AFP, Manila :
The Philippines will Wednesday launch a high-profile sell of its surging economy as it welcomes hundreds of business chiefs and government leaders for Asia’s edition of the World Economic Forum.
After decades of lagging behind many of its neighbours, the Southeast Asian nation has in recent years won investment-grade ratings and recorded stock market highs as its economy has expanded at one of the fastest rates in the region.
President Benigno Aquino, who has earnt international plaudits for his economic stewardship and a bruising anti-corruption campaign, is now intending to use the three-day WEF on East Asia as a form of coming-out party for the Philippines.
“Holding WEF East Asia in our country is a clear recognition of the strong macroeconomic fundamentals in the Philippines, brought about by the many reforms in our society and governance,” presidential spokesman Herminio Coloma said.
About 600 political and business heavyweights from around Asia and beyond will gather in Manila’s increasingly glitzy financial district of Makati for the event, which will focus on sustainable and equitable growth for Asia’s dynamic economies.
Indonesian President Susilo Bambang Yudhoyono and Vietnamese Prime Minister Nguyen Tan Dung will also attend what is commonly known as “Asia’s Davos”, in reference to the WEF’s annual global gathering in Switzerland.
WEF Southeast Asia head Sushant Palakurthi Rao endorsed the Philippines’ economic credentials, citing policies promoting good governance that he said were an example for the region as well as economic growth bettered in Asia only by China.
“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.
