‘No one will be left behind’

Economic ministers are working on a road map that will ensure all 21 economies in the Asia-Pacific

Economic Cooperation (APEC) forum will achieve inclusive growth and become more resilient to internal

and external shocks.
The ministers, who will meet starting today for the Structural Reform Ministerial Meeting (SRMM), will

focus on three major reform fronts.
These are: opening markets across economies; deepening reforms to facilitate inclusive growth; and

instituting social policies to ensure that those who are exposed to natural and economical shocks are

not pulled down to poverty.
Economic Planning Secretary Arsenio M. Balisacan, who chairs the meeting, said these three pillars will

ensure that “no one will be left behind” as the Asia-Pacific region grows.
“If we get these pillars properly structured and pushed, we think that the APEC member economies would

achieve its aspirations to advance the region as a prosperous, inclusive region,” he said in a press

briefing yesterday.
In line with the third pillar, Balisacan said they will discuss how to build communities to be more

resilient to natural calamities and economic shocks.
Economies should have easier access to relief, recovery and reconstruction materials in the advent of

natural disasters such as typhoons. Making the economies more resilient and more able to cope with the

after effects of disasters will also aid in growing and continuing businesses.
“I think that getting the economies to be more resilient is key to the continuity of business. What we

need to identify is the set of policies, interventions or measures that can make communities more

resilient,” Balisacan said.
He noted that under the Cebu Action Plan, which will be launched by the Finance ministers later this

week, insurance mechanisms will be provided to allow local government units down to households to gain

access to insurance and credit markets so they can rehabilitate and reconstruct quickly after disasters

occur.
On the opening of markets, Balisacan said they will be working on making markets more transparent and

more predictable to encourage trade and generate employment.
“A big part of the existence of APEC is about trade in goods and services,” he said.
“The key for us is to expand and diversify our export base both in goods and services so that we could

create far more employment opportunities than we already have,” he added.
He also said that based on studies, one of the constraints to development in the Philippines is poor

infrastructure. Other constraints were a poor regulatory environment, poor governance and peace and

order issues.
These constraints add to the high cost of doing business and operating in the Philippines, which

discourages foreign investors and lessens the country’s competitiveness.
Balisacan said more attention has to be given to deepening reforms in the Philippines to increase the

country’s attractiveness for foreign investments and businesses.
The SRMM, which is the second meeting of its kind held in APEC since 2008, is also focusing on five

themes, namely structural reform for inclusive growth, structural reform and innovation, structural

reform and services, tools for structural reform, and new directions for structural reform in APEC.
“Structural reform is about changing government policies and regulations so that economic transactions

can be done more efficiently,” Balisacan said.
“In particular, it aims to eliminate complex and unnecessary government regulations and processes that

keep firms and individuals from pursuing the best business and job opportunities for them within the

country and abroad,” he added.

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