Pres. Aquino: APEC Cebu Action Plan Augments PHL Economy’s Climb

(PIA) — The Asia Pacific Economic Conference (APEC) Cebu Action Plan (CAP) reinforces the growth of the Philippine economy.

Pres. Benigno “Noynoy” Aquino III yesterday told Apec delegates at the Finance Ministers Meeting that the crafted CAP is reinforcing the country’s improving economy.

Aquino was welcoming the delegates at the start of the two-day Finance Ministers Meeting yesterday at the Shangri La Hotel, Lapulapu City in Cebu province.

CAP is set to be launched today after the meeting.

“I am told that it ticks all the right boxes: better financial integration among APEC members fosters an environment ripe for investment,” Aquino said.

He also said that CAP enforces greater transparency when it coes to government funds, maximizes efficiencies, and the benefits enjoyed by the constituents.

Aquino said it is in CAP that APEC economies will share a renewed commitment to improve and finance infrastructure which 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 by the new normal of climate change,” the President said.

Aquino hoped there will be clearer pathways for the building of inclusive growth and better world, as APEC economy leaders will meet in November.

“The success of that meeting, however, is rooted in gatherings such as this, where the more technical aspects are forged into policies that public servants can carry out for the benefit of our countrymen,” he said.

Earlier in his speech, Aquino shared the economic accomplishments of the Philippines in the last five years, after quickly realizing how the leaders had underestimated how much the severity of patronage and corruption of the past had undermined the institutions.

Five years after Aquino said the Growth Domestic Product rate from 2010-2014 posted a growth of 6.2 percent, the fastest for the Philippines’ period of economic growth in four decades.

He said the country also received 22 positive credit rating actions.

“The most prominent among these occurred in 2013, when the world’s most prominent credit ratings agencies unanimously declared the Philippines investment grade. On top of this, the Philippines’ credit default swaps have remained one of the lowest in the region,” the President said.

In terms of competitiveness, the Philippines rose from 85th to 52nd in the World Economic Forum’s Global Competitiveness Index, from 144th to 95th in the World Bank’s Ease of Doing Business Report, amongst many other indices.

“Naturally, the global community has taken notice that in empirical terms — and in terms of self-confidence — the Philippines is stable, able, and resilient. This, ladies and gentlemen, is the Philippines’ story,” he said.

Aquino chose to share this to the delegates since moving at the regional level, within Asia Pacific, entails a lot of work, time, and cooperation among the leaders and the constituents.

“But my optimism is shaped by my experience of how a group with a unified sense of purpose can accelerate our shared journey towards prosperity,” Aquino said.

Among the reforms mentioned by the President which led to the improvement of the economy include the revamp of the budgeting system and exercised fiscal prudence.

“We make sure that the taxpayer money is spent prudently, conscientiously, and judiciously on projects and programs that truly benefit our people,” he said.

He also mentioned the cutting of the red tape and massively increased focus on social services.

The four pillars of CAP are: financial integration, fiscal reforms and transparency, financial resilience and infrastructure development and financing. (rmn/fcc/PIA7-Cebu)