MANILA - The government needs to change the "culture of how to get things done" to move the economy forward and attract more investments, billionaire port and gaming mogul Enrique Razon said Monday.

While hosting global events like the ASEAN meetings brings the country together, most of the time "people just concentrate on their own business," said Razon, the country's 7th richest man according to Forbes Magazine.

"To me, that’s what my country really has to get down to doing," Razon told the ASEAN Business and Investment Summit.

"We got to that point with our own doing... It's only us (who can) get us out of that. My hope is that this administration, is to change the culture of how things get done in this country," he said.

Razon was speaking at a panel discussion on infrastructure investments that also included Ayala Corp Chairman Jaime Augusto Zobel de Ayala, AirAsia CEO Tony Fernandes, Japan International Cooperation Agency senior vice president Shinya Ejima, Asian Development Bank vice president Diwakar Gupta and USAID acting director Thomas Hardy.

The first ever subway in Metro Manila is the most important infrastructure project in the Philippines along with new airports, Razon said.

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Fernandes urged Southeast Asian governments to make the construction of new airports faster.

The panel was also asked about their thoughts on democracy in the region.

Zobel said he believes in capitalism, but added, "The capitalist system needs to be adjusted to the needs of the broader community. Those 2 things can be married."

"I do believe in the long run, democracy is the way forward," Fernandes said, adding a free press would be the "only way" for checks and balances.