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) recently.

Since 2017, ASEAN has been promoting Inclusive Business 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 its aim to reach more Filipinos 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 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.

Source of jobs

The company also creates local employment opportunities.

Robert L. Go, CEO of Prince Retail, reflecting on the recognition, 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.”