ABS-CBN News

PH anti-corruption practices inspire leaders in Davos

Posted at | Updated as of 01/26/13 1:24 AM

DAVOS, Switzerland - The Philippine experience of weeding out corrupt government officials is gaining ground among participants to the ongoing World Economic Forum in Davos, Switzerland.

The bold steps taken by President Aquino to fight corruption had inspired some global leaders and top financial executives to possibly replicate these in their respective countries.

In an informal exchange with global leaders and top CEOs, President Benigno Aquino III has successfully conveyed an effective tool to fight corruption which became the model for other struggling countries like Mongolia, India and Peru.

All these three countries are also employing radical steps to weed out or at least minimize corruption.

They form part of a new group, called PACI or Partnering Against Corruption Initiative that invited Aquino as first speaker at the World Economic Forum.

A case in point cited by President Aquino at the forum was the landmark move to impeach former Chief Justice Renato Corona.

Aquino has also met with Christine Lagarde, managing director of the International Monetary Fund, at the World Economic Forum.

Lagarde reiterated to the President that IMF has upgraded the growth projection target for the Philippines to a further 6- to 7 percent for 2013 and next year.

While other European Union countries are facing global recession and opting for lower growth targets as sanctioned by IMF, the Philippines is one of the few tiger economies that was upgraded to achieve significant economic growth.

The President, for his part, voiced optimism the projected target is attainable.

Aquino earlier lamented the Davos gathering would create strong awareness among other EU countries to study the potential of the Philippines as a haven for investments.

Tomorrow, the President will be taking part in the preparatory discussions among world economic leaders that will discuss the theme "Defining the Imperatives for 2013" and "Resilience in Diversity".