The Philippine Government highlighted the importance of the four pillars of the Cebu Action Plan (CAP) to the continued growth of the Asia-Pacific Economic Cooperation (APEC) Region ahead of the Finance Ministers’ Meeting in Cebu next week.
“In APEC meetings we share ideas, skills and experiences toward inclusive growth and enhanced sustainable growth through more trade and investments. The Philippines, as the host country, represents the Cebu Action Plan,” said Finance Undersecretary Gil Beltran in a pre-event press conference on Wednesday.
Beltran said the action plan’s initiatives focus on four pillars including expanding micro, small and medium enterprises’ (MSMEs) access to finance and promoting financial inclusion; developing the capital markets, pension and insurance industries; increasing private sector investment in infrastructure and facilitating disaster risk financing
Meanwhile, National Treasurer Roberto Tan said the CAP is something of a landmark of the APEC process because it provides a baseline framework of what has already been achieved during the history of different APEC chairmanships.
“It comes up with a more long-term view on the aspirations of the APEC and how these aspirations can be achieved,” he said.
Tan said that hopefully, the action plan will serve as a basis for future chairs of APEC to build on what is already a framework toward the economic bloc’s vision.
“This document is not static, the new Chair can improve it and come up with new priorities as the circumstances change and APEC economic reality develops in the future. I am confident that the APEC finance ministers will finally adopt this CAP,” he said.
The multi-year, four-pillar program is expected to be launched at the annual APEC Finance Ministers’ Meeting on September 11 in Cebu, central Philippines.