Gains from PHL's 2015
APEC hosting more than compensate for losses -- Palace
By Joann Santiago
MANILA, Nov. 20 (PNA) -- Long-term advantages of the Philippines'
hosting of the 2015 Asia-Pacific Economic Cooperation (APEC) Meetings
surpass losses it incurred.
This was stressed by Presidential Communications Operations Office (PCOO)
Secretary Herminio Coloma Jr. Friday.
"Looking at (the) big picture, losses incurred this week will be recovered
eventually in terms of continuing and sustained growth and development of
the Philippine economy as a favored investment and tourism destination," he
The government spent around Php 10 billion for its year-long hosting of the
economic meetings, held in several areas like Metro Manila, Cebu, Clark
Freeport Zone in Pampanga, Iloilo, Tagaytay, and Boracay Island.
Coloma explained that "good governance requires that decisions are based on
what would be beneficial for the country and what would best serve our
people's long-term interest."
He stressed that the government knows that "there will be differences in
viewpoints and we are willing to engage all stakeholders in meaningful
dialogue as well as consider suggestions for improvement."
"Reasonable criticism is always welcome in a healthy democracy," he said.
The government has receive flak from the people who were affected by heavy
traffic following the road closures implemented to accommodate vehicles of
the APEC delegates and world leaders as well as ensure their security.
Amidst these criticisms the government stressed that economic gains from
hosting of the APEC Meetings more than compensate disadvantages experienced
by some people.
Similarly, Finance Secretary Cesar Purisima said APEC provided its
member-countries a venue to further enhance economic and trade
He noted that combined gross domestic product (GDP) of APEC member-countries
more than doubled from the USD 15 trillion before its institution in1989.
Trade figures rose seven times to USD 21 trillion against the USD 3 trillion
For the Philippines alone, the country's exports rose more than 15 times
because of stronger tie-up with APEC member-countries.
Purisima said the Aquino administration has prepared the country for more
partnerships as it opened more than 90 percent of domestic economic activity
to foreign investors.
Aside from economic gains, technical resource training and other similar
support have been strengthened because of APEC, he said.
"The beauty of APEC is it gives us voice in important fora," he said noting
that eight APEC member-countries are G20 members.
"APEC is an opportunity to showcase why good governance is important for
sound economy," he added. (PNA)