#TalkThursday: Is economic growth inclusive?

MANILA, Philippines – Rappler talks to National Economic and Development Authority (NEDA) Director General Arsenio Balisacan.

All eyes are on the Philippines as it hosts the 23rd World Economic Forum (WEF) East Asia on May 21-23, 2014. (READ: WEF to showcase Philippines’ growth story)

With analysts hailing the Philippines as a potential major global leader, its economy has been praised for its better-than-expected growth rate. Last year, the Philippines was one of the best performing economies in Asia, posting a record 7.2% full year growth in Gross Domestic Product (GDP) despite the major disasters that hit the country in 2013. (WATCH: Rappler Newscast | April 16, 2014)

The WEF describes itself as “an International Institution committed to improving the state of the world through public-private cooperation.” It provides a platform for political, business, economic and other leaders to collaborate on global, regional and industry agenda.

The 3-day conference, themed “Leveraging Growth for Equitable Progress,” will be attended by 600 global leaders and delegates who will talk about schemes for the improvement of the free trade of goods, and business investments for the booming Southeast Asian economies.

The WEF is expected to focus the spotlight on the Philippines’ stellar economic wins. Aside from its sustained high GDP growth, major credit rating agencies have upgraded the Philippines to investment grade – a seal of good housekeeping that tells investors it is safe to do business in the country. (READ: PH wins investment grade from Moody’s)

In April 2014, the Philippine Statistics Authority reported that 24.9% of Filipinos, based on their average income, were considered poor in the first semester of 2013, down from 27.9% in the same period in 2012. In a statement, Balisacan said the lower poverty incidence in the country is proof that the government’s inclusive growth strategy is working. (READ: PH poverty incidence on downward trend – NEDA)

But this progress is continuously threatened by corruption scandals and the threat of natural disasters. What is the Philippines doing to sustain the country’s economic momentum?

Watch Balisacan’s interview below.