PHL to push for structural reforms at APEC SRMM meeting

• Source: http://www.pna.gov.ph/index.php?nid=1&rid=801060
• Sunday, September 6, 2015

By Leslie D. Venzon [(PNA), LGI/LDV]

CEBU CITY, Sept. 6 (PNA) -- The Philippines is pushing before other member economies of the Asia Pacific Economic Cooperation (APEC) various structural reform initiatives aimed at promoting inclusive growth, including making markets more open across the region.

In Sunday press briefing, National Economic and Development Authority (NEDA) Director General Arsenio Balisacan said ministers and high-level officials from APEC’s 21 member economies will decide on various structural reform efforts during the Structural Reform Ministerial Meeting (SRMM) on Sept. 7 to 8 here, which they will endorse to APEC Leaders this November.

Balisacan said these initiatives were identified by APEC technical working groups and committees discussing issues relating to structural reform.

He explained that structural reform involves changing government policies and regulations so that economic transactions can be done more efficiently.

“While each economy can push for its own structural reform, APEC will benefit if structural reform is done in unison,” he said.

“You can unify, harmonize rules for example that could make trade more efficient, that could make investment more efficient and that would be for the benefit of everyone,” he added.

The NEDA chief said the Philippines is proposing for a three-pillar structural reform agenda, including those aimed at making markets more open, transparent and predictable across the region; increasing market participation of various sectors; and ensuring those who are exposed to natural disasters or economic shocks would not fall into poverty.

“Those three pillars are quite common, with relevance across 21 APEC member economies. If we get these pillars properly structured and pushed, we think that the APEC member countries would achieve its aspiration which is to advance the regional prosperity and (to become an) inclusive region,” he said.

Further, Balisacan said the Philippines has been pushing before APEC economies for sustained inclusive growth in recent years.

“We have introduced a number of (structural) reforms to ensure that growth is rapid while it’s also inclusive and sustainable,” he said, noting such reforms include the passage of the competition law and the creation of Competition Commission; and the launching of the Philippine Business Registry that reduces the number of days to register a business.

The two-day SRMM here is the second one to be held in APEC after it was held in Australia in 2008.

Balisacan said the meeting hopes to also develop the post-2015 agenda for the region, proposed to be named Renewed APEC Agenda on Structural Reform (RAASR).