Government, private sector converge for inclusive business model for poor

MANILA, Philippines – Government and private sector leaders will converge this week in a high-level meeting to explore opportunities on how inclusive business can provide well-paying jobs and high-quality services to poor communities.

Following discussions in Cebu in August and September, an Asia-Pacific Economic Cooperation (APEC) High-Level Dialogue on Inclusive Business will be held on Nov. 12.

“Inclusive business models allow companies to engage poor and low-income communities as partners, customers, suppliers, and employees in their supply chains,” Trade Undersecretary Adrian Cristobal Jr. said.

“In our experience, these models result in spreading the benefits of growth to the poor and we aim to promote them in APEC,” said Cristobal, who also serves as Board of Investments (BOI) managing director.

He said the government has identified a number of successful inclusive business models in the Philippines and is promoting these to companies.

The trade official said further that the BOI is also considering aligning industry incentive systems to prioritize companies that have integrated the inclusive business model into their businesses.

The DTI said the high-level dialogue aims to establish a deeper and common understanding of inclusive business among APEC members so that this year’s work could continue when Peru succeeds the Philippines as APEC chair next year.

Multilateral development banks such as the Asian Development Bank and the Inter-American Development Bank, as well as the International Finance Corporation and the United Nations Development Programme’s Call to Business Action platform will be participating in the dialogue along with luminaries from the private sector.