Cebu-based retailer Prince Hypermart was recognized as the awardee representing the Philippines during the 7th ASEAN Inclusive Business Forum, hosted by Lao PDR (Lao People’s Democratic Republic) on September 23, 2024.
Since 2017, ASEAN has been promoting Inclusive Business (IB) as a key part of its economic agenda. That year, its economic ministers endorsed the ASEAN Inclusive Business Framework, encouraging member states to foster environments that support inclusive business practices. Inclusive Businesses provide goods, services, and livelihoods in a commercially viable way, engaging people at the base of the pyramid as suppliers, distributors, retailers, or customers. These models also promote the development of micro, small, and medium enterprises (MSMEs), integrating them into regional and global value chains.
With over 34 years of retail experience, Prince Hypermart places Inclusive Business at the heart of its operations, guided by its mission of “Serving the Underserved.” The retailer operates more than 70 locations across the Philippines, primarily in rural and provincial areas, providing basic and affordable goods to communities in remote regions. Prince Hypermart was also acknowledged for its strong support of “sari-sari stores” (small neighborhood stores) the backbone of Philippine retail, predominantly run by women. Through strategic programs, the company has empowered these store owners to grow their businesses and improve their family incomes.
Additionally, Prince Hypermart’s commitment to sustainability, including incorporating green architecture in its retail outlets, reduces costs that are passed on as savings to customers. The company also creates local employment opportunities, aligning its business model with the principles of Inclusive Business.
The award was accepted by Robert L. Go, CEO of Prince Retail, alongside his family, during the gala ceremony in Lao PDR. Reflecting on the recognition, Robert Go stated, “It is an honor to receive this award on behalf of the Philippines, recognizing Prince Retail’s commitment to serving the underserved for over three decades. With ASEAN’s adoption of the Inclusive Business framework, I hope the Philippines will follow suit, encouraging businesses to create meaningful impact for Filipinos at the base of the economic pyramid.”
While the Philippines has yet to fully adopt the Inclusive Business framework, the ASEAN Inclusive Business Forum, attended by policymakers and NGOs, aims to contextualize this framework for implementation across member states. Inclusive Businesses must demonstrate a strategic intent to work with the base of the pyramid, maintain commercial viability, embed social impact as a core principle, and innovate to achieve scalability.
By continuing to recognize businesses like Prince Retail, ASEAN hopes to inspire more enterprises that create lasting societal and economic impact throughout the region.
