Special Report: Boao Forum For Asia 2009

Backgrounder: Chronology of Boao Forum for Asia

Special Report: Global Financial Crisis

    BOAO, Hainan, April 17 (Xinhua) -- Fidel V. Ramos, former president of the Philippines and now chairman of the Board of Directors of Boao Forum for Asia (BFA), has urged the developing and emerging economies to unite to cope with the financial crisis.

    "I strongly agree with proposals that developing and emerging economies need to unite and come up with a coordinated approach to cushion the impact of a collapse of highly developed economies," he said in an interview with the official publication of the BFA Annual Conference 2009. The session starts Friday in south China's island province of Hainan.

    The Asian ethic of "Prosper Thy Neighbor" is an imperative during hard times, he said, noting that the global community is a huge neighborhood and teamwork is the answer to finding a way out during these very trying times while a "safe net" is needed to provide cushion for economies against the financial crisis.

    "These trying times also call for deeper cooperation and collaboration amongst Asian countries, meaning greater regional investment and a trans-border process for cooperation and common security," he said.

    Ramos said the current global economic slowdown could be seen as a unique opportunity for both global and regional reassessment, restructuring and reform.

    "In Asia, it (the ongoing financial crisis) should promote genuine regional economic integration and bring Asian countries even closer and spur collaboration on practical and shared concerns such as water, energy, environment and food security."

    He showed confidence in Asian countries in the financial crisis.

    "It is worth noting that most Asian economies remain in good shape," he said. "China's massive stimulus package is being implemented with extraordinary speed."

    "Given that the two giants of Asia (China and India) are in fairly good shape, I believe that Asia will emerge from this crisis in good shape."

    He also warned that if the global remittance is seriously hurt by the recession, it will throw millions of already poor people into greater poverty.