Our column last Jan. 19 welcomed the members, staffers and guests of the Apec Business Advisory Council (Abac) Meeting that was held on Jan. 20 to 23 here in Manila. Abac brings together business leaders from each of the Apec’s 21 economies to identify policy priorities and key concerns of the business sector.
In 2016, China’s share of the global economy will be larger than America’s in purchasing-price-parity terms. This is an earthshaking development; in 1980, when the United States accounted for 25 percent of world output, China’s share of the global economy was only 2.2 percent. And yet, after 30 years of geopolitical competence, the Chinese seem to be on the verge of losing it just when they need it most.
Since the maritime standoff at Scarborough Shoal in April, when the Philippines accused Chinese fishermen of poaching in its exclusive economic zone, not a week has passed without an ever-expanding incursion by Chinese boats in disputed waters in the West Philippine Sea (South China Sea).
No one can stop China from claiming “indisputable sovereignty” over the West Philippine Sea (South China Sea)—except China itself or the authoritative power of world opinion.
Unfortunately, across most of the Asia-Pacific region, the returns on higher education are not high enough when viewed in terms of economic returns. The parallel problems of unfilled job vacancies together with unemployed tertiary graduates showed that higher education was not yielding the expected benefits.
Honolulu. If he has not left yet, I would advise President Aquino to skip the APEC Summit here in Honolulu. It’s really not worth his time or the country’s money.
