BAGAC, Bataan: The Philippines has sustained its growth rate, which is one of the highest in Southeast Asia, said Finance Undersecretary Gil Beltran at the opening of the workshop of the Asia-Pacific Economic Conference (APEC) on Tuesday.
Beltran said for the past five years, the Philippines enjoyed a growth rate of six percent.
“We attribute this economic gain from our current drive towards good governance, of which its centrepieces include fiscal transparency and sound management of fiscal resources, including tax reform,” Beltran added.
He said that as host country of the APEC Finance Ministers’ Process this year, the Department of Finance (DOF) seeks to sustain the Philippines’ growth story and to make this growth more inclusive.
“At the same time, our country also aims to make a contribution to the ever-continuing goal of the APEC for sustained economic growth in the region,” the Finance Undersecretary said.
Beltran voiced hope that in bringing together policy makers, key government officials and stakeholders from APEC economies as well as global experts, the discussions in the workshop can produce strategies to further enhance the work in fiscal transparency and policy reform.
“We also envision that this workshop will serve as a venue for the APEC economies to find areas of collaboration in fiscal transparency and policy reform, true to the role of APEC as forum for economic and technical cooperation among its members,” he said.
Delegates of 21-member economies in the Pacific Rim are in Bagac, Bataan to attend the APEC Workshop on Fiscal Management Through Transparency and Reforms from June 9 to 10 and the Senior Finance Officials Meeting on June 11 and 12.
The meeting took place at the Hotel de Oriente, a replica of one built in 11889 in Binondo, Manila, located at the famous heritage park Las Casas Filipinas de Acuzar in Bagac town.
Among the topics to be discussed are various reforms in taxation to prevent tax leakages, inefficient use of tax revenues and minimizing the value of tax revenues by using it for key development priorities.