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Manila Bulletin devider Business devider DOF supports inclusive, sustainable business in PH

DOF supports inclusive, sustainable business in PH

Published Nov 19, 2023 06:19 am

At A Glance

  • The Department of Finance (DOF) has pledged its support to the private sector in transforming the Philippine business landscape to be inclusive and sustainable.<br>Finance Secretary Benjamin E. Diokno participated in the ABAC meeting to advance the Philippines' business interests alongside the private sector.<br>The ABAC serves as the private sector arm of APEC, advising leaders and officials on business-related matters.<br>US Vice President Kamala Harris emphasized the importance of public and private sector collaboration in driving economies forward during her address to the APEC Business Advisory Council Meeting.<br>Dominic Ng, Chair of the 2023 APEC Business Advisory Council, called for increased collaboration among APEC economies to address global challenges such as inflation, rising living costs, and uncertainties from climate change and technological trends.

The Department of Finance (DOF) vowed to help the private sector create an inclusive and sustainable business environment in the Philippines.

During the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) meeting, Finance Secretary Benjamin E. Diokno recognized the vital contribution of the private sector in the Philippines' development process.

“The Marcos, Jr. administration stands ready to support and collaborate with the private sector in transforming the Philippine business landscape into one that is genuinely inclusive and sustainable,” Diokno said in a statement on Sunday, Nov. 19.

Last Nov. 16, Diokno participated in the ABAC meeting held in San Francisco, California, with the aim of promoting the Philippines' business interests in collaboration with the private sector. 

ABAC serves as the private sector representative body within APEC, providing advice and recommendations on business-related matters during an annual dialogue with leaders and officials. 

The council receives support from the ABAC International Secretariat located in Manila, Philippines.

With the theme of Equity, Sustainability, and Opportunity for 2023, the ABAC formulates recommendations to advance trade and investment policies that tackle critical challenges such as climate change, living standards, and digital transformation.

New Zealand, Brunei Darussalam, and the Philippines hosted this year’s ABAC meetings.

In her address to the APEC Business Advisory Council Meeting alongside APEC leaders and CEOs, US Vice President Kamala Harris emphasized how public and private sector collaboration is essential in driving economies forward in a way that invests in innovation, strengthens economies, and uplifts the human condition.

“In our interconnected and interdependent world, convenings like these are critical to ensure prosperity and security for all our economies,” she said.

Meanwhile, Chair of the 2023 APEC Business Advisory Council Dominic Ng called on APEC economies to strengthen collaboration in response to global challenges such as inflation, rising living costs, and uncertainties from climate and technological trends, which he highlighted as the top factors affecting marginalized groups disproportionately. 

“Faced with these challenges and others, APEC economies must collaborate more than ever to promote equity, sustainability, and create opportunity. ABAC is ready to support these efforts and help achieve the Putrajaya Vision 2040,” he said.

APEC economies share the vision of an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040 through the pursuit of trade and investment, innovation and digitalization, and inclusive growth for the prosperity of all people and future generations.

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Department of Finance (DOF) Finance Secretary Benjamin E. Diokno
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