APEC Member-economies express full support to PH-led Cebu Action Plan

Written by
  • Carlo Lorenzo J. Datu .
  • 7 years ago

BAGAC, Bataan Finance Officials of member-economies of the Asia-Pacific Economic Cooperation (APEC) has expressed full support to the Philippine-led Cebu Action Plan (CAP), which is the central agenda of the Finance Ministers’ Process this year.

“We have agreed that there are certain activities to be done per pillar before the Finance Ministers meet in September,” Finance Undersecretary Gil Beltran told reporters at the conclusion of the Senior Finance Officials’ Meeting in Las Casas Filipinas de Acuzar.

CAP contains four pillars namely Promoting Financial Integration, Advancing Fiscal Transparency and Policy Reform, Enhancing Financial Resiliency, and Accelerating Infrastructure Development and Financing.

“On Financial Integration, there is a need to setup movable collateral registries and credit information bureaus. Some member-economies are not yet ready because they need laws to setup these institutions. The long-term objective is to link this two,” Beltran disclosed.

On Advancing Fiscal Transparency and Policy Reform, more member-economies were encouraged to participate in the Open Government Partnership (OGP) where Philippines is a founding member. OGP was launched in 2011 to provide an international platform for domestic reformers committed to making their governments more open, accountable, and responsive to citizens.

In all 65 participating countries, government and civil society are working together to develop and implement ambitious open government reforms. “On Enhancing Financial Resiliency, there is a need for each member to set up a fund that would reduce the risk of losses to disasters,” Beltran furthered.

Annual loss of APEC members due to disasters is estimated at $165 billion. “In the Philippines, we already have the People’s Survival Fund which is a special fund in the National Treasury in the amount of P1 billion that will be appropriated annually under the General Appropriations Act for the financing of adaptation programs and projects based on the National Strategic Framework on Climate Change. The fund may also be augmented by donations, endowments, grants and contributions,” Beltran explained.

Relative to this, an insurance scheme for infrastructure shall be established for local government units so that they can rebuild very quickly while the private sector has been urged to be more aggressive in formulating and marketing products on microinsurance for households and Micro, Small, and Medium Enterprises so they can immediately resume their lives and businesses after the calamity.

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