President Aquino graces APEC finance minister’s meeting in Cebu
- Source: http://www.pna.gov.ph/index.php?nid=1&rid=802766
- Thursday, September 10, 2015
- (PNA), RMA/PND/RSM
MACTAN, Cebu, Sept. 10 (PNA) -- President Benigno Aquino III graced the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting and Related Meetings attended by heads of finance ministries and top executives in Asia Pacific region at Shangri-La Hotel in Mactan, Cebu on Thursday, Sept. 10.
In his speech, President Aquino underscored how the Cebu Action Plan (CAP) can help APEC member economies address challenges towards achieving more inclusive economic growth in the region.
“My positivity is reinforced by the Cebu Action Plan—named after one of the most progressive provinces in our nation — to which our economies are committing,” he said.
“I am told that it ticks all the right boxes: better financial integration among APEC members fosters an environment ripe for investment; greater transparency as regards government funds maximizes efficiencies—and more importantly —the benefits enjoyed by our peoples; and a renewed commitment to improve and finance infrastructure that will lay the necessary foundations for continued growth. Not to mention, the Cebu Action Plan will also help equip us to respond to some of the gravest threats to our economies in the form of natural disasters, particularly those caused by the new normal of climate change,” he added.
CAP is development roadmap introduced by the Philippines in January covering four pillars such as financial integration, fiscal transparency and policy reform, financial resiliency, and infrastructure development and financing.
It is expected to be approved by the APEC Finance Ministers on Friday.
In an interview with Budget Secretary Florencio Abad who was with the President during the event, he noted government’s efforts in promoting fiscal transparency.
“Today, the international budget partnership and some of the collaborating agencies released their 2015 report and the good news is they have ranked the Philippines number one in Southeast Asia insofar as open budget is concerned,” he said.
“We have increased our ranking from 48 points to 64, which is our highest since the open budget index was started in 2006 and we are next to South Korea in the whole of Asia and the 21st in the world. So, I think this is a recognition that the Philippines plays a leading role insofar as promoting greater transparency,” he added.