Pinoy businessman elected co-chairman of ABAC body

Filipino business leader Benigno Ricafort was elected co-chairman of the SME caucus during the first meeting in 2001 of the APEC Business Advisory Council (ABAC) held in Scottsdale, Arizona last Feb. 14 to 17.

Ricafort is one of the three Philippine representatives in ABAC. The others are Ambassador Roberto Romulo, Philippine ABAC chairman, and Jose Luis Yulo.

President Macapagal-Arroyo appointed the three men earlier this month as Philippine representatives in ABC. Last October, they resigned from ABAC after former President Joseph Estrada was accused of receiving bribes from gambling lords by Ilocos Sur Governor Luis Singson.

Among the activities that Ricafort will spearhead this year is the SME ministerial meeting scheduled to be held in Shanghai on Aug. 29 to 31. The theme of the meeting will be "New Century and New Challenges: Innovation and Environment for SME Development."

The meeting will also have three sub-themes which are technological innovation for SMEs, financing for SMEs and government small business policies. Also scheduled to take place at the Shanghai meet is the SME Achievements Exhibition and a business forum.

Ricafort is also expected to take the lead in assisting SMEs in the APEC region to take advantage of the opportunities presented by information technology and e-commerce. The caucus will push for the establishment of a global standard for SME e-business readiness by building on the APEC e-commerce readiness program.

In recognition of the vital role SMEs play in all economies, the once informal SME caucus was formalized and more closely integrated into the work of ABAC during the Arizona meeting.

ABAC is made of up to three senior business representatives from each of APEC’s 21 member economies. They are appointed by their respective heads of state to advise APEC Economic Leaders on issues affecting business. Qin Xiao, vice chairman of China International Trust and Investment Corp., chairs the council this year.

The work of the council is managed through committees and task forces. This year’s task forces will work in the areas of trade and investment, finance and technology. In addition, the Action Plan Monitoring Committee will continue to track the progress of APEC’s Individual Action Plans, the key tool for laying out the plans of APEC economies for trade and investment liberalization.