Name: Del castillo, Raevhen.

Course Sec: Bachelor of Science in Foreign Service 201

Subject: International Organization

Professor: Sir. Jumel G. Estrañero

APEC: The Philippines' Benefits

Introduction

The Asia-Pacific Economic Cooperation (APEC) is a global economic conference

established in 1989, which capitalizes on the interdependence of the Asia-Pacific. APEC is also
an economic organization that supports free trade and sustainable development with 21
members and a Pacific Rim group of countries includes the Philippines. Since the cooperative
mechanism of APEC focuses primarily on commerce and the economy, members interact as
economic bodies, the word 'economies' describes members of APEC.

The primary objective of APEC is to make it simple for products, administrations, capital,
and work to get across borders. This incorporates improving boundary customs effectiveness,
encouraging good business environments inside part economies, and blending territorial
guidelines and strategies. The Asia-Pacific Economic Cooperation (APEC) was shaped in light
of the developing association of Asia-Pacific economies. The production of APEC was important
for the late-20th century development of provincial monetary alliances, like the European Union
(EU) and the (now-defunct) North American Free Trade Agreement (NAFTA).

In addition, the Forum has a number of policy and public awareness sub-groups
interested in other micro-issues, such as intellectual property rights and readiness. In
decreasing tariffs, enhancing customs efficiency and decreasing the gap between developing
and developed economies, APEC became vital.
Body

The aim of this interaction is faster customs procedure at borders, more advantageous
business climate behind the borders and the harmonization of legislation and standards
throughout the territory. For instances, a significant move towards integrating the Asia-Pacific
economy is APEC's efforts to coordinate the regulatory frameworks. A single set of international
standards can be more easily sold throughout all economies.

The Philippines joined Asia-Pacific Economic Cooperation (APEC) last November 6 and
7 in the year of 1989. One of the twelve initial members of APEC is the Philippines. APEC,
based upon non-binding and voluntary pledges and open debate, is of relevance to the
Philippines for a number of reasons.

The Philippines directed APEC in 2015 with the subject "Building Inclusive Economies,
Building a Better World," which centers around supporting and creating comprehensive
development in the Asia-Pacific locale as indicated by the branch of exchange and industry.
During 2015, four (4) needs have been distinguished:

1.) Investing in the Development of Human Capital;

2.) Increasing the participation of Micro, small and Medium Enterprises in regional and
global markets;

3.) Creating Resilient and Sustainable Communities; and

4.) Advancing the Agenda for Regional Economic Integration.

For a number of reasons, the Philippines is characterized by  Asia-Pacific Economic

Cooperation (APEC). It represents 64% of our foreign direct investments, 84% of our export and
63% of our Filipino staff abroad. More than 90% of companies and jobs in the Philippines are
represented by micro, small and medium-sized business development or MSMEs, but just a
portion of GDP and exports.
 APEC Business Advisory Council or ABEC seeks to integrate middle enterprises into
local and world values chains, to enhance financing availability, and to assist midsize
companies with e-commerce cross-border transactions. These are all hard places in the
Philippines. While more MSMEs collaborate on supply chains and integrated business models
with larger companies, we are still far from achieved. More Philippine consumers are
transferring some of their e-commerce procurement, whereas only comparatively few
Philippines MSMEs actively participate in external business over the Internet.

Service Agenda, the services industry plays a major role in the Philippine economy. It
accounts for 56% of GDP and 60% of jobs and rises at a rate of 6.6% per year. It is important to
continue to play an active role in the promotion of a regional service agenda. Services
outsourced to the nation, carried out locally, and services given overseas by persons that are
relocated to work are also included in the Services industry.

The Benefits of joining APEC might enhance real GDP in the area as one of its most
important forums. Real GDP grew from 19 trillion dollars (1989) to 46.9 billion dollars (1978).
(2018). Tariffs have also decreased from 17% (1989) to 5.3%. (2018). The region's total trade
has expanded nearly seven times, with the APEC Member Countries facilitating 2/3 of its trade.

The establishment of companies is another factor. APEC launched the EoDB Action
Plan or Ease of Business Action Plan in 2009 in order to do business in a cheaper, easier and
faster way. The objective was to make business in APEC nations easier, faster and cheaper by
2015, with five priorities focused: start-up, credit, cross-border trading, contract enforcement
and license processing.

According to Barral and Quimba (2019). As a component of APEC and one of its 12
founding members, the Philippines has played a major role and has been highly crucial for
many reasons in the implementation of the APEC's non-binding and voluntary commitment. The
Philippines' external commerce was largely based, or originated in, the APEC member
economies. The sum of the exports therefore amounted to 84.11%, which amounts to a total of
$47.4 million. Most of its shares may be connected to electrical items and the remainder shares
to the commodities, machinery, wood-work, equipment and equipment made.
Analysis

APEC is an economic and trade conference that is multilateral, cooperative. Member

economies' participation is based on free discourse and respect for the points of view of all
members. In APEC, all economies have the same say, with consensus being taken in decisions.
No obligatory obligations or contractual duties exist. Commitments are made voluntarily and
capacity building programs assist members in taking action on APEC agendas. Following that,
a number of APEC-funded initiatives are the task of the working groups to implement these
ideas. Members also undertake individual and collective actions to implement APEC policies in
their respective economies, with the backing of APEC capacity-building programs.

Recommendation

The recommendations here on host economy infrastructure priorities build on past APEC
initiatives, while also offering fresh insights into the challenges of development. This study
proposes that people expand overall understanding of all the above facts so that it can
contribute to the future work and task, especially in our country's economy in particular.

Conclusion

APEC efforts help in stimulating and improving domestic producers and sectors'
competitiveness in the Philippines. These measures, supported by the upgrade of domestic
installations to match global standards and the alignment of domestic rules, are of economic
benefit.

The opportunity for local companies to display their products to the leaders of the member
economies, socially and politically whose effect on other companies is out of proportion to their
numbers. The meetings will help, but they haven't requested them. Contacts that may result in
contracts will be established. Knowledge and technology will also be transferred.

Way Ahead

This paper can enable other students somehow to gain insight and understanding on
how APEC has an impact on the country, especially the Philippine economy. It will provide them
with insight and information that could truly aid them with their own thoughts and research. It
also gives everyone an outline of our nation's contribution to Asia-Pacific Economic
Cooperation.

Message to the Professor

To Sir Jumel, thank you is not enough how grateful I am to be one of your students and
for freely sharing your observations and suggestions. You have taught us to be strong at all
times, especially during these difficult times. You also encouraged us to always see the positive
side of things rather than the negative. I've learnt that in order to be successful, you have to put
in a lot of effort, and you are the epitome of that. I've witnessed all of your efforts to provide us
with the best lessons and knowledge that we deserve. I simply hope that as one of your pupils, I
can make you proud of me in some way. You trained me to be a person who will go to any
length to achieve my goals.
Reference:

Asia-Pacific Economic Cooperation. (n.d.). About APEC. Retrieved on May 27, 2021, from:
https://www.apec.org/about-us/about-apec#:~:text=What%20Does%20APEC%20Do%3F,and
%20standards%20across%20the%20region.

Barral, M. & Quimba, F.(2019). The Evolution of APEC and its Role in the Philippine Trade and
Investment. Retrieved from https://pidswebs.pids.gov.ph/CDN/PUBLICATIONS/pidsdps1907.pdf
https://www.apec.org/About-Us/About-APEC/Achievements-and-Benefits

Kenton, W. (2021, April 4) Asia-Pacific Economic Cooperation (APEC). Retrieved from:

https://www.investopedia.com/terms/a/asiapacific-economic-cooperation-apec.asp

Luz, G. (2018). The Importance of APEC to PH. Retrieved May 28, 2021, from https://opinion.     
inquirer .net/110911/importance-apec-ph

Collas-Monsod, S. (2015). APEC: Costs and Benefits. Retrived from

https://opinion.inquirer.net/90299/apec-costs-and-benefits