Kinsella collects revenues in U.S. dollars but pays expenses in the local currency--a difficult equation when the dollar drops 5% against the Philippines peso, as it has in the last year.

FORBES: Magazine Article

As of last week, the Philippines was still staunchly defending the peso.

CNN: BATTLE OVER ASIA'S MONEY

An artist drew the Philippines map incorrectly on several denominations of its peso bills.

WSJ: Canada's New Banknotes Strike Some as Loonie

Even without an investment-grade rating, the Philippines had attracted sufficient quantities of foreign investment to set off an appreciation of the peso, to roughly 40 pesos to the U.S. dollar this year from between 43 and 44 pesos to the dollar in 2011.

WSJ: Review & Outlook: Manila Makes the Upgrade

In the Philippines, the messy impeachment trial of the president (see article) has driven the peso to record lows.

ECONOMIST: Asian bonds