APEC 2015 Host Economy - Philippines

Global integration has come again. Together, we strategize and plan for the future. From issues on economy up to biodiversity, all has been tackled. But what does really lie ahead of us? Path is being paved but there is no one traveling in it. Yes, it has come again- the APEC.

The Philippines becomes the world's biggest stage for a week as it hosts this year's APEC (Asia-Pacific Economic Cooperation). The leaders from the Asia-Pacific Economic Cooperation (APEC) economies gathered in Manila for the second time after 19 years from November 18-19, 2015. Under the Philippines’ leadership, the overall subject of APEC 2015 is the promotion and advancement of inclusive growth in the Asia-Pacific region, hence the APEC 2015 theme, “Building Inclusive Economies, Building a Better World.” Accordingly, the Philippines, along with 20 other member economies, has been pushing for inclusive growth and empowering micro, small, and medium enterprises (MSMEs), among others. In the weeks leading up to the high-profile economic leaders' meeting on November 18 to 19, the Philippines has initiated to make the region bike-friendly, scale up disaster preparedness, and help MSMEs secure links to global value chain, among others.

As the APEC conference was held here in the Philippines, many questions arose. Some of this were, ‘Is this APEC meeting worth it?’ and ‘What are the benefits of this to us?’
Well, let us count the costs. According to the Philippi Daily Inquirer, the direct costs (to the government) have been pegged at roughly P10 billion. There are external costs, those imposed on others, who did not voluntarily choose to incur them: the costs to the laborers who apparently were given a no-work-no-pay two-day holiday, the costs to the airlines who had to cancel flights, the costs to the motoring public of the delays caused by the new traffic patterns, the losses of businesses who were depending on that travel. But except for wage loss for the laborers, the other costs may be mitigated by future traffic. Now let us count the benefits: There are external benefits, the opportunities given to local enterprises to show their wares to the business, social and political leaders of the member-economies whose influence on others is out of proportion to their numbers. They will benefit from the meetings, although they did not ask for it. Contacts will be made, which may lead to contracts. There will also be transfer of knowledge and techniques.

The recently concluded 2015 Asia Pacific Economic Cooperation (APEC) Summit has been a success. Despite of all the side issues about this event. Truly, it is a singular honor to our country to lead such a great people. With our continued support and cooperation, there is absolutely no doubt that the Philippines will continue its progress for years, if not generations to come.