FAST FACTS: The World Economic Forum

MANILA, Philippines – The Philippines accepted the offer to host this year the 23rd World Economic Forum (WEF) on East Asia.

The forum will be held on May 21 to 23, and is expected to showcase the growth story of the Philippines, once the "sick man of Asia" and now the fastest-growing economy in the region.

What exactly is the WEF? Here are some facts you need to know about it: