Transshipment route between Tawi-Tawi and Labuan revived APEC: Asia-Pacific region posts lower economic growth in 2022

The Asia-Pacific’s economy grew 2.6 percent in 2022, plummeting from the 6.1-percent growth recorded in 2021, according to a new report published by the Asia-Pacific Economic Cooperation (APEC) Policy Support Unit.

The region’s economy is expected to pick up in the short term, with gross domestic product (GDP) projected to expand by 3.1 percent this year, according to a statement issued by the Unit and received here on Wednesday.

“The combination of an enduring pandemic, high inflation coupled with rising interest rates and debts, as well as the ongoing geopolitical issues resulted in a significant slowdown in the global economy during 2022,” said Carlos Kuriyama, the newly appointed director for the APEC Policy Support Unit.

“Both consumers and investors were cautious last year due to uncertainties and the gloomy economic outlook. As a result, demand and investment activities progressed slow- ly,” Kuriyama said.

Inflation in APEC reached 5.8 percent in 2022, the highest rate to be recorded since the financial crisis in 2008, when it peaked at 6.6 percent.

The report projects APEC’s inflation to taper down to 3.9 percent this year, declining further to 2.7 percent in 2024.

“The sustained and broad-based increase in prices promoted an aggressive and synchronized response from monetary authorities across the world,” a senior researcher with the Policy Support Unit Rhea Hernando said.

“In APEC, we are seeing majority of the central banks increase interest rates to dampen price pressures,” she said.

Rising uncertainties also weakened merchandise trade in APEC during the first nine months of 2022.

Growth in the volume of APEC’s merchandise exports was flat, while merchandise imports grew by 4.3 percent as compared to

Thetransshipment route between Tawi-Tawi province and the Federal Territory of Labuan has been revived, with a locally-built wooden boat arriving safely early this week at the Malaysian island, MindaNews learned Wednesday.

Malaysian state-controlled news agency Bernama reported that the first non-convention size ship (NCSS), which it described as “kumpit” but popularly known as “lantsa” in Tawi-Tawi, arrived at the Labuan Liberty Wharf on Monday, February 27.

The 250-ton wooden-hull vessel was given a salute from two water cannons on two tugboats as it berthed at Labuan’s containerized port jetty, Bernama reported.

Assistant Secretary Romeo Montenegro, deputy executive director of the

Mindanao Development Authority (MinDA), said the vessel was loaded with biscuits and sardine products to Labuan.

“The volume depends on the orders from the other side but are mostly food products, beverages and sardines,” he added.

With the arrival of the NCSS, the transshipment activity between Labuan and the southern Philippines is officially revived, Bernama reported.

Rithuan Ismail, Labuan Corp. chief executive officer, and Azman Abidin, political secretary of Prime Minister Datuk Seri Anwar Ibrahim, as well as members of the Labuan Chamber of Commerce (LCC) witnessed the historic event.

The LCC facilitated the issuance of transshipment licenses to New Quality Diamond, Nusa Aman Sdn Bhd and BGC Trading Sdn Bhd from the Royal Malaysian Customs Department.

Idjal Tahir, chief executive officer of Labuan Port operator Megah Port Man-