When finance ministers of Asia-Pacific Economic Cooperation (APEC) economies meet in Cebu this September, they will take the first step towards financial integration for the region.
Foreign Affairs Undersecretary Laura del Rosario said finance officials are set to launch the Cebu Action Plan, a roadmap geared towards making the Asia-Pacific region more inclusive and resilient, when they meet in Cebu from
“This is the first time the finance ministers will come up with a roadmap. Cebu will be unique in APEC 2015 because of the Cebu Action Plan. You will be remembered for this,” she added.
She added during a briefing in Cebu that the roadmap will focus on creating inclusive APEC economies. The four pillars for the proposed Cebu Action Plan will include: financial integration, fiscal transparency and policy reform, financial resiliency, and infrastructure development and financing.
According to del Rosario, finance is a big part of APEC and Cebu will be hosting the Finance Ministerial Meeting in Cebu on September 10-11, 2015. Before this, there will be other meetings by APEC senior finance and Central Bank officials and deputies.
She added that APEC makes the case for globalization of trade, which in turn promotes efficient production of goods, gives consumers more choices, lowers prices by eliminating tariff, and provides access to new technology.
The world will benefit from trade globalization, which simply makes the movement of goods, people, and investments or capital easier, del Rosario pointed out
“About 453 years ago this year, the Galleon trade started. So there was already global trade and it went on for 200 years,” she cited.
According to del Rosario, the Philippines as host of APEC 2015 is focusing on inclusive growth since a survey showed that more attention needs to be paid to it.
Inclusive growth needs to be balanced, which means all economies should grow together, as well as innovative and secure, she further said. Marlen D. Limpag