Infra strategy under APEC roadmap doable in two years, say PHL officials

The infrastructure component under the Asia Pacific Economic Cooperation (APEC) roadmap, called the Cebu Action Plan, is the most feasible to implement given the abundance of opportunities member economies could seized in the region.

 

There was broad support from APEC member economies for the Cebu Action Plan, Philippine Department of Finance Undersecretary Gil Beltran told reporters in a briefing after the two-day Financial and Central Bank Deputies' Meeting in Tagaytay City on Friday.

 

"They indicated support for all pillars to put up initiatives that will start the process," he said.

 

The action plan is crafted on four pillars, namely:

 

Representatives are still fine-tuning the details of the roadmap, Beltran told GMA News Online when asked if the plan is already final.

 

"We will deliberate on the details of the roadmap until the launch in September. But some of them are already in effect by then, and that will be infrastructure," he said.

 

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo, who chaired the infrastructure component during the two-day meeting, said the public-private partnership (PPP) knowledge portal and the set of standardized PPP practices could be in place within two years.

 

"This is expected to be launched in the short-run. What we want to do is to link that to other existing PPP portals, to have an APEC PPP portal and to also standardize the contracts," he said.

Financing issues

 

On Wednesday, PPP Center executive director Cosette Canilao said the Philippines proposed at the 4th APEC PPP Experts Advisory Panel Meeting the creation of a PPP Knowledge Portal to facilitate and speed up infrastructure investments in the region.

 

While there are tremendous opportunities in APEC, the members need to iron out the way to project funding, the BSP official said.

 

"There are tremendous PPP opportunities in APEC, but the issue is financing, which is a very important component," he said.

 

"In many APEC economies, we have excess savings and yet financing continues to be problematic," he added.

 

So far, what was discussed during the meeting was to explore alternatives to financing.

 

"This includes leveraging of private funds, continued disposition of public funds, because of infrastructure development in the region," Guinigundo said.

 

Once the infrastructure initiative is implemented, the region can reap the benefits of smooth access to information on infrastructure opportunities, the BSP official said.

 

"If infrastructures are actually developed and advanced, this has the added benefit of closing the physical gap and distance among APEC economies and lead to sustainable growth in the region," he said.

 

Beltran, meanwhile, said the APEC region will "see a more integrated, resilient and more progressive economies." – VS, GMA News