WEF: Philippines is a role model for East Asia

Posted at 05/22/2014 11:41 AM | Updated as of 05/23/2014 8:55 PM
People register as the World Economic Forum on East Asia kicks off in the Philippines. Photo by Jonathan Cellona for ABS-CBNnews.com

'PH should invest more in infra to be more competitive'

MANILA - The Philippines was chosen to host this year's World Economic Forum (WEF) because it can "serve as a role model for the whole East Asia," the managing director of WEF said.

"Because look at the reforms for the last few years. For example, the fight against corruption, and look at the growth rates. The Philippines has the 2nd fastest growing economy in Asia. So that is a good idea to come to the Philippines," Philipp Rosler told ANC.

The WEF on East Asia kicked off on Wednesday evening with a welcome reception for over 600 delegates from 30 countries and 460 business leaders.

According to Rosler, the Philippines' goal must be to "become better than others."

He said the Philippines needs to make more investments in infrastructure so it can survive competition from other countries.

He said the government should also invest in science and technology.

 

"You have to invest in education, science and technology, invest in infrastructure, not only streets and hospital and houses, but also IT infrastructure as well. The Philippines is very strong in using, for example, social networks, in using the IT sector. So you need to invest in infrastructure. If you invest in this direction, then i think this is the best way on an economic point of view," Rosler said.