Special Report: Global Financial Crisis
By Xinhua Writer Liu Hua
MANILA, Oct. 16 (Xinhua) -- "Do not let your neighbor collapse," said the hale and hearty gentleman behind his desk, with a trademark cigar between his lips, unlighted.
As former President of the Philippines and incumbent Chairman of Boao Forum for Asia, Fidel Valdez Ramos never stops observing the impact of the U.S. financial crisis upon the developing countries in Asia, especially upon the country he governed for six years from 1992 to 1998.
"Turmoil and uncertainty once again grip many countries at the height of the current global economic crisis, and a new shadow hangs upon the economic miracle that had made East Asia a powerhouse of the developing world, now -- more than ever," Ramos said in a recent interview.
The former president compared the global community to a huge neighborhood.
"You would not like to see your neighbors collapse, because if so, you will also be affected," he said.
Ramos believes that teamwork is the answer to finding a way out, at least on many occasions. On a wall of his office, a press photo of Women golfers Jennifer Rosales and Dorothy Delasin was posted at a prominent position, captioned "Perfect teamwork lifts RP (Republic of the Philippines) pair to World Cup glory". At the age of 80, Ramos himself is still an enthusiastic golf player.
A "safety net" is needed to provide cushion for economies against the financial turmoil that sweeping almost all over the world, Ramos said.
Earlier this week, governments around the world pledged 3.2 trillion U.S. dollars, including some 2 billion from European countries, to help banks stabilize, but now the world markets are still haunted by fears that major economies are headed for recession.
Although the impact on the financial sector in Asia is limited currently, economists from the Asian Development Bank (ADB) said that Asia cannot be decoupled from the West.
"What happens in the West certainly affects us. We cannot be complacent but at the same time, the time has come for Asia to take a greater role in the world economy," said ADB Managing Director General Rajat Nag.
Earlier, Philippine President Gloria Macapagal-Arroyo proposed developing and emerging economies to unite and come up with a coordinated approach to cushion the impact of a collapse of highly developed economies.
She also urged the group of seven rich nations to "consider the interests of the developing countries in their plan to prevent a worldwide economic meltdown."
Ramos echoed Arroyo's appeal in the interview.
Taking Europe for instance, "European countries have big stakes in Asia," Ramos said, adding that "they cannot plan without us."
His opinion just matched that of Alistair MacDonald, Ambassador of the European Commission in Manila.
"In today's global world, we are all neighbors, and the prosperity of our global neighbors is an essential precondition for our own prosperity in Europe," MacDonald said earlier.
With the 7th Asia-Europe Meeting to be held in Beijing, China from Oct. 24 to 25, Ramos said the current financial turmoil is sure to be a hot topic during the conference. As a responsible citizen, China is really a big player on the world stage, he added.
In the interview, Ramos expressed his confidence in the "resilience" of the Philippines, with its "strong economic fundamentals."
"There is no economic tsunami here," said the beaming former president, with the cigar held between his fingers, still unlighted.
"Although we are dealing with an unprecedented global crisis in our time, I still have confidence in our country's resilience, in the structural soundness of our economy," Ramos said.
"If we, as a people, maintain our unity of purpose, solidarity in values, and teamwork in nation-building; if we stay on the path of economic reform and competitiveness, we can weather today's global economic crisis, and the Philippines will emerge to claim its rightful destiny as one of Asia's capable performers," he added.
