MANILA, Philippines - President Benigno Aquino III on Tuesday urged small and medium enterprises (SMEs) to participate more in the regional trade of the Asia-Pacific region.
In his keynote speech at the Asia-Pacific Economic Cooperation (APEC) SME Summit, the president noted that the total trade of the Asia-Pacific region from 1989 to 2013 increased and outpaced the rest of the world.
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"We want Filipino MSMEs (micro, small and medium enterprises) to be able to participate more in that trade: we want to help them make the most of the vast market that regional economic integration provides. In fact, we want to achieve the same for all SMEs across APEC member economies," Aquino said.
The president said that MSMEs can be strong drivers of inclusive growth in the Philippines, as well as the Asia Pacific region.
SMEs compose 97 percent of enterprises, generate more than 50 percent of employment and account for up to 50 percent of gross domestic product in the Asia Pacific, Aquino said.
"That is why the Philippines has chosen to make fostering SMEs’ participation in regional and global markets a priority of APEC 2015," the president said.
Aquino pointed out how the success of local businesses led to the creation of more opportunities for other Filipinos.
The president stressed the inclusive growth agenda of his administration, which the country has sought to uphold in hosting the APEC this year.
"Whether we live in the Philippines, Korea, Papua New Guinea, Mexico, Russia, or any other member-economy, each and every citizen has a paramount contribution to progress. Each and every one has the capacity to bring about positive change," Aquino said.