Friday, March 6, 2015

Philippines calls on APEC member economies to strengthen linkages in trade and investment

From the Website of PIA

Philippines calls on APEC member economies to strengthen linkages in trade and investment

TAGAYTAY CITY, Cavite. March 6 -- A Philippine finance official has urged member economies of the Asia-Pacific Economic Cooperation (APEC) to intensify efforts to boost trade and investment amid the uneven pace of growth across and within economies, as they seek to maintain a high growth trajectory.

During the APEC Finance and Central Bank Deputies’ Meeting held here on Thursday, National Treasurer Roberto Tan said the Asia-Pacific region is seen to be an engine of growth with the recovery of the global economy.

Citing the International Monetary Fund (IMF), Tan said the growth of the Asia-Pacific region is expected to accelerate to 4.3 percent in 2015 from 3.9 percent last year.

“The conditions are supportive for the region to maintain its growth path. Economic activity remains dynamic buoyed by robust consumer demand, particularly among emerging markets. Exports have been rising, as some economies move up the value chain,” he said.

Tan said some challenges, however, remain for the region, foremost of which is the uneven growth across and within economies.

“This growth divergence among economies necessitates greater linkages in trade and investments, such that the growth momentum may carry over throughout the region,” he noted.

As the Philippines hosts the APEC Finance Ministers’ Process (FMP) this year, Tan said the country has crafted the Cebu Action Plan (CAP), which takes into account the progress that the APEC has achieved throughout the years.

He said that with the CAP being a key agenda in the APEC FMP starting this year, the 21 Pacific Rim countries could forge an APEC community that has harmonized policies, rules and practices.

These enable and facilitate free trade and flow of cross-border investments; access to financial services by low-income households, micro, small and medium enterprises and the unbanked; and good governance that results in sustainable and inclusive economic growth, he added.

”We highly encourage you to work with us on our CAP initiatives so that we could bring about their intended benefits,” Tan said.

Aimed at building inclusive economies, the CAP will be launched during the APEC Finance Ministers’ Meeting to be held on September 10 to 11 in Mactan, Cebu. (PNA (ldv) - See more at:

PIA Website



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