TAGAYTAY CITY, Philippines—Finance and central bank officials of the 21 economies belonging to the Asia-Pacific Economic Cooperation (Apec) on Thursday firmed up the proposed “Cebu Action Plan” aimed at making the region more financially integrated, transparent and resilient alongside infrastructure development.
“Inclusivity has been placed on the Apec agenda amid the desire to make economic growth redound to a faster pace of poverty reduction,” the Philippines’ Department of Finance noted in a statement in relation to the two-day Apec Finance and Central Bank Deputies’ Meeting, which will end today.
“Our vision is that with the Cebu Action Plan being a key agenda in the Apec Finance Ministers’ Process beginning this year, we can forge an Apec community that have 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 [micro, small and medium enterprises], 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,” National Treasurer Roberto B. Tan said in his opening remarks during Thursday’s meeting.
The Cebu Action Plan, which has four pillars, will be up for approval by the group’s finance heads during the 22nd Apec Finance Ministers’ Meeting in Cebu City in September.