NextGen Day

📈 MANILA – President Ferdinand R. Marcos Jr. emphasized the importance of supporting the growth of micro, small, and medium enterprises (MSMEs) in the Asia-Pacific region and called on business leaders to actively contribute to their inclusive development.

Addressing the Third APEC Business Advisory Council Meeting (ABAC 3) in Cebu City on Friday, Marcos highlighted the untapped economic potential of the MSME sector. He stressed the need to equip MSMEs with digital tools and skills to enable their participation in the digital economy.

MSMEs constitute a significant portion of the region’s businesses and sources of employment, making their growth crucial for economic progress. Marcos expressed his appreciation for ABAC’s recommendation to create a successor initiative to the Boracay Action Agenda aimed at globalizing MSMEs. He believes that this initiative, along with the ambitious agenda set by the US for their APEC hosting, will lead to prompt actions supporting MSME development.

Marcos acknowledged the business sector’s leadership role in setting standards for responsible business conduct to drive growth and development in the Asia-Pacific region. However, he also emphasized the importance of these standards encouraging sustainable practices while ensuring rapid growth.

Digitalization and innovation were key factors in creating an enabling environment for APEC’s regional economic integration. Marcos identified workforce upskilling, the provision of green jobs, and structural reforms as crucial for a just, inclusive, and sustainable transition.

The President underscored the opportunities arising from the imminent Fourth Industrial Revolution and the transition to a clean economy, which APEC members can seize. He assured that his administration has set roadmaps to capture these opportunities while addressing the associated challenges.

Marcos shared that his administration has enacted and enforced measures to create a dynamic and innovative ecosystem, including e-commerce, e-governance, and innovation, as well as legislative reforms to improve the business environment and attract foreign investments.

In line with ABAC’s recommendations, he stressed the significance of technical cooperation and capacity building in ensuring that economies can effectively implement agreements, foster development, strengthen regional value chains, and create new markets and opportunities.

A study by McKinsey & Company revealed that the business sector now contributes up to 72 percent of GDP, triple the value in 1960. Marcos emphasized that businesses play a critical role in contributing to the economy and as agents of change in society. 💼📈

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