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23rd WEF Plays Vital Role in PHL Economy – Sen. Bam

Posted On 2014 May 19
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Senator Benigno “Bam” Aquino IV during a discussion on “Enhancing Competitiveness Amidst A Changing External Economic Environment.” Aquino warns that lives of 300,000 people are at stake due to substandard reinforcement bars created from wire rods and used in estimated 60,000 houses in different parts of the country. (MNS photo)

Senator Benigno “Bam” Aquino IV during a discussion on “Enhancing Competitiveness Amidst A Changing External Economic Environment.” Aquino warns that lives of 300,000 people are at stake due to substandard reinforcement bars created from wire rods and used in estimated 60,000 houses in different parts of the country. (MNS photo)

MANILA (Mabuhay) – The 23rd World Economic Forum on East Asia, which will be held in the country from May 21-23, plays a vital role to the Philippine economy with the 2015 ASEAN Integration fast approaching.

“With the spotlight on East Asia, we should take every opportunity to showcase and promote the country’s robust economic growth,” said Senator Bam Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.

Earlier, the World Economic Forum (WEF) described the Philippine economy as one of the “greatest economic comeback stories in recent years.”

The WEF also predicted that the country would be the strongest performing Southeast Asian economy this year, with gross domestic product (GDP) growth projected to surpass 6.5 percent.

“The Forum is an ideal stage where we can entice businessmen to pour investments and establish other ventures in the country, aside from promoting our products and services,” added Aquino, whose office is one of the organizers of the Forum.

Aquino believes that the government and private sector should grab every opportunity to promote the country before the launching of the 2015 ASEAN Economic Community 2015.

“When the integration starts, we expect tight competition from other countries for a lion’s share of the ASEAN market composed of 600 million people,” Aquino said, who is part of the prestigious WEF community and will participate in the events the next few days.

In his speech during the 3rd National Symposium Workshop on Empowering People & Organizations in the Workplace for Excellent Results (E-Power), Aquino stressed the important role of micro, small and medium enterprises (MSMEs) in the country’s economy at the start of ASEAN integration.

“As much as there are risks here, there are opportunities there,” Aquino said, emphasizing that enhancing the quality of our products and services will increase the businesses’ chances to perform favorably in the free market.(MNS)

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