PH takes center stage in World Economic Forum

MANILA, Philippines – For the first time in over two decades, the World Economic Forum (WEF) on East Asia will be held in the Philippines. 

During the 3-day event from May 21 to 23, the Philippines will launch a high-profile bid to showcase its stellar economic growth before over 600 political and business heavyweights from around Asia and beyond.

President Benigno Aquino III is expected to use the forum as a form of coming-out party for the country.

“Holding WEF on East Asia in our country is a clear recognition of the strong macroeconomic fundamentals of the Philippines, brought about by the many reforms in our society and governance,” presidential spokesperson Herminio Coloma said.

Watch this report below.

 

Once dubbed as Asia’s “sick man,” the Philippines is now the fastest-growing economy in the region, next only to China. For the first time in its history, the country won investment grade status in 2013 – an important vote of investor confidence.

WEF Southeast Asia head Sushant Palakurthi Rao endorsed the Philippines’ economic credentials, citing policies promoting good governance that he said served as an example for the region.

“This is the right moment to shine the spotlight on a country which has turned itself around remarkably after years of unfulfilled promise,” Rao wrote in a WEF blog.

Making growth inclusive, however, remains to be a point of concern even as poverty rates in the Philippines appear to be on a downward trend. 

As delegates from all over the world share ideas and strategies on inclusive growth, WEF on East Asia also provides an opportunity for business and government leaders to gather a year before the ASEAN economic integration. 

Members of the ASEAN are preparing to establish a common market, a move that is estimated to comprise 600 million people with a combined gross domestic product of nearly $2 trillion.  

Who’s who? 

With the theme “Leveraging Growth for Equitable Progress,” at least 70 public figures from 20 countries and 460 business leaders will troop to Makati, the Philippines’ premier financial district when social events open on Wednesday, May 21.

On Thursday, May 22, the first official day of the forum will place the Philippines in the spotlight with the opening session titled: “Philippines: The Next Asian Miracle.” 

Leading forum delegates are the heads of states of the Philippines, Vietnam and Indonesia, as well as the Vice President of Myanmar: 

• Philippine President Aquino 
• Vietnam Prime Minister Nguyen Tan Dung
• Indonesian President Susilo Bambang Yudhoyono
• Myanmar Vice President U Nyan Tun

Members of the Aquino cabinet will rub shoulders with foreign ministers, diplomats, among other government officials, from neighboring countries, including:   

• Minister of Foreign Affairs of Indonesia R. M. Marty M. Natalegawa
• Minister of Finance of Indonesia Muhamad Chatib Basri
• Minister of Trade of Indonesia Muhammad Lutfi
• Deputy Minister of Industry and Trade of Vietnam Nguyen Cam Tu
• Minister of Agriculture and Rural Development of Vietnam Cao Duc Phat
• Senior Vice-Minister of the Cabinet Office of Japan Yasutoshi Nishimura
• Members of the House of Representatives of Japan: Motohisa Furukawa, Takahito Miyazawa, Kaname Tajima, Naokazu Takemoto 
• Chairman, Board of Commissioners, Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) Muliaman Hadad
• Vice-Minister of Agriculture of Indonesia Rusman Heriawan
• Senior Minister of State, Ministry of Finance of Singapore Josephine Teo
• Union Minister of Hotels and Tourism of Myanmar U Htay Aung
• Union Minister of Commerce of Myanmar U Win Myint
• Union Minister of Finance and Revenue of Myanmar U Win Shein
• Secretary-General of the Trilateral Cooperation Secretariat in Seoul Shigeo Iwatani
• Adviser on Trade and Investment at the Consulate-General of the Republic of Angola in Hong Kong SAR Carine Kiala
• Ambassador for International Cooperation and G20 Sherpa, in the Republic of Korea Lee Il-Houng
• Member of the National Assembly of the Republic of Korea Jasmine Lee
• Minister of the Department for Governance and Integrity of Malaysia Paul Low Seng-Kuan
• Minister of International Trade and Industry of Malaysia Mustapa Mohamed
• National Security and Foreign Policy Adviser to the President of Mongolia Purevsuren Lundeg
• Secretary of State of Economy and Finance, Ministry of Economy and Finance of Cambodia Nguon Sokha
• Minister of Commerce of Cambodia Sun Chanthol
• Secretary of State, Ministry of Agriculture, Forestry and Fisheries of Cambodia Ty Sokhun
• Deputy Minister of Agriculture and Forestry of Laos Phuang Parisak Pravongviengkham
• Member of Parliament of Canada Andrew Saxton
• Commander of the United States Pacific Command Samuel J. Locklear III

Also in attendance are WEF officials, including: 

• Founder and Executive Chairman, World Economic Forum Klaus Schwab
• WEF Co-Chairs:
• WWF International, Switzerland, President Yolanda Kakabadse
• Lawson, Japan, Chief Executive Officer and Representative Director Takeshi Niinami
• Lippo Group, Indonesia, Chief Executive Officer James T Riady
• Toshiba Corporation, Japan, Chairman of the Baord Atsutoshi Nishida

The world’s biggest companies or their subsidiaries will also grace the forum. Among them are GE, JP Morgan, Royal Dutch Shell Plc, Nestle, Novartis International AG, Hewlett-Packard Company, Zurich Insurance Company Ltd, Prudential, Mitsubishi Corporation, and Mitsui & Co. Ltd.

Representatives of international organizations, including the International Committee of the Red Cross, the Organization for Economic Co- operation and Development, the International Organization for Migration, the United Nations, World Health Organization and Asian Development Bank will be present as well. 

China not coming 

As the Philippines welcomes numerous participants from Asian nations on Wednesday, one country would not be sending an official representative to the forum.

Rao confirmed China does not have official representatives to the WEF but denied the absence had something to do with its ongoing territorial row with the Philippines. 

WEF on East Asia is being held at the backdrop of territorial disputes among some East Asian nations. One of the sessions during the event will tackle the security outlook for Asia. 

The Philippines has filed a historic pleading against China over its claims on West Philippine Sea (South China Sea) – a case that China has refused to acknowledge.  

Vietnam, the Philippines, Malaysia and Brunei, as well as Taiwan, also claim parts of the sea. 

In contrast, the Philippines struck an agreement with Indonesia to draw a boundary between their overlapping exclusive economic zones in the Mindanao Sea and Celebes Sea. – with a report from Agence France-Presse