The Philippines is likely to gain "soft power benefit" from the G20 meeting as global leaders pressure China to pledge cutting steel production, which has caused overcapacity in steel washing up in foreign shores, City University of Hong Kong associate professor Reuben Mondejar said Monday.

The Philippines will also benefit if G20 leaders get to persuade China to give up its "global face" over its "glocal face," he added.

Mondejar also affirmed that the Philippines is thriving on its own merit, driven by domestic demand, and it can sustainably support its own growth.

The Philippines needs no new opening to sustain economic growth as it is now fueled by sustained revenues from the business process outsourcing sector and remittances from Filipinos overseas, he said.