Aquino trumpets Phl growth in APEC leaders' retreat

MANILA, Philippines - President Benigno Aquino III on Thursday opened the Asia-Pacific Economic Cooperation (APEC) leaders' retreat by trumpeting the country's economic achievements under his watch.

The 20 visiting leaders of the APEC member economies gathered at the Philippine International Convention Center where Aquino delivered the opening remarks.

In his speech, Aquino said the APEC hosting presents a chance for the Philippines to showcase the results of reform.

"These past five years, the Philippines has experienced strong economic growth, our fastest in nearly four decades, thanks to good governance and critical structural reforms throughout our bureacracy allied with the support and commitment of the public at large," Aquino said.

"Furthermore, we are proud of our growth not just for growth's sake but the Philippines has set aside trickle down economics and has chosen to invest in our people so that our growth is felt by each and every citizen," he added.

Aquino cited the government's Conditional Cash Transfer Program, employment training scholarships and universal health care.

He said these initiatives have "helped people regain control of their own destinies."

Aquino reminded his fellow heads of state that the theme of this year's APEC meetings is inclusive growth.

He said the APEC meetings have a "people-centered agenda that embraces all segments of society as invaluable participants in a growth that is holistic, creates jobs, sends children to school, puts food on the table, raises standards of living, protects the environment, fosters creativity and innovation and levels the playing field."

"In short, growth that balances the pressing needs of the present with our shared mission of living beyond the region and a world that is better than what we found," he said.

Aquino hoped that the APEC summit "will become an incubator for ideas that improve our regions' prospects for the future."

The 21 APEC leaders will conclude their retreat on Thursday afternoon.

They are expected to issue a declaration that denounces terrorism and vows united efforts to combat its root causes such as poverty.

"Economic growth, prosperity, and opportunity are among the most powerful tools to address the root causes of terrorism and radicalization. We stress the urgent need for increased international cooperation and solidarity in the fight against terrorism," the leaders said in the draft declaration seen by the Associated Press.

"We are mindful that despite the unprecedented economic growth that has lifted millions of people out of poverty, it continues to be a reality for millions of others in our region. We call for more intensive efforts for its reduction and eradication. We also acknowledge that inequality acts as a brake on economic growth and that reducing it is essential to spurring development and prosperity in the Asia-Pacific," the draft resolution read.