Angelides denied that CalPERS made its decision because of the donations. As of 2002, CalPERS had invested $3.5 billion in "underserved areas of California". In 2002, CalPERS evaluated emerging markets for "evidence of political stability, humane labor laws, a fair and functional legal system and financial transparency"; on the basis of the evaluation, CalPERS placed the Philippines on "probation" for investment. In 2004, a consultant's recommendation to remove the Philippines from the "approved" list "contributed to a 3.3% drop... in the $55-billion Manila stock market". By 2006, CalPERS had given higher ratings to the Philippines, for which its President Gloria Macapagal Arroyo personally expressed appreciation. CalPERS has been criticized for being foolish to invest in collateralized debt obligations (CDOs) before the July 2007 mortgage meltdown and for not publicly addressing the issue. In June 2008, after Los Angeles-area property developer LandSource filed for bankruptcy protection, CalPERS was criticized for having invested $947 million in LandSource in 2007; a CalPERS spokesperson described the investment as "small" relative to CalPERS' total assets. As of 2021, CalPERS has invested about $30 billion in fossil fuels, which has been criticized by environmentalists. Studies commissioned by CalPERS on its economic impacts CalPERS commissioned three studies that were released in 2007-2008 about the economic impacts of the following: CalPERS retirement benefits payments. Prepared by California State University, Sacramento, and released in April 2007, this study found that the direct payments of $7.7 billion in 2006 led to a total impact (including "the ripple effect of business and government revenues as spending from... benefit checks works its way through the economy") of $11.8 billion. CalPERS investments. Prepared by California State University, Sacramento, and released in September 2007, this study found that the direct investments of $8.3 billion in 2006 led to a total impact of $15.1 billion. CalPERS health care benefits payments. Prepared by Lincoln Crow Benefits Research Group and released in April 2008, this study found that the direct payments of $4.2 billion in 2006 led to a total impact of $7.6 billion. Key findings of the CalPERS Economic Impacts in California Report for the fiscal year ending June 30, 2012 included: CalPERS benefits (retirees spending their pensions) returned $10.85 in economic activity to California for each taxpayer dollar (public funds) contributed to the system. The total economic revenue generated by CalPERS benefits was more than $30.4 billion. CalPERS benefits created 113,664 jobs throughout California. Investments