From Manila

Playing duplicate bridge at the Polo Club yesterday, we were inquiring about the strength of Philippine Bank. It turns out that banks here do not loan money for the purchase of residential real estate. Such real estate is paid 100% in cash. Basically most individuals do not own real estate. They rent. It seems to me that that was the way in England, or at least London, too. A few rich people own the real estate.

However, there may be other problems with Philippine Bank, hinted at but not discussed. Transparency?