Phl hosting of WEF-EA: Purisima hopes for tangible results

MANILA, Philippines - Finance Secretary Cesar Purisima said he hopes the World Economic Forum (WEF) on East Asia will have “tangible” results like more jobs for the Filipinos.

“Throughout the week, global decision makers from both the private and public sector have experienced first hand that it is more fun in the Philippines as they initiated meetings and discussions that will result in increased investment and interest in the Philippines,” Purisima said in a text message to reporters.

 â€œIn the following months, we expect discussions to turn into plans that will turn into tangible jobs and  improvement in the lives of our countrymen,” he continued.

The WEF East Asia was held for the first time in the country on Wednesday until Thursday. The Forum was attended by more than 600 participants including heads of states, business leaders, and representatives from the civic society from 30 countries.

Policymakers prior to the event said the focus on the Philippines is expected to drum up interest as the country’s economic growth remains robust and its macroeconomic fundamentals continue to be stable.

 â€œAs host of the World Economic Forum on East Asia, the Philippines shared the remarkable comeback story of our country stemming from President Aquino’s platform of Where there is no corruption, there is no poverty,” Purisima stressed.

“By focusing on good governance, the Aquino administration has been able to provide the Philippines with strong macroeconomic fundamentals that have not only resulted in economic growth but have also resulted in a more optimistic future for the ordinary Filipino,” the Finance secretary added.

Earlier this week, Purisima highlighted the country’s need for infrastructure and investments to support and make sure that the robust economic growth is sustained in the long-term.

Purisima also trumpeted the government’s reforms in building a better business climate, although analysts said more should be done to better put the country in investors’ radar.

The Philippine economy has grown by a stellar 7.2 percent last year, sustaining the faster-than-expected 6.8 percent in 2012.

The government hopes to grow the economy by 6.5 to 7.5 percent this year, and by seven to eight percent in 2015.

In order to do so, the Aquino government has been focusing on improving the manufacturing sector, increasing tourist arrivals, and supporting agribusiness.

The sustained strong economic growth is seen eventually resulting into reducing the poverty and unemployment rates in the country.