Former President and House Speaker Gloria Macapagal-Arroyo and Bohol Gov. Arthur Yap arrived in Hunan, China yesterday to attend the Boao Forum for Asia (BFA) Board Meeting.

The Boao Forum is the Asian equivalent of the Davos World Economic Forum based in Switzerland, and tackles policy issues involving a wide range of global issues.

The BFA hosts high-level forums for leaders from government, business and academe in Asia and other continents to share their vision on the most pressing issues in this dynamic region and the world at large.

It is modelled from the World Economic Forum held annually in Davos, Switzerland.

Its fixed address is in Bo’ao, Hainan province, China, although the Secretariat is based in Beijing.

The forum, sometimes known as the “Asian Davos”, takes its name from the town of Boao, located in China’s southern Hainan province, which has been the permanent venue for its annual conference since 2002.

It is committed to promoting regional economic integration and bringing Asian countries even closer to their development goals.

Initiated in 1998 by Fidel V. Ramos, former President of the Philippines, Bob Hawke, former Prime Minister of Australia, and Morihiro Hosokawa, former Prime Minister of Japan, the Boao Forum for Asia was finally formally inaugurated in February 2001.

The founding of the BFA was driven by the People’s Republic of China and founded by 26 Asian and Australasian states on 27 February 2001.