Manila: The Philippines on Thursday officially assumed the ASEAN Business Advisory Council (ASEAN-BAC) chairship during a ceremonial turnover at Malaca±an Palace in Manila. President Ferdinand R. Marcos Jr. witnessed the handover, as Jose Ma. Concepcion III, this year's ASEAN-BAC chairperson, received the council flag, symbolizing the formal transition of leadership from Malaysia to the Philippines.
According to Philippines News Agency, Marcos stated that the Philippines, as ASEAN-BAC chair, is committed to building economic corridors that expand trade and investment, strengthen regional supply chains, and open doors of opportunity for businesses and communities in the region. He emphasized the Philippines' dedication to promoting initiatives that are forward-looking, inclusive, and responsive, aligning with the ASEAN-BAC's plans and programs.
Marcos noted the ASEAN-BAC's priorities for the year, which are anchored on four pillars: people, planet, platform, and productivity. These pillars support initiatives aimed at empowering micro, small, and medium enterprises, workers, youth, and women; enhancing food security and agricultural productivity; advancing a digital and AI-enabled ASEAN; and fostering industry growth and regional integration across key sectors.
He highlighted the importance of turning the ASEAN-BAC's aspirations into concrete actions, guided by this year's chairship theme, 'Navigating Our Future, Together.' Marcos pledged to enhance trade and investment opportunities across Southeast Asia, emphasizing ASEAN's commitment to cooperation, mutual trust, and common accountability to transform uncertainty into opportunity and change into lasting progress.
ASEAN-BAC, established in 2001, serves as the official private sector voice in the Association of Southeast Asian Nations (ASEAN) and plays a key role in promoting regional economic integration and fostering cooperation between business and government. The ceremonial handover coincided with the first ASEAN-BAC Council Meeting of the year, which brought together key business leaders from the region, dialogue partners, and senior government officials.
The meeting set the council's priorities for 2026 and beyond, highlighting the Philippines' role in steering regional private sector initiatives under its chairship. ASEAN-BAC was established by the ASEAN heads of state and government at the 7th ASEAN Summit in November 2001 in Brunei Darussalam, with a mandate to provide partner sector feedback and guidance to boost ASEAN's efforts toward economic integration.
