The Market Monitor Minding the Nation's Business
By Riza Lozada
President Duterte has pledged to make use of the summit of the Asian Pacific Economic Forum (Apec) in Peru to get the maximum advantage he could for the Philippines, saying the trip “that would cost the Filipino people should realize economic gains for the country.”
The President earlier had second thoughts about attending the summit.
Since its inception in 1989, Apec has become more known for its glittering socials than its economic accomplishments. Many international observers have noted that Apec has, so far, failed to erase its reputation that its summits are just “annual socials” of global leaders, a perception arising mainly from its failure to take concrete steps to solve the world’s economic problems primarily due to the conflicting national policies of its members.
Still, the forum has proved to be a magnet for investments.
At least 53 percent of Apec business leaders plan to increase their investments across the bloc over the next 12 months, Country Senior Partner at Pricewaterhouse Cooper (PwC) Peru head Orlando Marchesi projected.
“More than the half of Apec investors expect to increase their investment plans, thus showing their optimism about a better performance of the global economy,” he said.
This is one of the main results of the study “Doing Business in Asia Pacific 2016” crafted by PwC, an Apec CEO summit partner this year.
Marchesi explained that only one third of those entrepreneurs think bloc investments will decrease.
Apec is a regional economic forum composed of 21 Pacific Rim member- economies – Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong China; Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Chinese Taipei, Thailand, the United States and Vietnam.
Mr. Duterte said he brought to the meetings his 10-point economic program for the country, particularly improvements in doing business, to more efficient and responsive governance, massive investments in new infrastructure, a new focus on rural development and increased investments in human capital.
“The Philippines is open for business,” he said in addressing the world business leaders.
Mr. Duterte said he would do his best that the small- and medium-sized economic enterprises will thrive and flourish.
He also said he will highlight the government’s policy and support and effort to address corruption and criminality as building blocks of a strong and resilient economy that will ensure inclusive and continuous growth.
Mr. Duterte said the government works in order that the economy can take flight.
He said this was his first flight to South America, which shares a historical affinity with the Philippines.
“We must harness the potentials of this huge region to ensure that no one – especially our citizens – are left behind in the march to greater progress and prosperity,” the President said in his pre-departure speech.
Mr. Duterte said he was looking forward to expanding his administration’s horizons and pursue an independent foreign policy, highlighting the Philippines’s readiness to deepen its engagement with South America.
“I have said before that the government is working very hard to make sure that the economy will take flight and I really hope so, although we are still in the runway. We should harness this region to ensure no one is left behind in the march to greater prosperity. Our people are the core of the program of inclusive growth and sustainable growth and we will spare no effort to realize this in the context of Apec,” the President said.