Country’s Hosting of APEC Has Long-term Economic Benefits- Official

The country’s hosting of this year’s Asia-Pacific Economic Cooperation (APEC) Summit would mean a lot of economic benefits for the Philippines in the long term, the head of the APEC 2015 National Organizing Council said on Thursday.

In the past 10 to 15 years, the Philippines’ trade with APEC’s member economies has grown by 8 percent annually, Director General Marciano A. Paynor, Jr. told China Central Television during an interview here.

“An 8 percent growth is a very, very solid case why the Philippines must continue to be part of the APEC,” Paynor said.

The total population of the APEC’s 21 member economies is more than 40 percent of the total global population, making the trade bloc a significant driver in regional growth.

He noted that as the country prepares to host this year’s summit, it has launched a number of infrastructure projects, although some of them are not APEC-related.

Overall, the projects are part of the government’s plan, with or without the APEC, he said, noting that any construction work in any country is a form of pump-priming the economy.

The people, however, must be patient because construction work creates such inconveniences as traffic congestion, Paynor explained, adding that once construction is completed, the public could enjoy a better transport system, roads, and bridges like other economies within the APEC.

The Philippines is hosting the 2015 APEC Summit, showcasing both the public and private sectors’ long-term commitment to the event’s theme of inclusive growth.

The APEC Summit, one of the world’s most important gathering of key decision-makers from across the globe, will focus on inclusive growth.

This year’s APEC is the first gathering to be held in the Philippines in nearly two decades. The Philippines first hosted the APEC Summit in 1996 during the administration of then president Fidel V. Ramos. (PNA) RMA/PND/EDS