PUTTING THE “human side of the equation at the forefront of the economic agenda” was deemed one of the country’s most significant achievements in its hosting of the Asia-Pacific Economic Cooperation (Apec) meetings this year.
“That quality of economic growth is as important as the quantitative growth. That everyone matters whether it’s the poor, the youth, the underprivileged, the handicapped, the micro and small businesses. The growth has to be inclusive, sustainable and resilient,” Trade Secretary Gregory L. Domingo said in a text message Friday.
Domingo was referring to the inclusion in the Apec Leaders’ Declaration significant commitments aimed at building inclusive economies; fostering micro, small and medium enterprises’ (MSME) participation in regional and global markets; building sustainable and resilient communities; investing in human capital development, among others.
The Apec Leaders’ Declaration, which was issued on Thursday at the culmination of the meetings, also included the adoption of the Boracay Action Agenda to Globalize MSMEs—a move that recognizes the substantial contributions of these enterprises to poverty reduction. The agenda is an initiative to address the barriers faced by MSMEs in international trade.
“The Philippines will remain steadfast… [in] initiatives that boost growth of the various sectors of the economy, engage local businesses, and generate job opportunities for local communities. We remain committed to our goal of inclusive growth by making the most of the benefits of regional integration and trade facilitation in our own economy,” Domingo said.