The Philippines’ push for the concept of “inclusive business” in its hosting of the Asia-Pacific Economic Cooperation has spread to industrialized economies including the powerful Group of Twenty.
International Finance Corp. global head for inclusive business Eriko Ishikawa said in a news briefing Thursday that members of the G20 agreed to come up with a platform for inclusive business.
“G20 will come up with a platform for IB within the week,” she said, during a briefing that set the tone for the high-level dialogue held at the Manila Peninsula Hotel in Makati City.
She said the high-level group already came up with its own definition of inclusive business, that would be its guidance in adopting inclusive business models.
Trade undersecretary Adrian Cristobal Jr. said Peru, next year’s host of Apec Summit, agreed to continue promoting inclusive business as a major agenda. The Philippines introduced IB to Apec this year.
“Everything in IB is still under discussion. It is important we identify and maybe tweak some measures that will help promote and strengthen IB for companies that are already into this. The continuity of this as a business model plan by APEC will hasten the development of IB in the region,” Cristobal said.