APEC SUMMIT 2015: APECTIVE OR APEC FAIL?

The Philippines hosted one of the biggest economic leaders’ forum known as APEC Summit
(Asia-Pacific Economic Cooperation) last November 2015 comprising of 21 Pacific Rim member
economies. It was attended by the heads of the government to address economic issues and to promote
free trade across the Pacific region. Majority of the topics tackled by the summit involve human capital
development investments, small and medium enterprises (SME) participation in regional and global
markets, building sustainable and resilient communities, and lastly, the enhancement of regional
economic integration.

In addition, issues about terrorism, territorial disputes, disaster risk preparedness and climate
change were also discussed. Despite the efforts done to ensure the tranquility and smoothness of the
event, problems arose throughout the duration of the summit. After the incident of the Paris attacks,
security measures were strictly implemented which includes a lockdown and closure of main street
roads and rerouting which caused a tremendous traffic jam and inconvenience to commuters and vehicle
drivers. Numerous protests channeled throughout and much to the disdain of some citizens, most of
them wonder how this would benefit the nation itself. Would the efforts and sacrifices made by the
government suffice the need to obtain a progressive and strong economic status here in the country
through economic cooperation?

Diplomacy and utilitarianism is indeed a great tool in addressing some of the major problems
that our country is facing now, but is this enough to fully stabilize the economy and produce global
economic growth and development? We have been experiencing a high trajectory towards an emerging
economy throughout the years with various foreign investments and remittances as Aquino’s
presidential term ends. The economy grew an annual 6.3 percent in the second half of 2015 and
continues to accelerate upward in 2016. Although high statistics revealed the progression of the
economy, it doesn’t fully show much less prove that the Philippines gained economic prosperity still due
to an increase in number of some social concerns such as poverty and corruption especially as the
national elections draw near.