This news article was published in the February 24, 2009 edition of the BusinessWorld, Section S1, pages 1 and 3.
MEASURES TAKEN by the Philippines to keep the economy afloat amid the global slowdown — more public spending and wider access to credit — are correct but policy makers should particularly devote resources to achieving economic development in the medium to long term, a United Nations (UN) official said.
Jomo Kwame Sundaram, UN assistant secretary-general for economic development, said developing countries such as the Philippines should increase investments toward the development of industries.
Emerging economies are in fact declining as much as developed ones, Mr. Sundaram told a forum organized by the Action for Economic Reforms at the Ateneo de Manila University.
The public lecture on the Global Financial Crisis and Asia was held on February 23, 2009 at the Ateneo de Manila University. Action for Economic Reforms, the Department of Economics and Department of Political Science of the Ateneo de Manila University, and the Freedom from Debt Coalition co-sponspored the lecture.