World Bank challenges Philippine firms to embrace integrity

MANILA, Philippines - For the Philippines to become the next Asian miracle, the World Bank challenges the local business community to embrace integrity in their operations and eradicate corrupt practices.

Speaking at the Integrity Summit 2015, World Bank country manager Motoo Konishi said the country is currently on track to becoming the next Asian miracle as declared last year by World Bank president Jim Yong Kim.

“The Philippines has done really well and will continue doing well with the right policies. I really hope that now, businesses take the role in making sure that corrupt practices do not come back. We see a new Philippines to come and lead the next Asian miracle,” Konishi said.

Konishi, however, warned the country that advancing to the next stage of development is no easy task, saying it takes both public and private sector cooperation to do so.

“Everybody has to be pulling in the same direction in order for you to go to the next stage and this political fighting cannot be. Development is a very, very serious business. I really hope that the business community really enhances their services to project a new image in the economy and grow much faster than other countries in Asia,” he said.

By focusing on the important role of integrity in the society, the Philippines has completely transformed its image positively to the rest of the world, Konishi said.

The United Kingdom, in particular, is one of those which has taken notice of the Philippines as an attractive investment destination and partner, British Ambassador to the Philippines Asif Anwar Ahmad said.

“The economic social well-being of every country in the world is impacted by corruption.  Investors both local and foreign gravitate towards countries that have strong measures,” Ahmad said.