The World Bank's economists said on Monday in Manila that the Philippines needs to promote equity and fairness in its development strategy which involves the government 's fiscal reforms.

"Developing countries will be better able to achieve higher growth and faster reduction of poverty if equity and fairness become central elements of a development strategy," said Francois Bourguignon, visiting Chief Economist of the World Bank said.

"Excessive inequity and weak institutions may be the motive of crime, violence, political instability and conflicts, which are all deterrents of economic growth," he said, adding that the success of fiscal reform will create a window of opportunity for the Philippines to raise investments, employment and income, " through policies for a better investment climate."

During his visit to Manila, Bourguignon has met with Philippine Finance Secretary Margarito Teves and expressed the World Bank's " full support" for the economic management of the Philippine government.

Meanwhile, Joachim von Amsberg, World Bank Country Director for the Philippines, said that the issue inequality in relation to growth and poverty reduction was "very much relevant" to the Philippines.

"With high levels of inequality of income, assets and opportunities, many Filipinos are effectively excluded from social and economic development and cannot contribute to the development of their country," von Amsberg said.

Recent World Bank assistance to the Philippines has been primarily aimed at improving health and education, widening access to infrastructure, improving governance and curbing corruption.

Source: Xinhua