Cebu-based Prince Hypermart bags ASEAN business award

Cebu-based retailer Prince Hypermart was honored as the Philippine awardee at the 7th ASEAN Inclusive Business Forum, hosted by Lao People's Democratic Republic on 23 September 2024.

Since 2017, ASEAN has promoted Inclusive Business (IB) as a key component of its economic agenda, encouraging member states to foster environments that support inclusive business practices.

Inclusive Businesses engage people at the base of the pyramid as suppliers, distributors, retailers, or customers, and promote the development of micro, small, and medium enterprises (MSMEs) by integrating them into value chains.

With over 34 years of retail experience, Prince Hypermart places Inclusive Business at the core of its operations, guided by its mission of "Serving the Underserved." Operating more than 70 locations primarily in rural areas, the retailer provides basic and affordable goods to remote communities. The company was acknowledged for supporting “sari-sari stores”—small neighborhood shops predominantly run by women—by empowering store owners to grow their businesses and improve family incomes.

Prince Hypermart’s commitment to sustainability, including green architecture in its outlets, reduces costs passed on as savings to customers. The company also creates local employment opportunities, aligning with Inclusive Business principles.

The award was accepted by Robert L. Go, CEO of Prince Retail, during the gala ceremony in Lao PDR.

Reflecting on the recognition, 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 aims to contextualize it for implementation across member states. By recognizing businesses like Prince Retail, ASEAN hopes to inspire more enterprises to create lasting societal and economic impact throughout the region.