LAPU-LAPU CITY, Cebu, Sept. 10 (PNA) — More than 100 financial industry players, including chief executive officers of multinational investment banks, on Thursday joined Asia-Pacific Economic Cooperation (APEC) finance ministers in the discussion to iron out the Cebu Action Plan (CAP), which is expected to be signed on Friday.
The Finance Sector Roundtable and Dialogue with APEC Finance Officials and Ministers aims to detail the contents of the Cebu Action Plan to the members of the private sector.
Delegates from the private sector are expected to share their views on pressing issues confronting the financial industry and regional economy, as well as give additional inputs on how the financial sector could help pursue the objectives of the CAP.
The Cebu Action Plan, a development roadmap drafted by the Philippines, will be formally launched on Friday, following a series of Philippine-hosted meetings and workshops with senior officials from finance ministries across the Asia-Pacific.
Financial integration, fiscal reforms and transparency, financial resilience, and infrastructure development and financing, are among the CAP’s four pillars.
“Private sector participation is a crucial determinant of success and sustainability in any endeavor,” 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.”
Executives from Citigroup, JP Morgan Chase, Standard Chartered Bank, Goldman Sachs, ING, Barclays Investment, Deutsche Bank AG, and HSBC joined the discussions.
Multinational insurance companies, credit-rating agencies, and development institutions are also part of the meeting.
The two-day event is being held simultaneously with the ongoing APEC Finance and Central Bank Deputies’ meeting.
The APEC Finance Ministers’ Meeting will be held on Friday (Sept. 11).
The Cebu Action Plan, which enjoys broad support from various APEC member economies, is seen as the Philippines’ legacy to the region as an output for its APEC hosting this year.
Peru, host of APEC 2016, has already expressed its commitment to help champion the Cebu Action Plan. (PNA)