MANILA, Philippines?The Philippines will continue to invest in infrastructure aimed at boosting energy and food security and making the country self-sufficient, President Gloria Macapagal-Arroyo told an economic forum of world leaders in St. Petersburg, Russia, on Friday.

The President said it was important to invest in infrastructure that would support energy and food security as these were the ?big sources? of inflation in the country last year.

?We must make sure that we?re fiscally prudent so that there will be no inflation that will get in the way of development,? she said.

Ms Arroyo was one of only four heads of state attending the 13th St. Petersburg International Forum, a previously ultra-glitzy affair that in the past symbolized Russia?s economic resurgence in the last decade after the chaos of its first post-Soviet years.

But political and economic uncertainties forced the June 4-7 forum, held in Russia?s former imperial capital, to become a somewhat scaled-down event this year.

The world economy is experiencing its worst recession since the 1930s and Russia?s relations with its ex-Soviet neighbors have been knotty in recent years.

?Everyone is experiencing problems with the forums now, not only us but Davos, too,? a Kremlin official told reporters, referring to the World Economic Forum in Switzerland.

Aside from Ms Arroyo, Armenian President Serzh Sarkisian, Azeri leader Ilham Aliyev, Finnish President Tarja Halonen were the other three heads of states to participate in the forum, also attended by former Japanese Prime Minister Junichiro Koizumi and former German Chancellor Gerhard Schroeder.

Russian President Dmitry Medvedev, Koizumi, Schroeder, Ms Arroyo and Nobel laureate Dr. Robert Mundell opened panel discussions on the global economic crisis on Friday.

Ms Arroyo said the government would also spend on welfare to insulate the poor from the global crisis, saying it is the poor who ?get hurt the most? during a crisis.

?We must continue investing in human and physical infrastructure because that is the only way by which we can turn over responsibility for recovery to the private sector,? Ms Arroyo said in reply to a question during the panel discussion.

?We?re spending in renewable energy and biofuels so we become energy-independent. We have two laws that make it more attractive for the private sector to spend on that,? she said, referring to the Biofuels Law and the Renewable Energy Law.

After the panel discussion, the President held a meeting with Medvedev to discuss ways of boosting trade and investments, as well as defense and energy cooperation.

Ms Arroyo and her party flew to St. Petersburg after a four-day visit to South Korea.

Highlights of the forum include a session on the evolution of political systems to be attended by top Kremlin ideologue Vladislav Surkov, Schroeder and Koizumi and a panel featuring director Timur Bekmambetov, who last year made a Hollywood debut with his ?Wanted? movie starring Angelina Jolie.

Set to be attended by more than 2,000 participants from over 70 countries, the event will also see the launch of a global grain forum, an initiative Medvedev first proposed during the Group of Eight summit in Toyako, Japan. TJ Burgonio and Agence France-Presse