MANILA -- President Ferdinand R. Marcos Jr. on Thursday called on his fellow Asia Pacific Economic Cooperation (APEC) leaders to continue allowing and encouraging innovations and structural changes.

The President addressed fellow leaders at the APEC CEO Summit in Thailand, where he discussed food security, global health systems and climate change, among other pressing issues.

During the question-and-answer portion, the President stated that he agrees with Robert E. Moritz, Global Chairman of PricewaterhouseCoopers, that the changes that need to be made are structural.

“They have to be done structurally because this is a different world. This is a different economy. And as we were discussing in the green room, he says we’re not playing catch-up. And I said, even if we were, what are we trying to catch up to? 2019? I don’t think that that’s the plan,” Marcos said.

“We cannot be too married to the ideas that we were holding as truths before and we have to be willing to make big changes but with the recognition that from what is actually happening around the world,” the President pointed out.

The chief executive, likewise, noted that in making structural changes, innovation should be allowed or encouraged.

“But when we make these structural changes, I’d like to pick up on the point that Dr. Schwab made on innovation… We must still continue to encourage innovation and to recognize innovations that can actually help and immediately put them into play… if it’s a product to market or if it’s a system to implement that system,” the President said.

Marcos also discussed during the question-and-answer portion the cash transfer payments aimed at cushioning the impact of increasing prices of fuel and food on Filipinos.

“It is actually at this point, it is survival for many of our people simply because prices of fuel, prices of food has risen to such an extent that they simply cannot afford to survive without assistance from the government. And hence we are still presently in the Philippines providing just direct cash transfer payments,” Marcos said.

“This is not something that we prefer to do. I don’t think that anyone is particularly enamored with direct cash transfer payments. But it is the only way that we can mitigate the situation that our people have,” the chief executive added.
President Marcos is in Bangkok to attend the 29th APEC Summit, his first as Philippine leader.

Marcos has vowed to bring with him the country’s hope for a peaceful and prosperous Asia-Pacific region as he joins other leaders in the three-day APEC gathering. (OPS)