Rural economic development PH priority in Apec

BORACAY – Rural development through the Internet economy is one of the country’s top priorities in the Asia Pacific Economic Participation, Apec officials said Monday.

In a press briefing, Department of Foreign Affairs spokesperson Assistant Secretary Charles Jose said the Philippines will seek Apec’s endorsement during the trade ministers meeting over the weekend for rural development through small and medium enterprises (SMEs).

This is in line with the administration’s inclusive growth agenda through rural development, he added.

“In the trade minister’s meeting (on May 23 to 24), the Philippines will seek the endorsement of APEC action agenda for global SMEs and MEs (medium enterprises) which identify priority actions Apec will take to mobilize SMEs and MEs and encourage them to go global,” Jose, also acting as Apec spokesperson, said.

He said SMEs are “prevented from tapping the global market because of barriers such as burdensome trade procedures, overly complex custom rules and regulations, lack of financing mechanisms, lack of market information, and constraints in harnessing global markets through e-commerce.”

Jose said the Apec action agenda for SMEs will highlight the SMEs’ role in achieving inclusive growth.

“The action agenda for global SMEs and MEs is designed to benefit SMEs since this is a sector that needs more support and intervention in Apec,” Jose said.

During the “Symposium on the Internet Economy” held before delegates Monday, Ambassador Laura Del Rosario also said the rural poor is uplifted by using the Internet as a tool to connect them to the market.

She said digital services helped SMEs, which comprise most of the country’s industries, connect to the global market for these to compete with their larger counterparts.

“Connectivity through the internet would help to bring the SMEs to the market, improve education and services, and links farmers to the large market… The benefits of the Internet economy start to be far greater than the individual economic benefits precisely because of… interconnectiveness,” Del Rosario, who is also a Foreign Affairs Undersecretary for international economic relations, said.

The symposium on the Internet economy is one of Apec meetings to engage Apec senior officials, representatives of Apec committees and sub-fora, and government, business and academic sector representatives on the development of the digital economy.

The Philippines is hosting this year’s Apec, a delegation of 21 member economies. The country hosted Apec ahead of the Asean integration in 2015. It hosted the Apec leaders meeting for the first time in 1996.