ABOITIZ Group president and CEO Sabin Aboitiz has been appointed to the Apec Business Advisory Council (ABAC), the group tasked to provide Asia-Pacific economies with the business perspective on various areas of cooperation.
Aboitiz joined Tomas Alcantara, chairman and president of Alsons Consolidated Resources Inc., and Joanne de Asis, chairperson of Globe Capital Partners LLC, as representatives of the Philippines to ABAC.
“It is an honor for me to be appointed as a member of the APEC Business Advisory Council (ABAC), and represent the Philippines. The Aboitiz Group, through its 100% acquisition of Gold Coin Management Holdings, has significantly expanded our regional footprint and strengthened our position as a key player in Asia-Pacific,” Aboitiz said in a statement Tuesday, June 2, 2020.
“The Aboitiz Group’s participation in ABAC is consistent with our brand promise to advance business and communities — uplifting livelihood, exchanging products and services across the Asia-Pacific region,” he added.
Aboitiz took the helm of Aboitiz Equity Ventures Inc., the publicly listed holding company of the Aboitiz Group, in January 2020.
The Aboitiz Group, which originated in Cebu, is engaged in power generation and distribution, banking and financial services, food manufacturing, real estate, infrastructure and portfolio investments.
The ABAC was established in 1995 by leaders of the Asia-Pacific Economic Cooperation (Apec) to provide advice on the implementation of the Osaka Action Agenda.
It is composed of three business executives from each member economy. ABAC Philippines is chaired by Alcantara.
Aboitiz’s appointment letter was signed by President Rodrigo R. Duterte on May 15, 2020. He assumed the post vacated by Lance Gokongwei, president and CEO of JG Summit Holdings Inc., as ABAC Philippines member.
This year, ABAC adopted the theme “Integration, Innovation, and Inclusion” and will focus on the following priorities: accelerating trade and investment liberalization, strengthening APEC’s commitment to a rules-based multilateral trading system, promoting trade and services competitiveness and facilitation; digital transformation, inclusive economic growth, building resilient and sustainable communities, and driving a seamless and comprehensively connected Asia-Pacific.
In response to the challenges posed by the coronavirus disease 2019 (Covid-19) crisis, ABAC Philippines has drafted recommendations that address its identified work programs on supporting micro, small and medium enterprises, ensuring supply chain resilience, promoting markets for goods and services, and strengthening digital connectivity.
ABAC Philippines believes that in adopting various fiscal policies, the government can support the resumption of work and production, which would consequently ensure the smooth functioning of the global supply chain.
It also recommended strengthening broadband infrastructure, facilitating cross border data flows, and the application of digitally-enabled technology to support pandemic response and recovery.
ABAC Philippines further recommended the removal of export restrictions and bans on essential goods, reduction of non-tariff barriers including the movement of essential workers, and the development of a regional framework strategy on economic and structural responses and future pandemic planning. (SunStar Philippines from PR)