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MANILA, Philippines – The Philippines’ better-than-expected economic growth will be in the spotlight during the World Economic Forum (WEF) on East Asia in Manila this week.
On Sunday, May 18, Presidential Communications Secretary Sonny Coloma said the forum was the Philippines’ opportunity to showcase one of the fastest-growing economies in Asia.
Despite a string of disasters, the Philippines grew 7.2% in 2013, surpassing government targets. Last year also saw the Philippines win investment grade status, a seal of good housekeeping that tells investors it is safe to do business in the country.
Coloma said the Philippines’ hosting of the WEF was timely because of the potential for growth in the region.
He added, “Holding WEF East Asia in the Philippines is a recognition of the strong macroeconomic fundamentals in the country, brought about by reforms in governance.”
Despite this, Coloma conceded much more should be done to achieve sustainable economic growth and expand opportunities for livelihood and social services.
“That’s why for the 2014 national budget, we have allocated the largest chunk to the social services sector: 37.4% or more than P972 billion,” Coloma said.
This covers the livelihood and social services projects of the labor department, education department, housing agencies, and the government’s flagship poverty alleviation program.
Coloma said the government wanted to do good on the statement by credit rating agency Standard & Poor’s that ongoing reforms “will endure beyond the current administration.”
“The government is fully determined to continue the reforms it has initiated and to further expand these reforms until the lives of all Filipinos are uplifted,” Coloma said.
The WEF will be held from May 21 to 23 at the Makati Shangri-La Hotel, with the theme “Leveraging Growth for Equitable Progress.”
President Benigno Aquino III will lead the gathering, which will be attended by Indonesian President Susilo Bambang Yudhoyono, Vietnamese Prime Minister Nguyen Tan Dung, and Myanmar Vice President Nyan Tun.
More than 600 leaders and delegates in the business, finance, and civil society sectors from 30 countries are also expected to attend.
According to Coloma, the event is hinged on 3 pillars: achieving equitable progress; advancing models for sustainable growth; and realizing regional connectivity.
He added the WEF agenda would include discussing opportunities for business in the projected ASEAN economic community by 2015 and the advancement of programs that would significantly improve the lives of the more than 3 billion people living in Southeast Asia, India and China. – Rappler.com
For updates about the World Economic Forum on East Asia, visit Rappler’s microsite.
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