Apec delegates agree to address needs of MSMEs, women, Indigenous traders

THE Apec (Asia-Pacific Economic Cooperation) Business Advisory Council (Abac) concluded its three-day meeting in Cebu City on Sunday, July 30, 2023, at the Nustar Convention Center.

During the press conference, 2023 Abac chair Dominic Ng said Abac wants to make sure that all the suggestions for economic growth and expansion would always take into consideration the needs of micro, small and medium enterprises (MSMEs), women and the Indigenous entrepreneurs with untapped economic potential.

Abac recommendations will be formally presented to Apec leaders at their meeting in San Francisco, California in November. The council prepared detailed recommendations to ministers of finance, health, food security, women and small businesses.

Abac’s job is to provide business insight and counsel for economic leaders of the 21 economies of Apec.

Ng said Abac has developed a “dynamic toolkit” to boost supply chain resilience, drawing on the lessons of the disruptions brought about by the Covid-19 pandemic. He said this will be an important resource for small businesses.

On the sustainability front, Ng said they want climate change to be included in every economy’s growth plans.

Ng noted that the recent heat waves in North America highlighted the need to prioritize responses to the climate crisis and other sustainability challenges.

“Market-based policies, trade in environmental goods and services, renewable energy, and initiatives that leverage private sector capital, ingenuity and leadership have considerable promise, but policymakers also need to act urgently to reduce emissions, adapt to a low-carbon economy and energy, and ensure a just transition for all in our communities,” Ng said.

Frank Gaoning Ning, chairman of the Sustainable Growth Working Group, acknowledged global warming as the first enemy the world faces today.

He said Abac is taking all possible measures to slow down the progress of global warming and foster sustainable and inclusive growth in the region as well as globally.

One of the considerations he mentioned is the use of renewable energy-fueled transit which is a positive step towards promoting sustainable development and reducing the impact of climate change.

He explained that the group will use technology to help with carbon capture and storage, which is a way of reducing carbon emissions that can be achieved by promoting electric vehicles.

But more than ensuring environmental protection, Ng also stressed the need to keep the balance between preserving the environment and helping MSMEs.

“We also want to make sure that while we are focusing on the concern of the climate change issue, we do not on the side cause MSMEs to become collateral damage. We want to make sure that there’s always a balance between helping the environment and also the MSMEs,” he said.

Ng also stressed the need for active and increased participation of MSMEs, women and Indigenous entrepreneurs in multilateral trade and investment collaboration among the 21 economies in the Asia Pacific.

Abac, he said, has put together working groups -- digital innovation, inclusive, sustainability and economic integration -- that will help these sectors find opportunities.

“MSME is always our concern as we progress, especially in technology. One of the areas that we have a specific output is we have developed a cybersecurity toolkit for MSMEs for them to use as they embrace digitalization in their businesses,” said Wong Wai Meng, acting digital innovation working group chair.

Abac also discussed the emergence of generative artificial intelligence, which raises new concerns about ethical governance, responsible development and workforce impacts, along with potential economic and productivity gains.

“Policymakers are scrambling to respond -- the business community needs to be part of the conversation,” added Ng.

Abac is also calling for new policies to increase the number of women engaging in Steam (science, technology, engineering and mathematics) careers not only for greater inclusion, but also for better digital outcomes.

Hafimi Abdul Haadii, chairwoman of the Inclusion Task Force, emphasized that survivability is viewed as a tool for achieving sustainability.

She said Abac is working to ensure the survival of MSMEs facing various challenges.

She said Abac is developing an Environment, Social and Governance (ESG) framework specifically to cater to MSMEs, which they hoped will be adopted in the region.

Meanwhile, Ng expressed his gratitude to Abac Philippines, led by Sabin Aboitiz, for hosting the meeting and creating opportunities for Abac delegates to engage with senior government representatives from central and local government agencies as well as entrepreneurs and business leaders from Cebu.

“While we’ve got a lot of work done, we enjoyed very much the hospitality. The Filipino programs were so exciting and it raised the bar. I don’t think we can ever find another venue that can top what has been offered to us in Cebu,” said Ng.

While in Cebu the 200 delegates of the Abac III meeting were able to experience a “rich exploration of Cebu.” They indulged in Filipino cuisine and toured the city’s notable landmarks.

The delegates also visited Kenneth Cobonpue’s Design Studio and the recently opened National Museum in Malacañang sa Sugbo.

The Abac meeting, which opened Wednesday, July 26, was preceded by a supply chain resilience capacity building workshop co-organized by

Abac USA and Abac Philippines with support from the Cebu Chamber of Commerce and Industry.

About 200 representatives from Cebu-based companies attended the session to learn about ways to make their businesses more resilient in the face of uncertainty.