MACTAN, CEBU, PHILIPPINES — Senior officials from the 21 member economies of the Asia Pacific Economic Cooperation (APEC) gather here for the final drafting of the Cebu Action Plan (CAP) before its formal launch on Friday.
Delegates, who meet at Mactan Shangri-La, will sit down for a whole-day session of polishing the CAP.
Finance Secretary Cesar V. Purisima welcomed delegates saying, “We are running towards the final stretch in the finalization of the Cebu Action Plan. A roadmap for a more inclusive and resilient future is a hand. Senior finance officials from all 21 member economies will do well to remember that their work will be a lasting legacy etched in this beautiful island of Mactan. I look forward to the outcome of this meeting.”
It is a development roadmap for the Asia-Pacific region that was drafted by the Philippines with inputs from other APEC member-economies, multilateral organizations, and the private sector through the APEC Business Advisory Council (ABAC).
The Philippines believes the forthcoming launch of the CAP is timely, given pressing global economic challenges that raise the need to safeguard sustainability of growth in the region.
Finance Undersecretary Gil Beltran said that with the prudent measures proposed under the key pillars of the CAP, Asia-Pacific will have a greater chance of confronting external headwinds.
“Despite being a driver of the global economy, Asia-Pacific is vulnerable to risks. But with the measures proposed under the CAP, the region can be better guided on how to ensure sustainability and to improve inclusivity of growth in a coordinated manner,” Finance Undersecretary Gil Beltran said.
The four pillars of the CAP are the following: (1) financial integration, (2) fiscal reforms and transparency, (3) financial resilience, and (4) infrastructure development and financing.
The first pillar, financial integration, is aimed at easing trade and investments, such as by rationalizing and harmonizing rules on cross-border flow of funds.
The second pillar, fiscal reforms and transparency, promotes sound fiscal policy and accessibility of data on state revenues and expenditures. By allowing greater scrutiny, CAP proponents believe, governments will be forced to improve efficiency of public spending.
The third pillar, financial resilience, seeks to make households, communities, enterprises, and governments resilient to various shocks, including natural calamities. A key feature of this pillar is the promotion of accessible and affordable insurance products.
The fourth pillar, infrastructure development and financing, is geared toward improving mobility and connectivity in the region, such as by promoting more public-private partnerships for public infrastructure projects.
