Philippine economic managers on Monday stressed the need to focus on small and medium enterprises (SMEs) and small businesses vis-à-vis their situation in the regional and global trade.
In his speech during the first day of the two-day Informal Senior Officials Meeting (Isom) at the Makati Shangri- La, Trade Secretary Gregory L. Domingo said, while governments in the region are tackling issues on free-trade agreements, among others, the Philippines will bring to fore issues on how to help the SMEs and small business, among others.
“We will put special emphasis on the SME agenda…from our perspective, SME is very critical not only on Apec [Asia-Pacific Economic Cooperation]but to the forward movement of global trade,” he said.
The Philippines will host Apec
Last week President Aquino spear-headed the official launch of the country’s hosting of the event, where he emphasized the focus on SME-related issues and inclusive growth, among others.
Domingo said SME and small business players are finding it hard to be part of the regional economic cooperation because of cumbersome rules and lack of access for most part of the economic environment.
Also, Economic Planning Secretary Arsenio M. Balisacan, in his speech during the same event, said there is a need to focus on SME, especially since Southeast Asia is seen to remain to be a bright spot in the world economy in the
coming years.
He noted that Asia, as a whole, is projected to post an average growth of 3.8 percent in the next two years.
He noted that since risks to global growth remain, there is a need to discuss how emerging economies like those in Asia and the Pacific can surpass these.
He said SME-related issues should be given attention because of the sector’s rising importance on regional and global trade.
He stressed the need to identify measures that would provide open and transparent business environment for SMEs “to increase their profits and supply capacities.”
Executive Secretary Paquito N. Ochoa Jr., in his speech during the Isom opening ceremonies, said he is optimistic that the Philippines’s recent economic achievements will be among the topics that would enrich discussions during the symposium. “We believe that these priorities will increase inclusiveness in Asia,” he added.