Derivatives Seminar on Sept. 2, 2008 - 93% of seats taken!

We are expanding the seminar area to accomodate new Registrants!!

CFAP is hosting a presentation on the topic “Managing Volatility: Derivative
Strategies – How, Why and When” on Tuesday, September 2, 2008, from 2:00
to 5:30 PM at Ballroom 1, Renaissance Makati City Hotel Manila. Our featured
speakers are Mr. Walter Haslett, CFA, FRM and Mr. Matthew Moran.

About the Speakers




Mr. Haslett is CEO of Miller Tabak Capital Management and Director of Option Analytics
for Miller Tabak + Co., LLC where he is responsible for developing option-related
products, research and money management services. Haslett previously founded a
derivatives-based investment management firm managing more than $300 million in
conservative option strategies. He is a member of the Institutional Investor Advisory
Committee for the Chicago Board Options Exchange, a group of the largest buyside
option users in North America.

Mr. Moran is Vice President for Business Development of the Chicago Board Options
Exchange, and is responsible for many of the exchange's marketing and educational
efforts for pension funds, mutual funds, and other institutional investors. He had a
leadership role in developing and marketing the CBOE S&P 500 BuyWrite Index (BXM)
and the CBOE S&P 500 PutWrite Index (PUT), both of which received the Most
Innovative Benchmark Index award at the annual Super Bowl of Indexing Conference.

You may start posting topics and questions that you would like us to tackle during this seminar.

For inquiries, please call the CFA Philippines Secretariat at +63(2)3971010 / +63(921) 3321151 or send emails to secretariat@cfap.cfasociety.org.

FEES
Professors/Students (Please present valid School ID) PHP 1,500.00
Early Bird Rate (Payment Deadline: Aug. 29 2008) PHP 2,500.00
Regular Rate PHP 3,000.00

Investment Climate of the Philippines

Major negative news regarding pullout of investments from the Philippines and other problems:

1. UPS announced their planned transfer of their hub to a more centrally located USD180M facility at the Shenzhen airport. May 2008.
2. Intel Corp. has announced its possible exit from the Philippines as it plans to close its second offshore assemply operations center in Asia.
3. One of the highest power rates in Asia; second only to Japan.
4. The Philippines is now the world's largest importer of rice. "Decades ago, Vietnamese and Thai students learnt rice cultivation methods in Philippine universities and implemented these upon return to their countries. Thus, many find it ironic that the Philippines is now the world’s biggest rice importer and has to buy rice from the very same people who studied in its institutions." (ipsnews)
5. Corruption is perceived as widespread. The Philippines ranks 121st out of 163 countries in Transparency International's Corruption Perceptions Index for 2006. Corruption is pervasive and long-standing. Enforcement of anti-corruption laws is inconsistent, and the public perception of judicial, executive, and legislative corruption remains high. (Heritage Foundation)

Advantages of investing in the Philippines:

1. Large english-speaking work force.
2. Significant foreign currency inflows amounting to around USD10-12bn/year from the overseas foreign workers.


Is there hope for more foreign investments in the Philippines?

What should we be doing to attract and keep foreign investments in the Philippines?

What are the advantages of investing in the Philippines?

Strengths and Weaknesses of the Peso

A list of current and historical strengths and weaknesses of the Philippine Peso. It is preferred that focus is given to current issues. Analyses and Conclusions are welcome.