MANILA: Overseas Chinese businessmen have a role to play in leading economies out of the current recession, said Singapore's Foreign Minister George Yeo in an address at the 10th World Chinese Entrepreneurs Convention (WCEC) in Manila on Friday.

The first WCEC was organised in 1991 by the Singapore Chinese Chamber of Commerce & Industry to provide a forum for economic cooperation and understanding among overseas Chinese and business communities worldwide.

According to Mr Yeo, Chinese entrepreneurs have been a driving force in the global economy. With the current economic slowdown, Chinese entrepreneurs will again play a key role in mapping out strategies to weather the global economic recession.

He said: "While we celebrate the achievements of ethnic Chinese entrepreneurs, we must also remember our social responsibilities and do good work wherever we can.

"For there to be social harmony, development must be balanced, and those progressing faster have a duty to help those having trouble keeping up."

Mr Yeo also visited the Philippine National Red Cross to get a first-hand update from the chairman of the organisation, Senator Richard Gordon, on the country's typhoon rehabilitation efforts.

Singapore Red Cross has already pledged to build some 800 houses, amounting to US$800,000, to help the victims of typhoons Ketsana and Parma.

The 11th WCEC will be hosted by Singapore in 2011.

Source: Channel News Asia Philippines Correspondent Christine Ong