Manuel Pangilinan, chairman of Philippin

Manuel Pangilinan, chairman of Philippine Long Distance Telephone Co. (PLDT) after he addresses the company's annual stockholders' meeting in Manila's financial District on March 3, 2009. At the meeting, PLDT officials said the company saw its net profit fall four percent in 2008 but stressed that that its core profit-- which excludes loss provisions and other charges-- rose eight percent over 2007 to hit 38.08 billion pesos in 2008. Pangilinan said "it will be only a matter of time before the tide of global recession reaches our shores and exerts pressure on all businesses," but expressed confidence that the Philippine economy would weather this crisis. AFP PHOTO/JAY DIRECTO (Photo credit should read JAY DIRECTO/AFP via Getty Images)