Local and foreign airlines, including private aircraft and chartered planes, lost an estimated $2 billion in revenues following the cancelation of over 1,000 flights at the Ninoy Aquino International Airport (NAIA) for the Asia-Pacific Economic Cooperation (APEC) summit from Nov. 16 to 20. An airline industry expert said the most affected were the budget airlines.

As the APEC meeting comes to a close, experts are trying to fully assess its impact on the Philippine economy, beyond what was already reported about workers losing about a week’s worth of compensation, students missing several days of learning in class, and the widespread effect of road closures on the masses of people.  It cost the Philippine government some $10 Billion to put up the show and host the meeting.

Realizing what they had done to the Philippine economy, APEC leaders have unanimously approved a resolution renaming APEC to APAEC:

Asia Pacific Anti-Economic Cooperation.