Phl sets activities for APEC 2015 hosting

MANILA, Philippines - The Philippines is set to launch activities for its hosting of the Asia-Pacific Economic Cooperation (APEC) 2015 to encourage local businesses to explore opportunities available for them during the event.

“While the Department of Trade and Industry (DTI) has lined up several activities as the country chairs APEC in 2015 and hosts the 23rd APEC Economic Leaders’ Meeting, we aim to spur greater private sector participation and generate new prospects for local and foreign businesses to flourish,” Trade Secretary Gregory Domingo said in a statement.

The launch tomorrow, to be held at Green Sun in Makati City, is expected to be attended by the local business community.

Domingo said the Philippines’ hosting of the APEC next year will be a perfect opportunity for local businesses to further contribute to the economy.

“In the country’s hosting next year, we seek to underscore the significance of the small and medium enterprises (SMEs) in the country’s economy, and their role and integration in global supply chains,” he said.

He noted that SMEs play an essential role in driving economic growth and generating employment in the local communities.

The country’s micro, small and medium enterprises (MSMEs) account for 99 percent of the total registered businesses, and contribute 65 percent of the jobs generated by all types of establishments.

As such, the government is promoting the growth of the MSME sector to help them become competitive globally.

“The DTI has continuously implemented several programs for these enterprises to grow in an enabling business environment, enjoy access to finance, expand market access, and improve efficiency and productivity,” Domingo said.

While several programs to support the growth of the sector are being implemented, he said these businesses must also be informed of discussions in regional economic fora to take full advantage of undertakings geared towards SME development and integration to global supply chains.

“We strongly believe that regional economic integration should work towards empowering the Filipino people and achieving inclusive growth in the country. Thus, we will work with other APEC member economies towards this goal and complement it with frameworks and policies that will benefit all in the Asia-Pacific region,” he said further.