12 December 2014 – Asia Pacific Economic Cooperation (APEC) Senior Officials set “Investing in Human Capital Development” as one of the key APEC 2015 priorities at the recently concluded APEC Informal Senior Officials’ Meeting (ISOM) which was held from December 08 to 09 in Manila.
At the Symposium on APEC 2015 Priorities on 08 December, APEC Senior Officials and experts from the academe and multilateral institutions emphasized the importance of an educated, skilled and competent workforce in sustaining competitiveness and attaining inclusive growth. For growth to be truly inclusive i.e. that no one is left behind, people must be prepared and equipped to adequately absorb and manage the changing economic environment in order to feel its benefits.
The challenges brought by new technologies that increase the “volume, velocity, and variety” of knowledge and information flows emphasize the need for science and technology-based education and skills development, said Dr. William G. Padolina, President of the National Academy of Science and Technology of the Philippines. We need “talent employment, talent incubation, and talent creating employment”.
In his presentation, Mr. Ramon Del Rosario, CEO of the Philippine Business for Education (PBED) emphasized the “education constant” or the power of education in achieving inclusive growth.There are new basic skills to be learned, with innovation and upgrading of the educational system as key. Basic education is the starting point, and it must be done right. A lack of quality basic education disadvantages a person for life. Both the public and private sectors must contribute to this vision.
“Growth coupled with equality of opportunity” is necessary in closing the human capital gap, echoed Mr. Juzhong Zhuang, Deputy Chief Economist of the Asian Development Bank. “Cross-country studies show one additional year of schooling predicts a significant increase in average annual growth in the long run”.
Guided by experts’ views and analyses and in line with the theme of “Building Inclusive Economies, Building a Better World”, APEC 2015 will put premium in investing in human capital development across the APEC platform, including the Human Resource Development Working Group (HRDWG) Meeting in January and the High-Level Policy Dialogue on Human Capacity Building in May.
APEC Senior Officials will meet again at the First APEC Senior Officials’ Meeting and Related Meetings in Clark, Pampanga from January 26 to February 07, 2015. END