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PIA Press Release

PGMA shares stage with top world political, economic leaders at St. Petersburg Global Economic Forum

St. Petersburg, June 4 (PNA via PLDT) -- President Gloria Macapagal-Arroyo will share the limelight Friday (June 5) with Russian Federation President Dmitry Medvedev, Japanese Prime Minister Junichiro Koiizumi, former German Chancellor Gerand Schroeder and Nobel Prize Laureate in economics, Dr. Robert Mundell at the opening session of the St. Petersburg International Economic Forum.

During the meeting -- the first of two plenary sessions of the three-day forum -- the five-man panel will discuss wide-ranging issues on the global economic crisis, the lessons learned from it and how the world economy should move forward.

Under the parameters drawn up for discussion for the opening session are such issues as how the system of global governance institutions should evolve to avoid a repeat of the crisis sweeping across the world economies, and what problems have still been overloaded that may emerge in the near future.

The panel will also address the question of the borderline between the responsibility of national governments and the concerted actions of the countries of the world.

Aside from her world view of the global economy, President Arroyo is expected to discuss the measures her administration had taken and continues to pursue to steer the Philippines away from the direct hit of the global crisis that has left many advance economies limping.

The Philippines has been described as an "island of calm" in the turbulent sea of economic crisis. The first plenary at the Lenox Pavilion of the Congress Hall in St. Petersburg, will have Maria Bartiromo, anchor of CNBC's Closing Bell" program, as moderator.

The session will actually be the first general meeting of political and economic leaders all over the world in the St. Petersburg forum. The June 4 opening day sessions will be dominated by dialogues between Russia and its major business partners such as the Arab world, Europe and the United States. (PIA) [top]

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