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.
MANILA, Philippines (The Adobo Chronicles ) – World leaders attending the Asia Pacific Economic Cooperation (APEC) Summit in Manila are having a unique historical lesson by experiencing first hand how Filipinos stage a people power revolution, similar to that which ousted dictator Ferdinand E. Marcos. It is a different time, but the same venue: EDSA, Metro Manila’s main, crowded thoroughfare.
The Adobo Chronicles 
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