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Manila Bulletin devider Philippines devider National devider Marcos supports ABAC's move to globalize MSMEs

Marcos supports ABAC's move to globalize MSMEs

Published Jul 28, 2023 04:57 am
President Ferdinand "Bongbong" Marcos Jr. positively received the recommendation of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) to globalize micro, small, and medium enterprises (MSMEs), saying they make up the majority of businesses and sources of employment.
*President Ferdinand ‘Bongbong’ Marcos Jr. (RTVM screenshot)*

Marcos said this during the opening of the 3rd ABAC Meeting (ABAC III) in Cebu City on Friday, July 28. In his speech, the President recognized that the APEC's efforts cover small businesses and that governments have the responsibility to foster them. "Our multilateral efforts also serve to enable the inclusive development of our sectors with untapped economic potential. MSMEs, make up the majority of our businesses and sources of employment. Thus, it behooves us to equip them with digital tools and skills to enable their participation in the digital economy," he said. With this, the President welcomed ABAC's recommendation to globalize MSMEs and expressed confidence that the body could make this happen. "I am heartened to receive the recommendation of ABAC to form a successor initiative to the Boracay Action Agenda to globalize MSMEs," Marcos said. "With the ambitious agenda set by the US this year for their APEC hosting and the upcoming SME Ministerial Meeting, I am certain that actions will quickly follow our intentions," he added. The Philippines hosts the ABAC III from July 27 to 30, 2023 on the theme, "Equity, Sustainability, and Opportunity." According to Malacañang, top business leaders from the 21 APEC Economies will discuss ABAC’s approved 2023 Work Program and highlight several issues such as economic integration, sustainable growth, financial services, inclusion, digitalization, and innovation. Established in November 1995, the ABAC is the private sector arm of APEC. Its main mandate is to advise leaders and other APEC officials on issues of business interest, present recommendations to APEC Leaders in an annual dialogue, and advise APEC officials on business sector priorities and concerns.

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Bongbong Marcos APEC Business Advisory Council MSME APEC abac President Marcos
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