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APEC Finance Ministers process flies to Cebu

From the Department of Trade and Industry

Meetings from 9-11 September feature close engagement with private sector

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Finance Ministers and Officials from 21 Asia-Pacific Economic Cooperation (APEC) economies are set to converge in the storied island of Mactan, some 500 miles from the Philippine capital in the vibrant, fast-growing province of Cebu.

The APEC Finance Ministers’ Process (FMP) meetings take center stage from 9-11 September, starting with the Senior Finance Officials Meeting (SFOM) on the first day and the Finance and Central Banks Deputies’ Meeting (FCBDM) on the 10th. The main event–the APEC Finance Ministers’ Meeting will run on 10-11 September, featuring a parallel meeting among Finance Sector Stakeholders. This APEC FMP hosting highlights in particular the close integration of the private sector in the processes and outcomes of the Cebu gathering.

At the forefront is the Cebu Action Plan (CAP), a 4-pillar roadmap the Philippines is advancing in collaboration with the APEC economies for the region’s financial future. Each of the CAP’s 4 pillars addresses the challenges and opportunities faced by the world’s biggest economic growth engine: promoting financial integration, advancing fiscal transparency and reforms, enhancing financial resiliency, and accelerating infrastructure development & financing.

Finance Secretary Cesar V. Purisima said, “We welcome delegates to Cebu with a clear vision for our financial future: a more inclusive and resilient Asia-Pacific. We are excited to hold our ministerial meetings in Cebu–a place with a history as rich as the promise of the collective future we reach for. For the next three days, delegates will work to finalize the Cebu Action Plan, a living document responding to our region’s milieu and the Philippines’ legacy for this year’s hosting. I look forward to charting the region’s future with my colleagues across the Pacific Rim.”

This year’s FMP is notable for actively engaging the private sector through consultations and exploration of possible areas of collaboration involving the CAP. The APEC Business Advisory Council, for example, has been part in the CAP’s development including providing support for the year-long meetings and Workshops in the CAP. Moreover, the APEC Finance Sector roundtable on the CAP has been set to run alongside the main meeting and will discuss the various avenues that the private sector can help in the successful pursuance of the CAP among APEC economies.

Cebu province, home to some 3 million people, serves as a hub of trade and economic growth in the Visayas region of the Philippines. It is likewise home to world-class furniture manufacturers, and various innovative enterprises which well be showcased at the meeting venue. Delegates will be welcomed by sumptuous meals and scenic views featuring the finest of Philippine hospitality at the Mactan Shangri-la.

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