ABAC in Cebu: President Marcos assures PH’s support

By: Morexette Marie B. Erram - CDN Digital Multimedia Reporter | July 28,2023 - 03:31 PM

President Marcos assures PH's support on ABAC's upcoming recommendations 2023

President Ferdinand ‘Bongbong’ Marcos Jr. speaks before the delegates of the third APEC Business Advisory Council in Cebu City on July 28, 2023. | CDN Digital Photo by Morexette Marie Erram

CEBU CITY, Philippines – President Ferdinand ‘Bongbong’ Marcos Jr. has urged business leaders in the Asia-Pacific to “find inspiration and leverage available tools” in fostering rapid economic growth in the region as he welcomed them for the third leg of the Asia Pacific Economic Cooperation (Apec) Business Advisory Council.

Marcos was the key guest during the third leg of the ABAC held at a hotel in South Road Properties (SRP), Cebu City on Friday, July 28.

The President formally opened the Plenary Session of the three-day event which ran from July 28 to July 30.

In his speech, Marcos encouraged delegates to “not only find inspiration but also leverage available tools” in coming up with policies, frameworks, and recommendations that will ultimately enable Asia-Pacific economies to achieve their goals.

“I urge ABAC Members to not only find inspiration from the surroundings to accomplish the deliverables that you have set out in the agenda of your respective working groups, but to also “leverage” the tools available at your disposal to find a common understanding,” said Marcos.

“Be it through the formal and informal sessions, discussions with guests and experts, or interactions with locals, which this excellently organized meeting has quite neatly lined up,” he added.

The President also stressed the importance of continuing partnerships between the public and private sectors to open more possibilities and opportunities.

“In line with the recommendations of ABAC, as we engage with the business community, technical cooperation, and capacity building play pivotal roles in ensuring that our economies are capacitated to implement our agreements, hasten our development by learning from each other’s expertise and experience, and for us to ultimately find complementarities in our economies to not only strengthen our regional value chains but also create new markets and opportunities, and foster equitable growth,” said Marcos.

Meanwhile, the President shared his administration’s plans and accomplishments for the country, ranging from agriculture to digitalization, some of which were highlights of his recent second State of the Nation Address (Sona).

He also bared some of the measures the Philippine government has implemented in line with recommendations from ABAC 2022, at the same time renewing the Philippines’ support and commitment to their upcoming plans.

“I understand that ABAC 3 is especially challenging with the number of upcoming high-level meetings and the AELM where I look forward to seeing you again. Rest assured of the Philippines’ full commitment and support,” Marcos added.

The Philippines was selected as the host for the third leg of the ABAC this year, with over 200 delegates from APEC’s 21 Member-Economies attending the series of conventions in Cebu City.

For its Cebu leg, organizers decided to highlight the roles of micro, small, and medium-sized enterprises (MSMEs), artificial intelligence (AI), and environment, social, and governance (ESG) investing, among others.

“What our goal is to lead, to give this Asia a bigger voice in changes,” said Aboitiz Equity Ventures President and CEO Sabin Aboitiz, who was the ABAC member for the Philippines.

The ABAC was established in 1995 to provide an avenue to foster free and open trade and investments among private sectors in the Asia Pacific region.

Every year, the delegation submits its Annual Report to APEC Leaders which outlines key recommendations focused on regional economic integration, organizers added.

The 21 Member Economies of APEC are Australia, Brunei, Canada, Chile, People’s Republic of China, Hong Kong, China, Indonesia, Japan, South Korea; Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, Taiwan, Thailand, Vietnam, and the United States of America.


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