PHL to present strong economy, low inflation at ADB meet

The Philippines will expound on its economic growth and low inflation before finance ministers and central bank governors, international organizations, private sector, civil society, and global media during the four-day Asian Development Bank meeting next month in Manila.   The knowledge would be shared in bilateral and multilateral terms, said Bangko Sentral Gov. Amando Tetangco Jr.   “For us, we'll also be able to demonstrate the positive effects of the reforms that we have implemented over the years and how these have helped bring our economy to growth. And also show sustained growth with low inflation,” he said.   Amid the devastating euro debt crisis and uncertain prospects for a US recovery, Philippine output as measured by the gross domestic product (GDP) grew 3.7 percent last year.   The P7.76 trillion turnover at constant prices last year was influenced by weak global demand and cautious spending by the Aquino administration, while inflation was at a full-year average of 4.8 percent.   The four-day ADB meeting would be highlighted by a Governors' Seminar focusing on Asia's response to the global economic crisis.   It would be an opportunity for ADB members to brainstorm what could be done to intensify regional and international cooperation, given the challenges now confronting the global economy with what is happening in Europe, the US and the rest of the world, said Tetangco.   Participants would also tackle the European situation and the challenges facing ADB members.   “In this environment… the emerging market economies have continued to provide the push for global growth. Emerging markets have been the driver of global growth and it is important that the emerging markets also in gatherings like this increase their participation and their role given their increase in importance in the global economy,” the central bank chief noted.   New models for green growth in the region, how to protect vulnerable cities, how to deliver financial services to the world’s poor, and how to feed the world in an age of growing demand for food, feed and fuel would be discussed during the ADB meeting. —VS, GMA News