FINANCE officials from member-economies of the Asia-Pacific Economic Cooperation (Apec) poured their collective energy on pursuing the so-called Cebu Action Plan that treats inclusive growth as effective tool to address poverty.
The discussions focused on providing credit access to low-income households, micro-, small- and medium-sized enterprises (MSMEs) as well as the “unbanked.”
At the Apec Finance and Central Bank Deputies’ Meeting which runs until today, Friday, in Tagaytay City, outlined the key pillars of the Cebu Action Plan, namely: promoting financial integration; advancing fiscal transparency and policy reform; enhancing financial resiliency; and accelerating infrastructure development and financing.
National Treasurer Roberto B. Tan said the discussions will focus on the details on how the four key pillars of the Cebu Action Plan could be realized among the Apec member-economies.
“Our vision is that with the Cebu Action Plan being a key agenda in the Apec Finance Ministeºrs’ Process beginning this year, we can forge an Apec community that has: harmonized policies, rules and practices that enable and facilitate free trade and free flow of cross-border
investments; access to financial services by low-income households, MSMEs and the unbanked; good governance that results to sustainable and inclusive economic growth; reduced risks arising from financial shocks, climate change and other natural disasters; rapidly growing financial markets with diversified financial instruments and risk-transfer facilities; and development of quality infrastructure to sustain growth,” Tan said in his opening remarks at the start of the meetings on Thursday.
Tan cited the opportunities and the corresponding challenges the Apec member-economies are facing, such as population growth and the accelerating rate of urbanization in the region, as well as risks presented by natural disasters and by future global economic shocks.
“Population growth and growing urbanization have also been a phenomenon observed in the region. This creates a greater requirement for infrastructure to sustain economic activity and preserve or improve the quality of life across economies. A common challenge in infrastructure development is meeting the financial requirements and ensuring high project quality. It thus remains important for Apec economies to continue cooperation in infrastructure investment,” Tan said.
Finance Undersecretary Gil S. Beltran, who chairs the Apec Finance and Central Bank Deputies’ Meeting in Tagaytay, explained which details need to be firmed up with respect to each of the four pillars of the Cebu Action Plan.
“The Cebu Action Plan is designed to power our shared future with the right foundations: the growing populations of our member-economies stand to benefit from a more open, transparent and resilient region with the infrastructure it needs to sustain inclusive growth trajectories,” Beltran said.