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:
MANILA, Philippines (The Adobo Chronicles) – Ten member economies of the Asia-Pacific Economic Cooperation (APEC) will be in attendance at the APEC Economic Leaders’ Meeting (AELM) in Manila on November 18 to 19.
At least 1,800 domestic and international flights will be affected by the closure of the Ninoy Aquino International Airport (NAIA) runway as part of preparations for the arrival and departure of APEC leaders in Manila, including US President Barack Obama, for the summit.
NAIA terminals will be used exclusively for the heads of state attending the APEC meeting.
No other airport in the world closes its runways or terminals during international meetings. Only in the Philippines.
As a result of the airport closure, the Philippines’ own Economic Development Authority and Department of Tourism have said that the country will lose millions of dollars because of cancellations of business meetings and tourism trips to the Philippines.
Airlines and hotels have reported that customers have cancelled their reservations as a result of the APEC meeting. Other local businesses stand to lose potential revenue as well.
MANILA, Philippines (The Adobo Chronicles® ) – President NoyNoy Aquino will have a lasting legacy to leave behind when his term as president expires in 2016.
Today, Aquino announced that the Philippines is now officially a “rich country,” thanks to his administration’s economic and social programs over the last five years. “We’re now at par with first world countries in the West,” he said.
Aquino made the announcement after receiving a report from the Japanese Cooperation Agency (JICA) confirming that the Philippines is losing 2.4 Billion pesos daily because of the traffic situation in Metro Manila.
The JICA report noted that because of daily congested traffic, workers report late to work, business meetings are cancelled, commercial transactions are jeopardized, and delivery of goods and services come to a stand still. In other words, productivity is cut by more than half, which is costing both government and private enterprises huge revenue losses.
But Aquino and his technocrat advisers are looking at the positive side to this loss of revenue. The president said that the fact that “our country can afford to lose billions of pesos every single day means we have the money to spare, and only rich countries have that capability.”
Is it any wonder then that the government seems disinterested in solving the nightmarish transportation and traffic problems of the country, especially in Metro Manila?