Ramos calls for new sense of optimism on Asia's prospects

Former Philippine president Fidel Ramos yesterday urged business leaders to start viewing the Asia-Pacific region with renewed optimism and said he believed his country was well positioned for economic recovery.

Speaking in Hong Kong, Mr Ramos, who was president from 1992 to last year, said his country had weathered Asia's financial crisis better than many neighbours.

Mr Ramos claimed much of the Philippines' resilience was due to structural reforms started during his administration, such as lower tariffs to encourage foreign investment, and the dismantling of industry cartels to spur competition.

'Those structural reforms enabled our country to withstand the worst of East Asia's currency and financial crisis,' Mr Ramos told guests at an American Chamber of Commerce lunch.

From 1993 to 1997, the Philippines' export growth averaged 23 per cent a year, compared with a global average of 7 to 8 per cent.

However, while taking credit for setting the wheels of reform in motion, Mr Ramos also paid tribute to his successor, Joseph Estrada, who he said remained committed to them, as well as embracing foreign trade and investment.