economic conditions in the ASEAN-4 countries remained relatively stable during the second quarter,although Singapore's GDP grew by 3.8% yoy,up from the previous quarter. Indonesia,Malaysia and the Philippines sustained the high growth they attained in the second quarter. Momentum in the Philippines was especially strong,at 7.5% yoy,accompanied by an upgrade in its credit rating due to clear growth prospect,a solid fiscal position ,and greater political stability.