APEC-uliar PHILIPPINES

The Philippine Competitiveness in APEC Settings

Authors: Batuigas, Agner O. (2014-102988)

agnebatuigas@gmail.com
Mallari, Rose P. (2014-102955)
oshmallari@gmail.com
Rama, Jeffrey M. (2016-102027)
jrama65@gmail.com

Abstract: Philippines “The land of the Rising Sun” is considered a fast-growing economy this days,
different strategies and programs of the Duterte’s Administration to raise the economic
growth of the country and to become a globally competitive nation are very rampant these
years and this ambitious movement are facts that the Philippines is rising from ashes it has
been from past centuries. According to the Philippine Development Plan 2017-2022, the
Philippines are planning to achieve a safe and trusting environment when everybody can
have an equal opportunity to all aspect of the society. With this Philippine can achieve a
MATATAG, MAGINHAWA, AT PANATAG NA BUHAY or the AMBISYON NATIN (Vision
of the Philippines) 2040. By this amazing vision, goals and objectives of the government,
Philippines is ready to become more globally competitive in all aspect. The only question
here is that does the Philippines are really competitive enough in the APEC settings? What
are the things that Philippines have, to become a competitive nation? This term paper will
discuss what are the competitiveness sides of the Philippines aligned to the APEC Setting
that is mainly composed of the countries Australia, Brunei, Canada, Chile, People’s
Republic of China, Republic of China (Taiwan), Hongkong, Indonesia, Japan, South Korea,
Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore,
Thailand, United States, and Vietnam.

Keywords: APEC, APEC Services Competitiveness Roadmap Implementation Plan (2016 – 2025),
Sustainable Development Goals, Philippine Development Plan 2017-20122, Ambisyon Natin
2040

INTRODUCTION

“In 2040, we will all enjoy a stable and comfortable lifestyle, secure in the knowledge that we have enough for
our daily needs and unexpected expenses, that we can plan and prepare for our own and our children’s future.
Our family lives together in a place of our own, yet we have the freedom to go where we desire, protected and
enabled by a clean, efficient, and fair government." – Vision of Filipinos for Self

APEC has grown to become a dynamic engine of economic growth and one of the most important regional forums
in the Asia-Pacific. Its 21 members economies are home to around 2.8 billion people and represent approximately
59 per cent of world GDP and 49 per cent of world trade in 2015. As a result of APEC’s work, growth has soared
in the region, with real GDP increasing from USD 19 trillion in 1989 to USD 42 trillion in 2015. Meanwhile,
residents of the Asia-Pacific saw their per capita income rise by 74 per cent, lifting millions out of poverty and
creating a growing middle class in just over two decades. Bringing the region closer together, reducing trade
barriers, and smoothing out differences in regulations have boosted trade which, in turn, has led to this dramatic
increase in prosperity. Average tariffs fell from 17 per cent in 1989 to 5.2 per cent in 2012. During that same time
period, the APEC region’s total trade increased over seven times—outpacing the rest of the world with two-thirds
of this trade occurring between member economies.
1.1 Importance of APEC in the Philippines

Apec (or Asia-Pacific Economic Cooperation)

is important to the Philippines for several
reasons. It accounts for 64 percent of foreign
direct investments, 84 percent of exports, and
63 percent of our overseas Filipino workers.
Here’s a snapshot of some areas we are
currently discussing. Micro, small, and
medium-scale enterprise (MSME)
development. MSMEs account for over 90
percent of businesses and employment in the
Philippines but only for a fraction of that in
terms of contribution to GDP and exports.
Abac is working to integrate MSMEs into
domestic and global value chains, seek greater
Figure 1 APEC Summit access to finance, and enable MSMEs to enter
into cross-border business through e-commerce. These are all challenging areas in the Philippines. While more
MSMEs are entering into supply chains and inclusive business models with large corporations, we still have a
long way to go. And while more Filipino consumers are shifting to e-commerce for some of their consumption,
very few Philippine MSMEs are actually engaged in international trade through the internet.

Infrastructure development and finance. Across Asia, it is estimated that infrastructure needs in 2016-2030 will
amount to $27 trillion. Every $1 billion in infrastructure spending generates about 200,000 direct jobs. Consistent
spending of up to 5 percent of GDP on public infrastructure (which the Philippines is currently doing) will add 5-
6 percent to GDP over time. While various modes of infrastructure finance have been discussed in Abac, a new
topic of discussion has opened up on Islamic infrastructure investments. For the Philippines and the six Asean
members within Apec, this could become a new and important source of financing. We are told that half of
Malaysia’s public infrastructure was funded through Islamic financing.

Services agenda. The services sector is an important contributor to the Philippine economy. It accounts for 56
percent of GDP and 60 percent of employment and has been growing at 6.6 percent annually. It is in our interest
to maintain an active stance on a regional-services agenda. From a broad perspective, the services sector includes
services that are outsourced into the country and performed domestically and services that are performed overseas
by people who move overseas to perform the work. Both areas are important to us because they represent two
large and growing sectors—the outsourcing industry and overseas Filipinos. From this perspective, the movement
of people and services are important to the Philippines because we have the skilled human resource base to draw
on.

Digital innovation. This new policy discussion will focus on the opportunities and adjustments to the economy
that will be brought about by artificial intelligence, robotics, machine learning, and other new technologies. It is
estimated that as much as 80 percent of today’s jobs may be changed significantly or eliminated in the next 40-
50 years and replaced by an even larger number of new jobs. The impact on society will be enormous. The
implications on today’s educational system and curriculum will be massive. What do we do with the people whose
jobs will be lost? Can they be retrained for the new jobs? How do we educate and train people for the jobs of the
future when we don’t even know what those jobs might be? The conventional wisdom is that education must be
lifelong, but there is no consensus yet on what should be taught, and how. I am wondering whether the
Departments of Trade and Industry, of Education, and of Science and Technology in APEC have started a
conversation on this topic. These are just some of the topics that regularly come up for discussion in ABAC and
APEC. We hope to give you more regular updates on how we plan to promote Philippine interests in these areas.
1.2 President Rodrigo Roa Duterte on APEC Summit

Figure 2 President of the Philippines in APEC Summit 2017

1
Philippine President Rodrigo Roa Duterte was invited to speak at the APEC CEO Summit in Da Nang on
Thursday, in his capacity as Chair of the Association of Southeast Asian Nations for 2017. The Philippines was
a founding member of APEC. These are ten things President Duterte had to say about APEC, globalization, and
free trade. The following are the things that the president of the Philippines talked about:

1.2.1 On Asia-Pacific trade

“The concept of Asia-Pacific trade is not new. Close to five centuries ago the Manila-Acapulco galleon trade
flourished for 250 years. The Trans-Pacific exchange foreshadowed our modern-day trade.”

1.2.2 On the importance of APEC

“Twenty-eight years after its founding, APEC has remained a driving force in the engine of world economic
growth. Individual and collective efforts of APEC members have generated a total GDP rise to account for 59 per
cent of the world’s nominal GDP.”

1.2.3 On the diversity of member economies

“Diversity will always pull us in separate directions, but regional integration, anchored on open trade, will allow
us to maximize the opportunities presented by global trends like cross-border flows and digital development.”

1.2.4 On inclusive growth and small businesses

“Ecommerce platforms such as the Pacific market place, will not only help realize the potential of liberal markets,
but will also promote inclusive growth by drawing MSMEs into the digital economy, and allowing them to
expand.”

1.2.5 On connecting people and organizations from across oceans

1
Da Nang, Viet Nam (11 November 2017) Asia-Pacific Economic Cooperation.
www.apec.org/Press/Features/2017/1111_ph
“As the fulcrum of several integrated mechanisms as ASEAN and Pacific Alliance, APEC can be instrumental
in promoting more inter- and intra-regional trade, and investment and people-to-people connectivity between
other economic bocks.”

1.2.6 On connectivity

“The backbone of integration is stable and robust connectivity. Just as the galleons were in the 16th Century
trans-Pacific trade. Since ASEAN is a region of vast physical divide, a stable, interconnected and integrated
infrastructure is a necessary backbone of our progress.”

1.2.7 On the goals of APEC and the ASEAN

“The ASEAN Masterplan on ASEAN Connectivity in 2025, and the APEC Connectivity Blueprint of 2015-
2025 can complement each other in establishing a seamless and comprehensively connected and integrated
region, which in time will serve as the foundation of the FTAAP.”

1.2.8 On inclusivity through both competition and cooperation

“To unleash the potential of globalization, we must create an inclusive environment where everyone has the
opportunity for growth. This can be achieved through the promotion of competition, complementation and
cooperation among businesses.”

1.2.9 On the relevance of APEC after 2020

“The reality is that APEC will only be relevant if prosperity is shared by all.”

1.3 APEC Services Competitiveness Roadmap (2016-2025) Implementation Plan

In November 2015, APEC Leaders endorsed the APEC Services Cooperation Framework1, committing to
develop the services sector as an enabler of economic growth and inclusion. Leaders instructed officials to develop
a strategic and long-term Services Competitiveness Roadmap with the adoption of a concerted set of actions and
mutually agreed targets to be achieved by 2025. This Roadmap gives effect to the instruction by APEC Leaders.
It is the product of many years of discussions on services issues within APEC and with its constituent bodies. In
this respect, credit should be given to the role played by the APEC Business Advisory Council (ABAC) and the
Pacific Economic Cooperation Council (PECC) in helping to develop the Roadmap. The Centrality of Services
to Economic Growth Services are a major contributor to productivity and growth within APEC. Improved
competitiveness in services sectors as well as growth in services trade through open, equitable and predictable
economic environment are key means by which APEC can boost its economic growth.

1.3.1 The Centrality of Services to Economic Growth

Services are a major contributor to productivity and growth within APEC. Improved competitiveness in services
sectors as well as growth in services trade through open, equitable and predictable economic environment are key
means by which APEC can boost its economic growth.
 Figure 3 APEC Service Sector

Figure shows that the services sector – covering activities such as telecommunications, e-commerce,
transportation, finance and banking, engineering, construction, legal, healthcare and education services -
accounts for around 60 percent of the average GDP of APEC economies. For some economies the proportion is
considerably higher than this.

1.3.2 Advances in information and communications technology enabling services trade

Much of this competition is taking place on the basis of technologies that are disruptive in nature. Services
employing disruptive technologies are already quite evident in such areas as finance, transport and
accommodation but are rapidly being applied to other areas such as electricity provision. A key feature of
disruptive technologies is that they permit service providers to achieve much greater productivity from existing
physical resources. They also provide for much greater participation of previously more marginalized participants
(ex. Micro Small and Medium Enterprises (MSMEs)) in the provision of services.

1.3.3 Growth in Global Value Chains (GVCs)

APEC is the hub for some of the world’s most well-developed GVCs. International trade can no longer be
understood in terms of trade in finished goods and services produced by a firm in one economy and then delivered
to an unrelated party in another. Such trade increasingly involves a combination of intermediate inputs sourced
globally to produce finished outputs that are sold to the world as whole. The rise of GVCs has been underpinned
by improvements in information and communications technology.

1.3.4 Growing importance of embodied services

GVCs in manufacturing, mining

and agriculture are increasingly
characterized by the presence of
both embedded and embodied
services.3 For some firms, the
provision of such services has
become so prevalent that they have
made the transition from
predominantly supplying products
to predominantly providing
services. What is more, such
services are provided at every stage
of the value chain.
Figure 4 APEC Growing Economy
1.4 The Benefits of the Competition in the Philippines

Competition can be a powerful force in

generating productivity improvements in
services sectors. It exerts pressure on firms to
offer services at lower prices and improved
quality as well as to innovate to meet
consumer demands. Competition, however, is
limited in many services sectors, particularly
in certain infrastructure services which have
some or all of the characteristics of natural
monopolies. Improving competitive
conditions in such sectors, both through
improved domestic and international
competition, presents a major challenge to
APEC policy makers.
Figure 5 President of the Philippines meeting other
Presidents
Well, APEC goals and objectives are really beneficial to the Philippines, though some people may think that it is
just a threat, in a global speaking its just promotes equality to all members of the association. The competition is
a rising platform to showcase each and everyone’s capability and talents in different field of life.

1.4 Competitiveness of Philippines in the APEC settings

Philippines is ASEAN’S fastest growing

2

economy and now going number 1 in the

world for 2015 in investment destination, a
place with a good investment climate. It has a
strong economic fundamental, good
governance, lots of skilled workers that are
educated and motivated. World Bank said that
“The Philippines is no longer a sick man in
Asia, It’s now Asia’s rising tiger.” An
international bank HSBC predicted that in the
next few decades the Philippines will likely be
the world’s 16th biggest economy, helped by
Figure 6 Rising Economy of the Philippines demographics and rising education standards,
with the Philippines set to leapfrog 27 places
to become the 16th largest economy by 2050. The bank also said in a report from “The World in 2050” that plenty
of places in the world look set to deliver very strong rates of growth. But they are not in the developed world,
which faces both structural and cyclical head winds. They are in the emerging world. HSBC additionally
purportedly anticipated China’s takeover of the number one slot from the United States and the rise and fall of
some of the world’s most progressive economies, especially the ones in Europe. According to HSBC, only five
European nations will be in the top 20, compared to eight today. The biggest drop will be felt in northern Europe:
Denmark to 56th ( -29), Norway to 48th ( -22), Sweden to 38th (-20) and Finland to 57th (-19).

ON November 17 President Duterte arrived in Lima, Peru, where the Asia-Pacific Economic Cooperation (APEC)
summit is being held. Reports say he will be meeting with Russian President Vladimir Putin and China’s Xi
Jinping. The Philippines is one of the 21 Pacific Rim countries participating in APEC summit, an economic, trade
and investment forum. We are one of the founding members of APEC when it was established in 1989. APEC
has effectively reduced tariffs and other trade barriers in the Asia Pacific. All of its activities are being done to

2
Manila Livewire (2017). Philippines is now a Rising Tiger in Asia and will be #1 by 2050.
www.manilalivewire.com/2015/10/philippines-is-now-a-rising-tiger-in-asia-and-will-be-1-by-2050/
improve the economies of the nations involved, energize trade and increase exports. US President Barack Obama,
Russia’s Putin and China’s President Xi Jinping were scheduled to address the summit. Japanese Prime Minister
Shinzo Abe is also one of the leaders present at the meeting.

APEC is relevant and powerful because the member-economies of APEC account for approximately 40 percent
of the world’s population, 60 percent of the global economy and 44 percent of world trade. And for this particular
summit, the leaders and participants are anticipating changes because of recent developments: the election of
billionaire Donald Trump as America’s president, and the perceived emergence of Russia and China as the
region’s new economic powers. It is expected that the world leaders will be discussing their free-trade agreements,
which are facing peril amid Trump’s pronouncements against international free trade. China is, in fact, proposing
an APEC-wide Free Trade Area of the Asia-Pacific (FTAAP) and a 16-member Regional Comprehensive
Economic Partnership (RCEP), which includes India but not America. It is, therefore, very important for the
Philippines to study its position and strategize to meet the challenges that these changes will surely bring about.
On the home front, the National Economic and Development Authority (Neda) released on November 17 its
statement on the third-quarter performance of the Philippine economy. The Philippine Statistics Authority (PSA)
declared that the country’s economy in the third part of 2016 grew by 7.1 percent, the fastest in Asia and higher
than the increase in the second quarter of this year. The target growth of 6 percent to 7 percent this year will
definitely be reached, according to the Neda Investments powered this economic growth, according to the data
presented. Consumer confidence was high, increasing household and private consumption. The other factors
responsible for the growth in consumption is the low inflation, low interest rates, better labor-market conditions
and the steady growth in dollar remittances from overseas Filipino workers. Government programs, like the
Pantawid Pamilyang Pilipino Program (4Ps), is also seen boosting consumer demand

Exports rose 7.8 percent and the agriculture sector has started to show signs of recovery, growing by 2.9 percent
and finally breaking five consecutive quarters of decline. Growth of our industries was recorded at 8.6 percent,
with manufacturing and construction leading the third-quarter performance. The utilities industry was steady,
while services was at 6.9percent. Overall, it was a good quarter that bodes well for the country’s holiday
celebrations and the arrival of a New Year. We are hoping that the coming year will be even better for the country
and all Filipino families.

1.4.1 Trade and Industry of Philippines Competitiveness to APEC Settings

APEC, or the Asia Pacific Economic Cooperation, was established in 1989 by 12 economies (including the
Philippines) and became a non-binding and voluntary forum where trade, investment and economic cooperation
issues are discussed. Since its establishment, APEC now has 21 member-economies. APEC operates on the basis
of non-binding commitments and open dialogue. Decisions made within APEC are reached by consensus and
commitments are undertaken on a voluntary basis. APEC works towards economic growth and prosperity in the
Asia Pacific region through regional economic cooperation to achieve the APEC Bogor Goals of free and open
trade and investment.

To achieve the trade and investment liberalization and facilitation objectives, APEC focuses its work on 3 pillars:
(1) trade and investment liberalization; (2) trade and investment facilitation; and (3) economic and technical
cooperation (ECOTECH).

1.4.2 Architecture of the Philippines Competitiveness to APEC Settings

3
The APEC Architect project is an initiative of the APEC Human Resources Development Working Group
(HRDWG), one of a number of sectoral groups established to implement APEC programs. The project was
endorsed by the HRDWG at its year 2000 meeting in Brunei as a direct response to the Groups’ strategic priority
of facilitating mobility of qualified persons by developing a means for the mutual recognition of skills and
qualifications The APEC economies participating in the project have developed a mechanism by which current
restrictions on the professional recognition of architects from other economies would be reduced or removed. A
set of principles and operational framework for the creation of an APEC Architect Register has been agreed upon.

3
APEC Architect Philippines. http://www.apecarchitects.org/files/pdf/apec_operations_manual_2006.pdf
Registration as an APEC Architect provides evidence of the achievement of professional standards that satisfy
the requirements for the recognition of architects by host APEC economies. The GATS identify four modes of
service provision, of which the third, “establishment of a commercial presence” and the fourth, “the presence of
natural persons”, are those that are essentially addressed by the APEC Architect framework. However, the project
will have relevance for all means by which architectural services are exported. The APEC Architect Register is
managed by the APEC Central Council through the respective local Monitoring Committees in the APEC
economies. Member economies of the APEC Architect Central Council 2005 are: Australia, Canada, People’s
Republic of China, Hongkong China, Japan, Korea, Malaysia, Republic of Mexico, New Zealand, Republic of
the Philippines, Singapore, Chinese Taipei, Thailand and the United States of America.

List of Filipino APEC Architects (as of July 1, 2017)

Figure 7 List of APEC Architects in the Philippines

A candidate for registration as an APEC Architect must be currently

registered / licensed or otherwise professionally recognised as an
architect in the economy that maintains the section of the APEC
Architect Register to which application for admission is made.
Architects must demonstrate to the appropriate Monitoring
Committee that they have completed an accredited / recognised
program of architectural education, fulfilled pre-registration
experience requirements, have practised for at least seven years as
registered / licensed architects and satisfied any additional
requirements, all in accordance with criteria determined by the
Central Council.

Architects may only be enrolled on the section of the APEC

Architect Register in their home economy, unless otherwise
provided by this Manual. Architecture in the Philippines is also
competitive in the APEC Settings. As a matter of fact, Philippines
are having 54 great APEC Architects as of 2017, this is a point that
Figure 8 The proponent with Ar. Philippines are very competitive in this profession. The proponent
Gurrero, an APEC and ASEAN is lucky to have a one on one talked with one of the APEC and
Architect also an ASEAN Architect, Ar. Miguel C. Guerrero.
1.5 Growth Potential of Philippines due to APEC

Figure 9 The Philippine Sectors and APEC

The Services sector produces intangible (invisible) outputs – the application of labor, skills, and technology – that
change the condition of products or persons, or that facilitate transfer of knowledge or ownership, among others.
The Business Process Outsourcing industry, for example, typically provides such services as technology-driven
customer support, exchange of technical and administrative knowledge, marketing, and logistics for products.

The Philippines is widely acknowledged as a source of high-quality human resources in services trade. For one,
the country is a net exporter of services due to a strong IT-BPM (Information Technology-Business Process
Management) sector, especially in legal, accounting, tax consultancy, bookkeeping and auditing, business and
management consultancy, engineering services, and computer and information services. Several sectors have also
expressed interest to engage in services trade and promote the country as the best in their respective industries.
These include the maritime sector, professional services, smarter analytics, and franchising. This creates more
employment and business opportunities. For example, in electrical and optical equipment, MSMEs could enter
the value chain by providing relevant services that will match the industry needs. In the preproduction stage, this
type of services could include research and development, consulting, prototyping, and design. In the production
stage, there may be assembly, transport, logistics, and engineering services. In the post-production stage, there
are marketing, advertising, sales, and branding services, among others. As the country continues to undergo
reforms and move toward a more business-friendly environment, more investments are expected to come in.

1.6 Role of the Philippines’ APEC hosting in Services

The Asia-Pacific Economic Cooperation (APEC) recognizes that the services sector is the largest economic sector
and is a major employer in most APEC economies. As it is also a major contributor to productivity growth of
economies and firms, a number of APEC working groups, committees and sub-committees such as those working
on electricity, finance, and telecommunications have included services in their discussions. For this year’s
hosting, the Philippines is advancing the APEC Services Cooperation Framework (ASCF), which aims to provide
a common direction and better coherence of strategies among APEC member economies to enhance the
competitiveness of the services sector.

 Addressing services and investment restrictions;

 Prioritizing services in the development agenda;
 Balancing competing objectives in terms of regulations;
 Reducing unnecessary differences in regulations across economies; and
 Mitigating regulatory externalities

The APEC Services Cooperation Framework was endorsed to ensure that all citizens can benefit from and
contribute to high quality growth. Officials of APEC members countries were instructed to develop a strategic
and long-term Service Competitiveness Roadmap in 2016, and to adopt a concerted set of actions and mutually
agreed targets to be achieved by 2025. As APEC moves toward the realization of the Free Trade Area of the Asia
Pacific (FTAAP), with 21 economies working together for a more open and liberal regional trade environment,
reforms in the services sector will definitely open opportunities for the MSMEs and the labor force in the
Philippines and throughout the Asia Pacific region.

CONCLUSION
By all of this information, we can say that Philippine is now competitive in any aspects of global community,
even though the Philippines are lacking to some resources, the diversity and the strategic location of this made
the country a point of transaction whether in business, tourism, communication, professions and other. Philippines
economic dynamism is considered a great point for the Philippine to even welcome the global stage in the
nationwide arena. Philippines economy become more competitive because of the governments vision to the
country and its effect to the global community.

In architecture, Philippine shows a great potential because of the presence of 54 APEC Architects as of July 2017,
and this means that Filipinos are aiming also to showcase what they’ve got as a united nation and as a professional
with diverse culture, traditions and theories but have one goal and that is to raise the Philippine Architecture to
an Arena of Success.

Philippines has full of potential to be known globally in all economic factors, but it’s in the Filipinos, if they want
to step up in their game and become a change they wanted to be to the Philippines. Government and some Private
sectors are giving the A’s or best so it’s also upon all the individuals if they wanted to help in reaching the
Ambisyon Natin (Vision of the Philippines in 2040) to have a trust and safe community, inclusive opportunities
and etc. As APEC promotes an Inclusive economic opportunities and it very aligned to the Philippine
Development Plan 2017- 2022 to have a inclusive dynamism and competitive nation, as well as to the United
Nation Sustainable Development Goals that are a call for action by all countries – poor, rich and middle-income
– to promote prosperity while protecting the planet. They recognize that ending poverty must go hand-in-hand
with strategies that build economic growth and addresses a range of social needs including education, health,
social protection, and job opportunities, while tackling climate change and environmental protection. We can
totally say that Philippines is very an APEC-uliar Nation. Philippines are now competitive with the
requirements in APEC Settings.

REFERENCES
Da Nang, Viet Nam (11 November 2017) Asia-Pacific Economic Cooperation.
www.apec.org/Press/Features/2017/1111_ph

Manila Livewire (2017). Philippines is now a Rising Tiger in Asia and will be #1 by 2050.
www.manilalivewire.com/2015/10/philippines-is-now-a-rising-tiger-in-asia-and-will-be-1-by-2050/

Sustainable Development Goals (2017). www.un.org/sustainabledevelopment/

APEC Services Competitiveness Roadmap (2016-2025). www.apec.org/Meeting-Papers/Leaders-
Declarations/2016/2016_aelm/2016_Annex%20B
APEC Architect Philippines. http://www.apecarchitects.org/files/pdf/apec_operations_manual_2006.pdf
ASIA PACIFIC ECONOMIC COOPERATION (APEC) 2017. www.dti.gov.ph/international-commitments/apec
Achievements and Benefits of APEC (2016). www.apec.org/About-Us/About-APEC/Achievements-and-
Benefits
APEC Action Plans (2017). www.apec.org/About-Us/How-APEC-Operates/Action-Plans
Rising Tiger Philippines Posts Some of the World's Fastest Growth (January, 26, 2017).
www.bloomberg.com/news/articles/2017-01-26/asia-s-new-growth-leader-takes-over-from-fading-tiger-
economies