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APEC meeting opens to discuss Philippine proposal

Xinhua, January 21, 2015 Adjust font size:

Senior finance officials from the Asia-Pacific Economic Cooperation (APEC) members gathered in northern Philippine province of Pampanga Wednesday for a two-day meeting to discuss a roadmap proposed by the country.

The roadmap, dubbed as the "Cebu Action Plan," is one of the Philippines' contributions to the APEC as the country serves as the organization's chair for 2015, Philippine Finance Undersecretary Gil Beltran said in his welcome remarks during the event.

The Cebu Action Plan is composed of three proposed pillars: financial integration, financial transparency, and financial resiliency.

The first pillar calls for measures that will help ease trade and investments among APEC members.

Financial transparency calls for measures that will improve openness and efficiency in the use of government resources.

Financial resiliency pillar calls for measures that will help make financial systems of members resilient to withstand risks, including natural disasters and external shocks.

Once firmed up, the Cebu Action Plan and measures covered under its proposed three pillars will be taken up during the year, leading up to the APEC Finance Minsters Meeting to be held in Cebu City in September 2015. Endi