Economic growth shifting back to Asia Pacific-A A +A
Thursday, September 5, 2013
BUSINESSMEN are experiencing the shifting of economic growth from the West back to Asia and the Pacific as the Western economy, notably the US, is quite week.
During the opening of the three-day 22nd Visayas Area Business Conference in Iloilo on Thursday, Ambassador Benedicto Yujuico, president of the Asia Pacific Chamber of Commerce and Industry (APCCCI), said that in the years 1900 to 2000, the economic shift started to move toward the West from Asia as the center of economic gravity.
However, in 2000, the economic growth started to return to Asia and by 2015, the region is expected to fully recover with more than 50 percent of gross global product set to be produced in Asia.
Malaysia, Taiwan and Thailand have lower inflation rates. The Philippines is also expected to ride on as the country posted the highest growth rate in Asia in the last two years.
The APCCCI president said he is recommending Iloilo City to be a sister city of Kuala Lumpur, Malaysia, Teheran and Iran where his friends and business contacts have their own chamber of commerce and industry.
He said the Philippine chamber will draft a memorandum agreement with other cities to promote Visayas following the shift of economic growth in Asia.
Global Visayas is starting to “unleash its tiger economy” with Edgar “Injap” Sia, who owns the Mang Inasal chain, as the most outstanding entrepreneur in Western Visayas.
Yujuico said the richness of Western Visayas should not be ignored.
Negros Occidental is the sugar bowl of the country, while Capiz is the seafood capital. Guimaras is also known to have the sweetest mango in the world, while Boracay has its white sands.
Iloilo, the rice granary in Western Visayas, is where the first golf course in the Philippines was established.
He also said the public must elect honest and capable officials to sustain the growing economic development in the country. The government must also amicably resolve the territorial conflict especially in Mindanao.
The Visayas business conference in Iloilo City is hosted by the Visayas PCCI and PCCI Iloilo with a theme “One Global Visayas: Unleashing the Tiger Economy (Towards Integration, Growth and Economic Resiliency.”