Duterte seeks business backing for Asean

Businesses were urged to support this year’s Association of Southeast Asian Nations (ASEAN) Business and Investment Program as President Duterte yesterday vowed to work for inclusive growth.

“Under the Philippines’ chairmanship, ASEAN will continue on this road towards greater progress and prosperity. We’ll work tirelessly to ensure that ASEAN’s economic integration as an object and instrument of policy is fully harnessed,” the President said at the launch of the ASEAN Business and Investment Program at Malacañang.

“We will work together with ASEAN member-states and partners to ensure that the trajectory of inclusive growth remains always on the upswing,” he added.

Duterte said the Philippines would focus on supporting micro, small and medium enterprises (MSMEs) that form the backbone of ASEAN’s collective economy.

“I encourage business leaders and the enterprises here to tap the MSMEs and help them integrate into the national, regional value chain,” he said.

The Philippines, Duterte added, would also push for innovationled programs to spur growth in existing industries and to stimulate new ones.

“If we’re able to evolve toward becoming smart economies, we have to be intelligent about investments, which includes investment not just in the areas of science and research and development but equally important is our precious human resources,” he said.

Duterte also cited the importance of women empowerment, saying it would allow more inclusive participation in nation- and regionbuilding.

Citing studies, the President said advancing gender equality would result in $ 900 billion in additional output to east and west Asian economies by 2025. “The objective is to achieve the full economic potentials of women and to bridge the gender gap.”