NextGen Day

On Friday, President Ferdinand R. Marcos Jr. urged the leaders of the Asia-Pacific region to pay particular attention to problems plaguing the region’s maritime and logistics industries.

The request was made by Marcos at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Informal Dialogue in Bangkok, Thailand, in recognition of the industry’s function as the “backbone of international trade and investment.”

President Marcos informed the APEC participants that despite being the foundation of international trade and investment, shipping and logistics services have not received enough attention.

Marcos bemoaned the logistical difficulties faced by product carriers, whose campaign pledge was to turn the Philippines into an Asian shipping and logistics hub.

With “one of the highest rates in the area,” according to Marcos, businesses in the Philippines incur up to 30% of costs from logistics alone.

This restricts the integration of our products in international value chains and limits our access to essential raw materials, according to Marcos, who said that logistics is a crucial component of supply networks.

Marcos urged APEC to “eradicate all types of prejudice,”, particularly with regard to goods produced by micro, small, and medium-sized businesses (MSMEs).

He continued by saying that there are methods to handle non-trade issues and other relevant issues without denying MSMEs and small and medium-sized enterprises access to and involvement in supply chains.

Greater collaboration with companies, particularly MSMEs, would, according to Marcos, help them become more capable and promote a “competitive climate.”

We intend to share best practices through this forum, Marcos stated.

By making sure that our MSMEs are a part of global supply chains, he continued, “we will have diversified our supply sources, boosted sustainable and inclusive growth, and strengthened the competitiveness of our economies.”

Marcos also advocated for MSMEs’ digital inclusion during the APEC Economic Leaders’ Meeting Retreat Session in order to enable them to expand their market reach and guarantee their “improved resilience and productivity.”

Marcos also stressed the critical function of the maritime and transport industry in ensuring “strong and resilient” global supply networks and post-pandemic recovery.

In order to overcome the problems with shipping and logistics services, according to Marcos, greater discussions and cooperation between the two sectors are required.

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