There are two continuing trends that suggest that the market for residential developments in the Philippines will continue togrow in the years ahead. Domestically, low interest rates and the attractive amortization terms being offered by banks are bringing first-time homebuyers to market. This has driven local demand across all three market segments we are present in. In addition, the overseas-based Filipino market looking to purchase property in the country continues to grow. Those who migrated to the U.S. and other places in the '80s and '90s are now at the stage in their lives wherein they are looking either to come home to the Philippines or to purchase property as a vacation/secondary home. These overseas-based Filipinos have a greater desire to invest inthe country because of the recent period of economic and politicalstability. The confluence of these factors suggests continued growth in the residential market.The other significant trend that we see continuing is that buyers are becoming more discerning in their residential purchases. Customers are demanding more in terms of features and amenities than in the past. We are also seeing our buyers increasingly looking beyond the physical product - now a good number ofthem see