Since 1996, under the Former President Fidel V. Ramos, our country will serve as chair and host of Asia-Pacific Economic Cooperation (APEC) which is a forum for 21 Pacific Rim member-economies that promote free trade, wide range of issues will be discussed with the aim of boosting political and economic ties. It was established in 1989 due to the growing interdependence of Asia-Pacific economies and at the advent of regional trade blocs in other parts of the world.

 

The theme for APEC 2015 is, “Building Inclusive Economies, Building a Better World”, small and medium-scale enterprises, urbanization, services, food security, education and human capital development, or anything else in the broad agenda of APEC will probably be talked about, likewise, the discussions will focus on its central theme of building inclusive growth.

The annual APEC Summit held here in the Philippines is divided with different ministerial meetings in Manila, Subic, Boracay, Iloilo and Bacolod, Wisely, the government has chosen to hold the meetings in various parts of the country. Private businessmen and local governments will get the chance to showcase their communities and culture. Hopefully, this will provide a more holistic view of the Philippines’ progress and potential, As President Aquino stated, “The Philippines will showcase its commitment to promote inclusive growth, which, has been the north star of all our government’s initiatives.”

 

Intensive preparations have been observed, the government will spend Php4.6 billion on its hosting of APEC this year which is almost as much as the entire Php4.8 billion international commitments fund budget last year (the budget item that APEC is charged to). This does not even include other budgets for improving airports, roads and tourism sites in and around APEC venues. These are well-attended by leaders, officials and other bureaucrats of APEC's 21 member countries. Just concluded on the most exclusive resorts on the famed island of Boracay were the 10-day 2nd APEC Senior Official Meeting in and the 2-day APEC Ministers Responsible for Trade (MRT) meeting.

 

Hosting APEC would open doors of opportunities for the Philippines as claimed by the government. Allowing to align our policies to global practice and would give us a chance of taking leadership position in advocating and emphasizing new policy. It would also be significant if the trade ministers would reaffirm their "commitment to promote trade and investment liberalization [and] building an open economy in the Asia Pacific region.”

Surely, APEC Summit is a grand and special event that our whole country is looking forward with, but are we hosting it on a proper timing? Well, the government claims for it to “can’t come at a better time” since the Philippines earned investment grade status, a vote of confidence in its ability to keep its fiscal house in order and a signal to investors it is safe to do business here.

 

Aside from the number of visitors we will get that will help our economy in terms of hotel, shopping, incidentals and food and beverage spending, “The value of APEC is we build relationship with 20 other economies,” said Guillermo Luz, private sector co-chairman of the Philippine National Competitiveness Council, during a media briefing on Tuesday, May 28. Foreign Affairs Undersecretary Laura del Rosario said investments are sure to come in during and even after the APEC Summit.

 

But then, after APEC Summit, what? Will we truly benefit from its projects and access its advantages? Would our country be better off after hosting APEC? We will see then.