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APEC Finance Officials finalize Cebu Action Plan with robust private sector participation

From the Department of Finance

Over 100 CEOs and senior financial executives fly to Mactan to discuss regional roadmap

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Over 100 financial industry players, including chief executive officers of multinational investment banks, gather here to join discussion on the Cebu Action Plan (CAP).

In the event, titled “Finance Sector Roundtable and Dialogue with APEC finance officials and Ministers” and which runs from September 10-11, details of the CAP will be presented to the private-sector delegates.

They are expected to share views on the pressing issues confronting the financial industry and economies in general, and to give additional suggestions on how the financial sector can help pursue the objectives of the CAP.

CAP is a development roadmap drafted by the Philippines, with inputs from development partners and other member economies of the Asia-Pacific Economic Cooperation (APEC).

It will be formally launched on Friday, following a series of Philippine-hosted meetings and workshops earlier in the year among senior officials from finance ministries across Asia-Pacific.

The four key pillars of CAP are the following: (1) financial integration, (2) fiscal reforms and transparency, (3) financial resilience, and (4) infrastructure development and financing.

“Private sector participation is a crucial determinant of success and sustainability in any endeavor,” Philippines Finance Secretary Cesar Purisima said.

“As host of the 2015 APEC meetings, we are pleased to see the overwhelming participation and interest of financial sector executives in the discussions on the Cebu Action Plan. Asia-Pacific’s financial future is in great hands with them sharing this journey with us,” he added.

Participants to the event include executives from Citigroup, JP Morgan Chase, Standard Chartered Bank, Goldman Sachs, ING, Barclays Investment, Deutsche Bank AG, and HSBC, among others.

Multinational insurance companies, credit-rating agencies, and development institutions are also represented in the gathering.

The two-day event with the financial sector representatives runs parrallel to the APEC Finance and Central Bank Deputies’ Meeting onSeptember 10 and the APEC Finance Ministers’ Meeting on September 11. All three events are held in Mactan Shangri-La.

The formal launch of the CAP on Friday will be the highlight of the APEC Finance Ministers’ Meeting.

The roadmap will serve as a legacy of the Philippines for Asia-Pacific, as it enjoys broad support from various APEC member economies. Peru, which will host APEC in 2016, already has expressed commitment to help champion the CAP.

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