A partner for the private sector in economic recovery

Commerce Secretary Alfredo Pascual on Thursday acknowledged the importance of working closely with the private sector in maintaining economic growth.

n Minister of Trade and Industry Alfredo Pascual. DTI file image

Speaking at the 54th Association of Southeast Asian Nations (ASEAN) Economic Ministers Meeting and Business Advisory Board (ASEAN-PAC) Consultation, Pascual said the Philippines welcomes the efforts of the private sector in supporting economic growth and development in the region.

These efforts include the role of the private sector in supporting the region’s response to the COVID-19 pandemic and climate change, as well as advocating for investment in renewable energy.

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“The Philippines recognizes the importance of working closely with the private sector and regular engagement, like our dialogue mechanism today, especially as we work towards economic growth and recovery amid the challenges we face during the pandemic and supply chain disruptions.” He said.

Pascual welcomed the efforts of the Asia-Pacific Association to lead a number of projects and initiatives related to digitization in the Philippines. In particular, he expressed his gratitude to the Asean-BAC Smart Growth Interconnection project that seeks to pilot smart growth centers designed to efficiently distribute goods and services through advanced, integrated supply chain nerve center operations.

In April 2022, a Memorandum of Understanding was signed between the Ministry of Trade and Industry and YCH Group to facilitate a feasibility study for the development of smart logistics infrastructure in Batangas.

Launched in April 2003, Asean-BAC is tasked with providing feedback and guidance to the private sector to advance ASEAN’s efforts toward economic integration. Apart from providing private sector feedback on the implementation of economic cooperation in ASEAN, the Council also identifies priority areas for consideration by ASEAN leaders.

The activities of Asean-BAC mainly focus on reviewing and identifying issues to facilitate and enhance economic cooperation and integration. It holds regular meetings across ASEAN countries and participates in various ASEAN level forums to meet with government and private sector representatives so that all relevant stakeholders have full understanding, acceptance and ownership of the ASEAN integration process.

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