Philippine initiatives gain 'overwhelming' support in APEC meet

CLARK FREEPORT — The first Asia-Pacific senior officials' meeting (APEC SOM1) for 2015 ended on Saturday with the initiatives set by host country the Philippines gaining great support from the other 20 member economies.

In a news conference following the two-day meeting at Clark, Pampanga, APEC 2015 chair Laura Del Rosario said her fellow senior officials expressed support for the Philippines' four initiatives or priorities for APEC 2015 that are centered on achieving inclusive growth.

"During this meeting, all the senior officials really gave tremendous support, overwhelming support for what we are doing because they know that our priorities really covered their own concerns," said Del Rosario, who is also a Philippine Foreign Affairs undersecretary.

Del Rosario said inclusive growth is not just an issue for developing economies like the Philippines.

"For us, we are looking at our poverty rate, that we can somehow reduce our poverty rate. For the developed countries... they are worried about the inequity of income," Del Rosario said.

"Because they know that within their own economies, there are already people whose salaries are not rising fast enough to meet the rising cost of living," she added.

The four priorities pushed by the Philippines are enhancing the regional economic integration agenda, fostering small and medium enterprises' (SMEs) participation in regional and global markets, investing in human capital, and building resilient and sustainable communities.

In a press statement, Del Rosario said the Philippine intiatives garnered broad support among the APEC economies such as the development of the APEC Trade Repository which will contribute to transparency and trade facilitation.

In the concluded meeting, Del Rosario said the senior officials also set the stage for the development of an SME action plan to foster the participation of SMEs in regional and global markets.