Twenty other APEC member economies have expressed full support for the Philippines’ four major priorities for its hosting of the APEC summit next year with the theme on the importance of “inclusive growth.
This was expressed during the two-day symposium for the Informal Senior Officials Meeting (ISOM) in Makati City.
Foreign Affairs Undersecretary Laura del Rosario, the chair of the APEC 2015 ISOM, said they presented the Philippines’ priorities to the members of APEC, which the other economies fully supported.
“The country’s theme of inclusive growth resonates with them because it’s an objective that they saw as necessary in their own economies,” Del Rosario said.
These inclusive growth objectives could be achieved through human capital development, fostering SME participation to the regional and global market, enhancing regional economic integration, and building sustainable and resilient communities.
“Investing in human capital development is something that is very important right now. It’s almost crucial because people are already talking about the velocity of change,” del Rosario said.
“You know change happens so fast and then for some people they say ‘you miss one year of school and your income is assumed to be less’,” she said adding that less educated people also have limited opportunities in rapidly globalizing world.
The volume of information that is coming out because of the Internet is also interesting to note, she said. Many data might be unacceptable to some people but it could benefit others, like the SMEs, especially their use for business expansion, she said.
Del Rosario also said that other experts in the symposium also supported the idea that education must be founded on science and technology for the future workforce to avail of new opportunities.
On the issue of building resilient and sustainable communities, the Philippines has shown the delegates the country’s resiliency in the midst of a disaster.
ISOM delegates are amazed with the government response to Typhoon Ruby, especially the successful transfer of the meeting from Albay to Manila in short notice, according to del Rosario.
Del Rosario also noted that building resilient communities also means putting up strong infrastructures so that people don’t have to worry about future disasters such as typhoon, earthquakes, volcanic eruptions, as well as pandemics.
The symposium also tackled the role of financial institutions–on how to make financial institutions really accessible to people engaged in businesses. For instances, SMEs sourcing funds from these institutions for their capitalization, the official said adding the meeting also discussed trade and services.
The 20 other economies also made commitments that they will introduce their own initiatives so that Philippine key priorities will become more concrete, she said.
“Hopefully by our meeting in Clark that will be able to have some concrete ideas on how it will be done,” she noted.
The next meeting will be in Clark in Pampanga, and will run from January 26 to February 7 next year. PND
