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Majority of Filipinos support regional integration:president

Xinhua, March 24, 2015 Adjust font size:

The Philippines has largely complied with its commitments to ASEAN Economic Community (AEC), which is expected to take place this year, President Benigno S. Aquino III said Tuesday.

"Our compliance rate in the AEC scorecard in terms of our commitments to AEC 2015 is now at around 86 percent," Aquino said in a speech before a gathering of businessmen.

He cited the signing of "crucial laws" that would help the Philippines meet the country's financial integration commitments, including an Act Strengthening the Insurance Industry and the Act Allowing the Full Entry of Foreign Banks in the country.

Moving forward, the president said the government will continue expanding the range of financial tools available in the country, so that it can maximize the advantages of integration.

He noted that while many countries in the world are experiencing economic uncertainty, ASEAN has remained one of the world's fastest growing regions.

"On top of this, one must consider its size: If ASEAN were just one country, it would be a 2.4-trillion dollar economy. This is precisely why, as ASEAN integration takes full effect, the Philippines is taking every possible measure to take on a more dynamic economic role in the region," he added. Endi