The Philippines has grown so slow for so long a time, millions of its people are poor, jobless and hungry, that it would need to "move twice as fast" to eliminate poverty, create jobs and catch up with its faster-growing neighbors.

"Catching up and keeping up is an imperative, not a choice," says a joint report of seven chambers of the Joint Foreign Chambers of the Philippines representing more than 2,000 members.

The report, titled Arangkada Philippines 2010: A Business Perspective, points out: "The Philippines has lagged for too long, losing competitiveness, despite its immense potential and location in the fastest growing region with 60% of the global population."

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Source: BizNewsAsia; News; 29 June 2011