Traders encouraged to help promote ‘inclusive growth’

CEBU, Philippines - Senator  Benigno "Bam" Aquino  has called the business sector to actively participate in promoting "inclusive growth" by providing opportunities and engaging them in their respective businesses, aside from generating jobs for the Filipinos.

Aquino, who was the keynote speaker during the Mandaue Chamber of Commerce and Industry (MCCI) Business Summit 2013, said that the country's bid to achieve full inclusive growth should need the involvement of businesses and encourage more Filipinos to enter as entrepreneurs.

Aquino admitted that the Philippines has to resolve the issue of poverty reduction, while its economy is known as the "bright star" in Asia in the next couple of years.

"Now is the exciting time to do business in our own shore," he told the over 500 delegates attending the summit at the Cebu International Convention Center.

However, Aquino admitted that despite the good economic shape of the Philippines as confirmed by the international economic experts and global rating agencies, still about a quarter of the population is considered poor.

Aquino, who is the Senate committee chairman for trade and commerce vowed to fast track the seven bills that will energize the "inclusive growth" bid, encourage entrepreneurship, further streamline red tape,  strong development of social enterprise, among others.

Known as a social enterprise advocate before he entered politics, Aquino urged businesses to follow the model of social enterprises, wherein commitment to engaging communities like farmers and fishermen is vital to poverty alleviation and realization of inclusive growth thrust.

He said companies, even those that are not "social enterprise," can well participate to contribute the country's path to self-sustaining growth if they change some of their supply chain systems, such as getting their raw materials directly from the source and eradicating the traders or middlemen.

Part of his committee's plan is also to subsidize those companies that employ good inclusive supply chain approach. He mentioned what Jollibee is doing, for instance, wherein the fastfood chain is sourcing about eight percent of its onion requirement directly from farmers in the Philippines, instead of getting cheaper supply from overseas.

Likewise, Selecta is also practicing inclusive supply chain approach by buying their "ube" requirements from farmers for its ice cream flavoring.

"I urged you work with marginalized communities, provide them with the market, engage our countrymen in business, give them the opportunity," Aquino specifically addressed to successful entrepreneurs and the MCCI members.