Marcos urges APEC: Boost efforts to address poverty, inequality

While the Asia Pacific Economic Cooperation (APEC) continues to drive global economic growth, President Marcos underscored the need for the regional bloc to accelerate efforts to produce jobs and thereby address poverty and inequality in the region.

Marcos_APEC.jpgPresident Ferdinand Marcos Jr. at the "123 agreement" signing on nuclear energy cooperation with the United States. (Photo from the Presidential Communications Office)

The Chief Executive praised the year’s agenda to focus on sustainability, inclusivity and resilience and lauded APEC countries for their cooperation in utilizing policy tools at their disposal.

“We need to accelerate efforts to address structural and policy issues with the view of enabling rapid economic recovery and growth in a sustained manner that creates jobs, draws people into the mainstream economy, and reduces poverty and inequality,” he said on Friday, Nov. 17 (US time).

This was the President’s response for the recorded interview with the APEC secretariat on the last day of the three-day summit in San Francisco, California.

For the Philippines’ part, there was affirmation from Marcos that his administration is committed to contribute to the APEC agenda.

Marcos also outlined the government’s economic objectives.

“The Philippines remains a committed partner, and will continue to contribute to the APEC agenda,” he stressed as he  recognized how APEC’s tools, platforms, and mechanisms can help the country address present challenges.

The Chief Executive, however, called for APEC’s support to the Philippines, as well as the cooperation of the different economies under the bloc.

As one of the prime platforms of the Philippines to engage with countries in the Asia-Pacific region, Marcos underlined his dedication to follow through with the APEC Putrajaya Vision of 2040 as this would bring prosperity to the region and ultimate benefit Filipinos.

The APEC Putrajaya Vision of 2040 is aiming for “an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040.”

“As member economies of APEC, we have a responsibility to continue nurturing this potential and respond to immediate and imminent challenges,” he added, referring to the APEC’s driving force of cross-border trade and investment of the world.

During his meeting with APEC leaders, Marcos discussed ways the Philippines can achieve food and energy security, micro, small and medium enterprises (MSMEs) integration, and the impact of digital economy to women empowerment and indigenous sectors.

But for the Philippines’ to achieve its economic objectives, the President said that it must leverage APEC’s core strengths and values in the region.

“We have the tools, the platforms, and mechanisms in APEC to address our challenges and, as such, we wish to further deepen that engagement,” he stated, highlighting also the importance of building on the group’s and its engagement with the APEC Business Advisory Council.