Philippine finance chief urges world to invest in ASEAN nations

Philippine Finance Secretary Carlos Dominguez urged the investors on Thursday to sink in their capital in Southeast Asia, saying it is the best time to do business in the economies of the 10-nation Association of Southeast Asian Nations (ASEAN).

Dominguez, who is this year's host of the ASEAN Finance Ministers Investors' Seminar (AFMIS) and ASEAN Finance Ministers Meeting, said the regional bloc envisioned single market and production base under ASEAN Economic Community (AEC) will require massive investments.

He said the AEC presents to investors various benefits and advantages, such as a strong market of 600 million people and a 300 million-strong-labor force that is young, talented and dynamic, and the 10-nation bloc is expected to collectively become a strong driver of global growth in the next decade.

"The regional economy we envision is a truly ambitious undertaking that will require massive investments. But we have momentum and opportunity on our side. The support of the investor community will be indispensable for this undertaking to succeed," Dominguez said in his opening remarks at the AFMIS, which is holding its 12th meeting in Cebu, the central Philippines.

"Our governments are convinced that globalization is the way to progress. Our economies have much headroom for rapid expansion, beginning from a massive infrastructure build-up that will bring our region increased efficiency."

Dominguez said, "towards realizing an ASEAN Economic Community, the regional grouping is promoting e-commerce in the region, pooling resources to develop the infrastructure we need, facilitating trade and supporting each other's rising expanding consumer markets."

"We have developed a Master Plan on ASEAN Connectivity 2025 and a detailed AEC Blueprint 2025. In less than a decade, we aspire to build a truly dynamic regional economy," Dominguez said.

He said more extensive cooperation and more intensive integration have been beneficial to the economies of this dynamic region.

"All our economies are driven to a large extent by trade. The ASEAN Free Trade Area (AFTA) provided us a framework for dramatically increasing intra-regional trade and investments," he said.

"This allowed us to negotiate as a bloc with the larger trading economies around us through the Regional Comprehensive Economic Partnership (RCEP). Over the longer term, we envision an ASEAN Economic Community that will provide a strong driver for growth among ourselves and global growth," he added.

Dominguez said over the longer term, ASEAN envision an AEC that will provide a strong driver for global growth.

The AFMIS is among the series of conferences held in Cebu in the run up to the meetings to be conducted separately and jointly among the ASEAN Finance Ministers and the ASEAN Central Bank Governors that will kick off Friday.

The Philippines is this year's chair of the ASEAN, which is marking its golden anniversary.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Enditem