World Economic Forum in Manila, fun in Cebu

The World Economic Forum (WEF) opened in Manila yesterday, a first since the organization’s inception in the 1970s.

The WEF was founded in the 1970s by Swiss engineer and economist Klaus Martin Schwab who envisioned the non-profit organization to “improve the state of the world, later building it into today’s global partnership of business, political, and intellectual leaders.”

The host for the meeting of the world’s political and business elite has always been the Swiss ski resort of Davos. In fact, the WEF is sometimes called Davos to signify that the exclusive get-together of internationally acclaimed thought leaders, entrepreneurs, economic titans, politicians, activists, religious leaders, academics, designers and journalists is only for the super-rich and the powerful and needs to happen in Europe’s highest city of Davos.

The idea is really unspectacular – give global leaders and shakers quality time in the Swiss ski resort, away from their daily routine. By so doing, the select 2,000 or so individuals are able to look inward and gain focus. Because the host town is small, there is always the prospect of bumping into each other during free time. The informal chats sometimes impact on ideas that are being presented in panel discussions and I think this is what makes the flagship winter meeting in Davos exciting. You’ll never know what’s going to happen next.

Aside from the annual meetings, the WEF holds a number of regional meetings in a year. After Manila, Japan will be the next leg of the WEF (June 2) followed by Turkey (Sept. 28 to 29), New Delhi, India (Nov. 4 to 6) Dubai, United Arab Emirates (Nov. 9 to 11). Inserted in the calendar of events is the Annual Meeting of the New Champions to be held in Tianjin, China in Sept. 10 to 12, 2014.

As the new regional economic tiger, Manila, the Philippines is hosting the East Asian WEF with the theme, “Leveraging Growth for Equitable Progress.”

“The Philippines is on target to be the fastest growing economy in the Association of Southeast Asian Nations this year, and it also shows one of the strongest improvements in the Forum’s annual Global Competitiveness Report,” according to Sushant Palakurthi Rao, WEF’s senior director and head of Asia-Pacific. This is in reference to remarkable increases in Foreign Direct Investments in 2013, which registered a 20-percent increase to reach US $3.9 billion last year, from US$3.2 billion in 2012.

The most dramatic economic boost comes from personal remittances by overseas Filipinos workers (OFWs) which registered a new record high of US$24 billion in 2013. All told, the bright spot in the Philippines is the overseas Filipinos whose solid growth of remittances has transformed the once laggard economy into one of the world’s best economic performers, “one that could grow into a trillion-dollar economy as long as current reforms are sustained,” according to a US-based think tank.

I wish the national government all the luck in hosting the East Asia WEF, what with the horrible traffic that is already part of day-to-day life in Metro Manila. Tempers are rising over the pork barrel scam. The national police agency will have to work double time to fend off demonstrations against the Aquino administration although nowadays Metro Manilans complain more about the scorching temperature.

Last week , I attended the launch of the First Global Shapers Community Cebu Hub, a WEF-related event. Jay Aldeguer, curator of the Cebu Hub, presented eight bright young Cebuanos who were selected based on their “common passion for change, leadership potentials and a sense of altruism”.

Listening to Jose Franco Soberano, Carlo Delantar, Anya Lim, Ken Onozawa, Anna Maris Igpit, Maria Gigante, Francis Sollano and Mel Yan giving short self-bio notes, I have a strong feeling that the change we all want to see is happening now, in the new generation of Filipinos represented by young Cebuanos.

The “formidable team” will see action in a post-summit event called Open Collaboration with East Asian New Champions.

Tomorrow’s inauguration of OCEAN 2014 happens in Movenpick Resort Hotel in Mactan. Going over the program, I think the East Asia WEF delegates are looking forward to spending “Summer Davos” in the tropical paradise of Mactan, Cebu.