“One of the factors to be a real economist in practice and in heart is to effortlessly know what is key and not important for economic development. And with this, one should know that cooperation among nations is requisite to, if not actual development, at least avenues that lead down to actual development.” – Me.
It must be epic to see yourself credible enough to be quoted in written works intended for public viewing, and it must be relatively more epic to see yourself being credible enough as your profession (in my case, as an economist) to be quoted in written works meant for academic ends and information dissemination, even more epic is to name an economic theory and/or model after you.
Nonetheless, let us talk about something epic.
Last October 5-7, Bali, Indonesia hosted another international event (with the Miss World held in Bali just a few days back) that significantly holds on the forwarding of economic interests among nations just as how the organization and the summit itself are named.
The Asia-Pacific Economic Cooperation held its 25th summit with the theme: “Towards Resilience and Growth: Reshaping Priorities for Global Economy”. The 25th summit was held in a format of an APEC CEO Summit which provides avenues for discussion for the leaders from both the public (i.e., head of states) and the private (i.e., company CEOs) sectors alike. The said theme was envisioned with the goals of addressing the priorities of global businesses and seeking how to achieve inclusive, sustainable growth for all APEC economies that means including our nation, the Philippines.
Less of the Summit and more of our participation as our President Benigno Simeon Aquino, III represented us and our interests by forwarding them to the different leaders of both the public and the private sectors in the Asia-Pacific region. According to the flow of program provided by the organizers, one of our key participation is due at the Summit’s conversation on inclusive growth with the theme: “Why Inclusive Growth Matters?” wherein our President was expected to discuss relevant to three questions such as (1) What is inclusive growth about? (2) What are the strategies and policies that work? and (3) What can APEC economies learn from each other?. The said conversation involves the participation of our President together with President Ollanta Humala of Peru and coming from the private sector, Dr. Linda Yueh, Chief Business Correspondent of the British Broadcasting Corporation (BBC)
On the Official Gazette of the Republic (www.gov.ph), an online release of the speech delivered by the President was made readily available for viewing. Fundamentally, the President’s address revolves on the question of why inclusive growth matters. President PNoy emphasized:
“While high rates of economic growth and increased trade and investment remain necessary, these are no longer the sole measure of success for a progressive society.”
Principally, efficiency and equity have always been a point of trade-offs in the economy but with this deepening approach of global economics endearment to inclusive growth, it must be at some point that we may look onto equity as something that assures efficiency for the nation as well; this leads to the transfer of question from dealing with parity between the two to how one sustains the other.
With the numbers telling it all on the level of statistics, we can surely say that the economy is growing and that our country experiences progress. Furthermore, it can be easily claimed that these numbers will reflect their selves in the future as we know the contrast between progress and development. But at the end of the day, we still hope that these figures be reflective of the society, that our nation may come to a point in time where expectations are met at par and that everyone enjoys the benefit of every development.