ADFIAP invited to provide inputs at APEC advisory group meeting

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As a collaborating-institution of the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) and as part of ADFIAP’s engagement with regional organizations, ADFIAP, represented by its Secretary General, Mr. Octavio B. Peralta, was among the select institutions invited by the Advisory Group on APEC Financial System Capacity-Building to contribute their perspectives and inputs on the proposed Asia-Pacific Financial Forum (APFF) initiative and the ongoing financial inclusion program, both key themes of the advisory group and ADFIAP as well.

On financial inclusion, Mr. Peralta reported to the attending delegates on January 22, 2013 at the ABAC Manila meeting the ADFIAP member-institutions’ microfinance apex and direct lending, programmed lending to clustered home-based microenterprises, financial literacy programs and use of ICT on mobile and agent banking in the countryside. He also shared ADFIAP’s access to finance (A2F) advocacy for small and medium enterprises (SMEs) since most, if not all, ADFIAP member-DFIs are assisting this important sector of the economy. In 2011, ADFIAP has co-organized two A2F financial inclusion events, one was the AusAid-supported conference in Manila held on June 27-28, 2011 with the Australian APEC Study Centre at RMIT University (AASC) in Melbourne and the other with the Department (Ministry) of Finance of the Republic of the Philippines on September 15, 2011 in Honolulu, Hawaii The most recent joint ADFIAP-AASC financial inclusion seminar was held on October 17-18, 2012 in Melbourne, Australia with support from AusAid and the ADB Institute themed, “Regulatory Environments to Promote Financial Inclusion in Developing APEC and other Regional Economies” that was attended by 48 participants and presenters. As a highlight of the seminar, ADFIAP and AASC signed a memorandum of cooperation to continue their work and advocacy on financial inclusion and other sustainable development topics

On the other hand, the APFF is envisioned to be a framework for enhanced regional public-private collaboration to promote the development, convergence and connectivity of financial markets in the region as well as to help develop global financial regulatory standards that are compatible with the region’s needs. The APFF is intended to support, enhance and assist in the development of the region’s financial markets without unnecessarily duplicating the work of other institutions and organizations, including ongoing regional collaboration to develop bond markets. Toward this end, the Australian Government will host a symposium on financial market development on April 10-11, 2013 in Sydney The symposium will seek to develop concrete ideas on the structure, participation and future activities of the APFF and how these activities can be coordinated with other ongoing regional initiatives. The outcomes of the symposium will serve as the basis for the way forward to be discussed with ABAC at the next Finance Ministers’ Meeting in Bali in September 2013.

APEC is the premier Asia-Pacific economic forum whose primary goal is to support sustainable economic growth and prosperity in the region. APEC has 21 member economies. The word “economies” is used to describe APEC members because the APEC cooperative process is predominantly concerned with trade and economic issues, with members engaging with one another as economic entities.

The APEC Business Advisory Council (ABAC) was created by the APEC Economic Leaders in November 1995 to provide advice on the implementation of the Osaka Action Agenda and on other specific business sector priorities, and to respond when the various APEC fora request information about business-related issues or to provide the business perspective on specific areas of cooperation.

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