Philippine President Benigno S. Aquino III has committed to the Asia-Pacific Economic Conference (APEC) priorities as he stressed inclusive growth as the most critical element in economic development.
Speaking to the region’s business leaders in Manila on Monday, President Aquino shared the growth story of the Philippines and how it can be applied to regional growth.
“We will have important conversations about how we can free our people from the oppression of poverty, and how to empower them to take part in sustainable economic growth,” said President Aquino.
The President described how the Philippines’ growth strategy hinges on empowerment for people to participate in the growing economy.
“We invested in upgrading our educational infrastructure,” explained President Aquino. “We reformed our basic education cycle to conform to global standards, and to give our children ample time to digest their lessons and maximize their learning.”
“Indeed, our entire growth strategy hinges on the idea of empowerment,” he continued. “Empowered citizens, after all, are empowered consumers, whose income will go to the goods and services produced by companies,”
“The end result: Instead of having many big fish in a small pond, we are moving our economic ecosystem into a bigger pond, where everybody can grow and reach their full potential.”
President Aquino reported the initial results of an assessment of social welfare and development in the Philippines, revealing some 5.45 million Filipinos who have been lifted from poverty.
“Our economy has become one of the fastest growing in the world and we have quickly risen in global measures of competitiveness,” he said.