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A joint meeting of The Empire Club of Canada and the Canadian Club of Toronto.
Meeting today in what historians call "an open moment" for relations between the two peoples and governments of Canada and the Philippines. Setting the stage for a new chapter in Philippine-Canadian relations. How this stage was reached. Ties in the past. How globalisation has servfed to knit our economies, and therefore our nations and our futures, more closely together. The booming world trade. The emergence of developing countries as important players in the world market. Advantages to the "tiger economies." East Asia's emergence as a regional economic powerhouse, and what that has meant to its people. Pillars of strength: the economic dimension; the political setting; the people factor. The Philippine peso. The exit from the IMF programme within the year. The spirit of regional resolve and co-operation. Confidence in the prospects for continued growth of the East Asian economies. Current difficulties. Necessary measures to counter these difficulties. The Manila Framework: the set of recommendations for regional co-operation to promote financial stability as a complement to the IMF's global role in maintaining balance in the international monetary system. The four basic recommendations. Economic reform and liberalisation policies of the speaker's administration. The pursuance of both democratic politial and socio-economic reforms together. Proving that democracy and development can go together and support each other. Affinities with Canada. Canadian business in the Philippines--some history and some figures. Reasons for the Philippines, Canada, andall neighbours to respect and reinforce the new mechanisms for deepeningregional understanding, mutual confidence and co-operation established for the post-Cold War Asia-Pacific order. Commendations to Canada under Prime Minister Chretien for its vision and leadership.