APEC promotes further MSME development

MANILA, Philippines — The private sector arm of the Asia Pacific Economic Cooperation (APEC) in the Philippines is seeking to grow the local micro, small and medium enterprises (MSMEs) industry by helping them capture opportunities overseas and using digital technology.

“This year, ABAC Philippines will be seeking private sector support to help more local SMEs go digital and global,” the APEC Business Advisory Council said.

ABAC Philippines member Guillermo Luz, who represented the Philippines at the ABAC meeting to discuss this year’s work plan, said e-commerce initiative MondeB2B, which links exporters and importers from APEC through an online marketplace where they can conduct secure business transactions, is expected to provide benefits to Philippine enterprises especially those looking to cater even to overseas markets.

Luz said efforts such as the MondeB2B are in line with the Philippines’ push for inclusive growth.

“99.5 percent of Philippine businesses are MSMEs, covering more than 60 percent of total employment. Empowering them through digital innovation will drive economic growth and lead to greater inclusion,” he said.

In addition to promoting MSME growth, ABAC Philippines is encouraging other APEC economies to develop a catastrophe bond market for the region which is prone to natural disasters.