The Philippines has batted for an open, rules-based, predictable trading system to ensure fairness in trading among nations noting that trade liberalization did not reap economic benefits for the developing countries like the Philippines.

This was stressed by Ambassador Manuel A.J. Teehankee, Philippines head of delegation at the 7th World Trade Organization Ministerial Conference in Geneva.

“There is a need to emphasize that an open, rules-based, predictable trading system is required for fairness in trading relationships between and among nations. We must support the work of the WTO in monitoring protectionism and our national responses to the current world economic slowdown,” Teehankee said in his speech.

Teehankee said it is a must that WTO members support the work of the WTO in monitoring protectionism and national responses to the current world economic slowdown.

“International trade, in particular, has to become one of the main engines for development and there is a need for the political will to establish a just and equitable multilateral trading system,” he said.

However, Teehankee said that globalization and trade liberalization have not necessarily improved and corrected persistent inequalities between and within countries.

“The world’s wealthiest countries with approximately 1 billion people account for around three-quarters of world GDP. While low income countries comprising about half of world population produce only 3.5% of world GDP, the world’s billionaires of only around 500 people were estimated, prior to the recent financial crisis, to be worth over 7% of world GDP,” he added.

He said that in the last eight years, the Philippines did finally achieve a level of economic stability with an average real growth in GDP of 4.8% based on policies that are anchored on open markets and economic fundamentals.