The Philippine government as this year’s host for Asia-Pacific Economic Cooperation (APEC) meetings is proposing a roadmap that will ensure that the region will continue to be financially integrated, transparent and resilient.
The Department of Finance (DOF) on Wednesday announced that senior finance officials from APEC member-economies gathered in a special two-day meeting in Clark, Pampanga on January 21 to 22 to discuss the roadmap dubbed as the “Cebu Action Plan.”
The roadmap will be one of the Philippines’ contributions for the APEC as the country serves as the organization’s chair for 2015, it said.
The DOF noted that the Cebu Action Plan is composed of three proposed pillars: financial integration, financial transparency, and financial resiliency.
The “financial integration” pillar calls for measures that will help ease trade and investments among APEC member economies.
Meanwhile, it said the “financial transparency” pillar calls for measures that will improve openness and efficiency in the use of government resources. Lastly, the DOF explained that the “financial resiliency” pillar calls for measures that will help make financial systems of member economies resilient to withstand risks, including natural disasters and external shocks.
Once firmed up, the Cebu Action Plan and measures covered under its proposed three pillars will be taken up during the year, leading up to the APEC Finance Ministers Meeting, which will be held in Cebu City in September 2015, the agency said.
“We see that these pillars will bring about, in the coming decade, a community of APEC economies with coordinated policies, rules and practices that enable and/or facilitate free trade and free flow of cross-border investments; good governance that result in sustainable and inclusive economic growth, and the development of rapidly growing and robust financial markets that offer diversified financial instruments, which cater to the growing needs of its population,”DOF Undersecretary Gil Beltran said in his welcome remarks during the event.