PNoy positive of CAP benefits to economy

CEBU, Philippines - President Benigno Aquino is optimistic about the benefits the Cebu Action Plan (CAP) will bring.

The CAP is set to be finalized by the Asia-Pacific Economic Cooperation member economies in the ongoing ministerial meetings attended by over 100 financial industry players, including chief executive officers of multinational investment banks.

 “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,” Aquino told the APEC ministers.

“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,” he said.

 The president said CAP will help equip the country respond to threats from natural disasters, particularly those caused by climate change.

The CAP was presented to private sector delegates during the “Finance Sector Roundtable and Dialogue with APEC finance officials and Ministers” at the Mactan Shangri-La Hotel and Spa since yesterday. The presentation is set to be concluded today.

APEC officials and industry players are expected to share views on the pressing issues confronting the financial industry and the economy 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 APEC.

CAP will be formally launched today, following a series of Philippine-hosted meetings and workshops earlier in the year among senior officials from finance ministries across Asia-Pacific. The CAP launching will be the highlight of the APEC Finance Ministers’ Meeting.

 The four key pillars of CAP are financial integration, fiscal reforms and transparency, financial resilience and infrastructure development, and financing.

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

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, the statement read further.

Aquino boasted the Philippines’ performance and achievement under his administration and explained how his administration fought corruption.

“In the face of these challenges, we steeled ourselves, strengthened by the principle the Filipino people voted for in 2010, which is: ‘Where there is no corruption, there will be no poverty.’ We relentlessly pursued all those who had committed wrongdoing, regardless of their wealth or influence; we revamped our budgeting system and exercised fiscal prudence, making sure that taxpayer money is spent prudently, conscientiously, and judiciously on projects and programs that truly benefit our people,” Aquino said.

He said that his administration was able to cut red tape, making it easier for investors to bet on the Filipino people.

 Aquino also cited the government’s conditional cash transfer program, which provides cash grants to poor families, with the primary conditions that children are sent to school and are vaccinated, and pregnant mothers undergo regular health check-ups.

He said that in the past five years, his administration expanded the scope of this program from less than 800,000 households to 4.4 million households, covering about 20 million of the country’s population.

Aquino said that from 2010  to  2014, the country posted a GDP growth rate of 6.2 percent, the fastest period of economic growth in four decades.

He also boasted the 22 positive credit ratings that the country had received.

Protest

Meanwhile, around 50 individuals staged a protest in Barangay Buaya, Lapu-Lapu City while Aquino was addressing the delegates to the APEC ministerial meetings.

The individuals were identified as members of the Nagkahiusang Kabus sa Lapu-Lapu or NAKALAP.

Allan Ramirez, head of the NAKALAP, said the international gathering has left the poor “astray.”

“Puro taga-gawas ang kaistorya. Dili sila (ang gobyerno) makapasiugda ug kausaban kung walay APEC?” Ramirez aked.

 The rally lasted about 10 minutes before they peacefully dispersed after a negotiation with Superintendent Armando Radoc, office-in-charge of Lapu-Lapu City Police Office.—/FPL (FREEMAN)