and real GDP growth. In equation 3-4, we included oil price ($ per bbl) to examine the effect of the oil price on the economy, the results of which indicated its strong impact on the real GDP growth. Also, there are effects of oil price and exchange rate on current accounts balance.

Equations 3-5 and 3-6 are the estimation of the 1980's. The results in the Table A2.3-5 show that the exchange rate does not significantly affect other variables. When we included oil price in equation 3-6, we found that the effect was strong on exchange rate and current account, while the effect on real GDP growth was not as strong as the exercise of the first period.

In the equations 3-7 and 3-8, we included wholesale price inflation to analyze its effects. The effect of inflation on real GDP growth is strong in the first period, while its effect on current account balance is strong in the second period.

All the results of the VAR analysis, in general, show strong impact of exchange rate on other variables. Particularly in the equations 3-1, 3-2, 3-3, and 3-8, exchange rate has direct effects on current account balance. Also we saw strong impact of oil price on most of the variables.

Several interesting comparisons can be made from these results. When we compare equations 3-1 and 3-2, we can see that the relationships between exchange rate, current account balance and real economic growth weaken in the later period.

Comparison between equations 3-3 and 3-5, where the money market rate is included in the model, show that the effect of exchange rate significantly declines in the latter period. Comparison between equations 3-4 and 3-6 show that oil price had a strong influence on real GDP growth and current account balance in the first period, while effects of the oil price decline in the second period. The comparison between equations 3-7 and 3-8 show that the impact of exchange rate starts to show in the second period.
### 3. INDONESIA
### 4. PHILIPPINES (81:3-91:4)
Figure A.4-5
##### A.2.6.4 The Philippines

In the case of the Philippines, the estimation period is from third quarter of 1981 to fourth quarter of 1991. In equation 4-1, we analyzed three variable estimations. The results indicate that current account had impact on exchange rate but not vice versa. In the equations 4-2 and 4-3, we included treasure bill rate and bank lending rate respectively. In either case, the exchange rate had weak impact on current account balance, while interest rate had stronger impact.

In the equations 4-4 and 4-5, exchange rate showed a strong impact on inflation but the only variable affecting current accounts balance was consumer price inflation.

#### A.2.7 The effect of foreign exchange rate policy

From the above mentioned variance decomposition analysis of VAR of four countries, we can summarize the results of the exchange rate policy as follows.

In the case of Japan, exchange rate did not have direct or significant effect on current account or real GNP growth. When we focus on direct or indirect effects of the exchange rate on real GNP growth, some effects can be seen in equation 1-2 through interest rate, equation 1-3 through wholesale price inflation, and through change of reserves and consumer price inflation in equation 1-6.

In the Korean case, exchange rate had an direct effect on real GNP growth and current account in equations 2-3, 2-6 and 2-7. From the results of three equations, it seems that these relationships were stronger in the 1980's. Comparison with the Japanese case shows that there are no indirect effects through other variables such as interest rates or inflation. We have found here that the strong independent character of the exchange rate which means that it was determined by the authorities, not by the market, and it had significant impact on the macroeconomic conditions.

In the case of Indonesia, we found some peculiar influences of the oil price. First when we look at the results of the 3 variable VARs in equations 3-1 and 3-2, we observed an impact of exchange rate on real GDP growth, but not strong impact on current account balance. When including money market interest rate, we found a dominating effect of exchange rate on the fluctuation of money market rate, current account balance and real GDP growth. While in equation 3-5, which is dealing with the second period, we can see that the impact of exchange rate disappears, and we can only observe a weaker effect of the interest rate and current account balance on real economic growth. When we included oil price (\$/bbl), it had a dominating effect on real GDP growth in the first period, and exchange rate and current account balance in
the second period. The effect of wholesale price inflation on macroeconomy is another interesting issue. In both periods, exchange rate had a significant impact on wholesale price inflation. We can see the different impacts of inflation between first and second. In the first period, inflation had a strong impact on real economic growth but in the second period this effect disappears. While the effect of exchange rate on inflation weakens in the second period, the effect of inflation on current account balance becomes stronger (Figure A.3-7, Figure A.3-8).

In the Philippines' case, we see a passive feature of the exchange rate from equations 4-1, 4-2 and 4-3. In the first equation, exchange rate was influenced by current account balance, while in the latter two cases, exchange rate is influenced by the interest rate. Including inflation in the equation, we can see that the exchange rate has an impact on inflation (Figure A.4-1 to Figure A.4-3).

When we summarize all of these results and examine the features of the exchange rate policy, we find the following. In the case of Japan, Korea and Indonesia, the exchange rate could be considered as an exogenous variable, but had some impact on other variables such as economic growth rate, inflation and current account balance. However, we can see the dominating effect of the oil price in Indonesia, when we include it as a variable. In the case of the Philippines, the exchange rate was effected by the other variables, particularly the interest rate, but it did not contribute much to the impact on other variables. This suggests that the exchange rate was not effective as economic policy for the Philippines.

The effects of the exchange rates were different in each country. In the Japanese case, the exchange rate did not have a significant effect on the current account balance, but in Korea, the exchange rate had some direct effect on the current account balance. We can interpret that the effects of the exchange rate policy in Korea were stronger than Japan.

The Indonesian exchange rate is difficult to interpret, but we can divide the results into patterns. In general, we observed a stronger effect from oil price fluctuations on current account and real economic growth. The decrease of the direct effect of the oil price on the real economic growth reflects development of the non-oil sector of the economy, while the balance of payments were strongly affected by the fluctuation of oil prices. The case of the Philippines show negligible effect of the exchange rate on the real economy and a strong effect on inflation. This may indicate the inappropriateness of the exchange rate as a tool for adjusting the economy in the Philippines.