The Asia-Pacific Economic Cooperation (APEC) was established in 1989.

Its primary
purpose is to facilitate economic growth and prosperity in the region. APECs 21
members aim to create greater prosperity for the people of the region by promoting
balanced, inclusive, sustainable, innovative and secure growth and by accelerating
regional economic integration. APEC pursues these objectives through trade and
investment liberalization, business facilitation, and economic and technical cooperation.
APEC ensures that goods, services, investment and people move easily across
borders. Members facilitate this trade through faster customs procedures at borders.

APEC 2015 was held in the Manila, Philippines, on 18-19, November 2015. The APEC
economic leaders met for two days and people are wondering what they accomplished
in that period. Normally, trade and economic issues are discussed at the annual
meeting. But following the recent attacks in France, the APEC leaders welcomed efforts
to fight terrorism. The leaders collectively said that they strongly condemn terrorism and
called for international cooperation in the fight against terrorist activities. They added hat
economic growth and opportunity were among the most powerful tools to address the
root causes of terrorism and radicalization. New economic strategies were also
discussed, such as: building inclusive economies, fostering the participation of micro,
small and medium enterprises, building sustainable and resilient communities, and
enhancing the regional economic integration agenda. President Aquino said the main
challenge for the economic leaders is finding a way to sustain and strengthen quality
growth, particularly by considering policy responses that promote inclusivity, while
addressing the current domestic and external challenges to APECs growth.

The Philippines reportedly allotted P10 billion to stage the week-long APEC activities.
The governments job is to host the annual meeting, to make the leaders as comfortable
as possible and to make them secure. There are other disruptions like the cancellation
of airlines, the suspension of classes, suspension of office work. So there are
disruptions also in the economy and thats where probably the additional economic
costs would come in. The Philippines may benefit from the APEC hosting, but the gains
would only be realized during the next administration. Hosting the APEC summit was
worth it. The country and its fellow member economies have much to gain, especially if
the economic leaders sustain open trade and investments.