Fidel Ramos: Developing, emerging economies should unite in face of crisis

Special Report: Boao Forum For Asia
2009

Backgrounder: Chronology of Boao Forum
for Asia

Special Report:Global Financial Crisis

BOAO, Hainan, April 17 (Xinhua) -- Fidel V. Ramos, former president of the
Philippines and now chairman of the Board of Directors of Boao Forum for Asia
(BFA), has urged the developing and emerging economies to unite to cope with the
financial crisis.

"I strongly agree with proposals that developing and emerging economies
need to unite and come up with a coordinated approach to cushion the impact of a
collapse of highly developed economies," he said in an interview with the
official publication of the BFA Annual Conference 2009. The session starts
Friday in south China's island province of Hainan.

The Asian ethic of "Prosper Thy Neighbor" is an imperative during hard
times, he said, noting that the global community is a huge neighborhood and
teamwork is the answer to finding a way out during these very trying times while
a "safe net" is needed to provide cushion for economies against the financial
crisis.

"These trying times also call for deeper cooperation and collaboration
amongst Asian countries, meaning greater regional investment and a trans-border
process for cooperation and common security," he said.

Ramos said the current global economic slowdown could be seen as a unique
opportunity for both global and regional reassessment, restructuring and reform.

"In Asia, it (the ongoing financial crisis) should promote genuine regional
economic integration and bring Asian countries even closer and spur
collaboration on practical and shared concerns such as water, energy,
environment and food security."

He showed confidence in Asian countries in the financial crisis.

"It is worth noting that most Asian economies remain in good shape," he
said. "China's massive stimulus package is being implemented with extraordinary
speed."

"Given that the two giants of Asia (China and India) are in fairly good
shape, I believe that Asia will emerge from this crisis in good shape."

He also warned that if the global remittance is seriously hurt by the
recession, it will throw millions of already poor people into greater poverty.