Finance official invites Asia Pacific Economic
Cooperation delegates to enjoy Tagaytay City
(TAGAYTAY CITY, Cavite) Finance Undersecretary Gil
Beltran, in his keynote speech at the opening session on financial inclusion
here in Tagaytay City, invited APEC delegates to enjoy what the city has to
offer.
"I hope you will find time to go around
Tagaytay and enjoy the famous Taal Volcano and its lake, cool weather and the
warm hospitality of the local people," Beltran told APEC delegates and
stakeholders gathering at Taal Vista Hotel here.
At the same time, he thanked all the co-organizers
and sponsors who made the forum on financial inclusion possible this year.
"I wish us all a fruitful interaction in the
next two days," he added.
Marciano Paynor, the Secretary General of APEC
Philippines 2015 National Organizing Committee, said the objective was to
promote the Philippines' different locations for tourism and investments that's
why they are holding APEC's initial meetings in different locations in the
country.
These meetings are run up to the APEC Leaders'
Meeting in November.
Tagaytay City, dubbed as the country's second
summer capital because of its cool climate, is a favorite gateway spot and
tourist destination in the country.
It provides an amazing view of the Taal Volcano
nested in the Taal Lake. The city hosts an array of places to visit as well as
local dishes for visitors to enjoy.
Tagaytay City is part of Cavite province and has a
total land area of 6,500 hectares. It is approximately 60 kilometers away from
Metro Manila and it takes about one hour travel from the metropolis. PND (as)
Annual discussion on financial inclusion in APEC
meeting has regional importance, says Finance Undersecretary Beltran
(TAGAYTAY CITY, Cavite) The Asian Pacific Economic
Cooperation's yearly discussion on financial inclusion have regional
significance because stakeholders learn from each other and apply them in
actual financial transactions that impact on different economies, a finance
official said on Tuesday.
"This yearly forum is important because it
brings together public and private sector, financial regulators, policymakers,
multilateral institutions, industry organizations and private
foundations," Finance Undersecretary Gil Beltran said in his keynote
address during the opening session on financial inclusion at Taal Vista Hotel
here.
"We continue to learn from each other,"
he added.
In the next two days, Beltran said he expects
delegates to venture into advancing lending infrastructure to promote inclusive
financial systems that in turn improves lending on low income vulnerable
households and small enterprises.
There will be a review of policy recommendations
on financial inclusion to assess the extent to which they have been adopted by
APEC economies and identify what challenges remain for their implementation, he
said.
Mexico, Vietnam and Papua New Guinea will share
their experiences to add to the vast knowledge of APEC economies experiences
from previous fora.
"This exercise is important because it shows
the different levels of development for financial inclusion in the region.
Definitely, we also learn from our differences," Beltran said.
Also in the agenda for discussion include digital
finance as well as how digital financial service providers can improve customer
centricity.
And to solve the asymmetric information problem in
financial inclusion, credit information systems will be examined with high
emphasis on private credit bureau and public credit registry and how they can
complement each other.
Making public and non-bank data more accessible to
private bureaus will also be discussed to improve efficiency.
"We are also pushing on how to assist SMEs
more access to credit by creating more credit reporting products for
them," Beltran said underscoring the importance of SMEs, which serve as
the backbones of APEC economies.
SMEs creates jobs and APEC members must support
SMEs in every way possible, he noted.
Reforms in the legal and regulatory regimes are also
needed to improve the security transactions of SMEs, Beltran said adding that
talks about commercial law reforms are also being discussed.
"We are aiming to build supportive
operational infrastructure for secured finance with particulars on the practical
infrastructure needs of the secured lending sector for secured financing to the
mid-market," he said.
Finance officials are also looking at the
possibility of an initiative aimed at supporting the acceleration of reforms in
participating APEC economies where reforms have been introduced, Beltran added.
The two-day forum on financial inclusion has
strong relevance to the general theme of the country's hosting of APEC Summit
this year.
Philippines APEC 2015 carries the theme “Building
Inclusive Economies, Building a Better World”. PND (as)
Malta’s Prince lays wreath at Rizal Monument
The Prince and Grand Master of the Sovereign Order
of Malta Fra’ Matthew Festing offered a wreath before the monument of
Philippine national hero, Dr. Jose P. Rizal at the Luneta Park in Manila on
Tuesday, the third day of his seven-day official visit to the country.
Fra’ Festing arrived at the park at 10:20 a.m. and
was welcomed by Manila Mayor Joseph Estrada, who escorted him as he laid the
wreath at the foot of the Rizal monument.
After the ceremony, Mayor Estrada presented Fra’
Festing the symbolic Key to the City of Manila.
The Maltese Prince then proceeded to Malacañang
Palace for his courtesy call on President Benigno S. Aquino III. PND (ag)
Malta’s Prince presents symbolic key of houses
donated to typhoon victims
The Prince and Grandmaster of the Sovereign Order
of Malta Fra’ Matthew Festing on Tuesday presented to President Benigno S.
Aquino III the symbolic key of the 700 new houses donated by Malta to the
victims of Typhoon Yolanda.
The handover ceremony was held at the Rizal Hall
of Malacañang Palace following Fra’ Festing’s courtesy call on President
Aquino.
The houses in Basey, Samar and Bantayan Island,
Cebu were built through Malteser International, the worldwide relief agency of
Malta.
Malteser International was among the few
international aid agencies that were on ground zero days after Typhoon Yolanda
struck central Philippines in November 2013.
Fra’ Festing said they provided medicines, food,
relief goods, hygiene kits, seeds, tools for farmers, and other much needed
supplies when they arrived.
“We stand by our commitment to work with your
people accompanying the delivery of goods and the construction of
infrastructures with solidarity and brotherhood embodied in our shared values.
Our best wishes for the people who will live there in peace, harmony and
security,” he said.
For his part, President Aquino said the turnover
of the symbolic key illustrates Malta’s generosity.
“This complements our own government’s plan to
build back better: to break the vicious cycle of destruction and reconstruction
by emphasizing long-term resilience in our reconstruction and rehabilitation
efforts,” he said.
The President also welcomed the news that Malteser
International plans to establish a regional office in Southeast Asia.
“Its physical presence in our part of the world
will certainly benefit Asian countries by allowing more effective coordination
and execution of relief activities, and facilitating our increased cooperation
in areas of mutual benefit,” he said.
Fra’ Festing’s official visit marks the 50th
anniversary of the diplomatic relations between the Philippines and Malta
established in 1965. PND (ag)
Output of APEC-Tagaytay meetings to be part of
Cebu Action Plan in September, says DFA spokesman
(TAGAYTAY CITY, Cavite) The output of the ongoing
Asia-Pacific Economic Cooperation (APEC) meetings here will form part of the
Cebu Action Plan that will be launched during the APEC Finance Ministers
Meeting in September in Mactan, Foreign Affairs Spokesman Charles Jose said in
a statement on Monday.
The Department of Finance is hosting a series of
related meetings this month in Tagaytay City. Among them are the Asia-Pacific
Forum on Financial Inclusion which starts Tuesday, March 3; the APEC Public
Private Partnership (PPP) Experts Advisory Panel Meeting (March 4); the
Asia-Pacific Infrastructure Partnership Meeting (March 4); and the APEC Finance
and Central Bank Deputies’ Meeting (March 5-6).
Held under the APEC Philippines 2015 theme of
“Building Inclusive Economies, Building a Better World”, these meetings aim to
promote discussions on various financial policies and programs affecting the 21
APEC member economies, as well as the regional network.
Specifically, delegates will tackle issues on
financial inclusion, financial transparency, and financial resiliency, among
others.
In keeping with the three APEC pillars of trade
and investment liberalization, business facilitation, and economic and
technical cooperation, these meetings are targeted toward the development of a
more integrated financial network within the Asia-Pacific region.
In line with the outcome of the meetings in
Tagaytay, Jose said the Cebu Action Plan envisions an APEC community that is
more financially integrated, transparent, and resilient.
The plan proposes the harmonization of APEC
economies’ policies, rules, and practices to facilitate free trade and the free
flow of cross-border investments.
It wants to ensure good governance that results in
sustainable and inclusive economic growth and rapidly growing and robust
financial markets that offer diversified financial instruments.
"It is within this context that the series of
meetings in Tagaytay will take place, with the aim of promoting a more open and
accessible financial environment in the region," Jose said in the
statement. PND (as)
APEC meetings on financial inclusion target the
poor, says finance official
(TAGAYTAY CITY, Cavite) Asia-Pacific Economic
Cooperation (APEC) delegates and stakeholders who gathered here Tuesday to
discuss financial inclusion want to target the poor to encourage them to
participate in the financial system, in the hope of spurring economic growth and
eventually lifting them out of poverty.
"The target of financial inclusion is the
poor because right now, they have very limited access and encouraging them to
gain access would lead to more growth, more savings, more investments for all
the countries in the region," Finance Undersecretary Gil Beltran said in a
press briefing at the Summit Ridge Hotel here.
The Department of Finance is hosting the two-day
discussion on financial inclusion at the Taal Vista Hotel.
"The main objective of all these things is to
increase trade, investment, employment generation and of course raise
incomes," Beltran said.
He explained that the goal of the meetings is to
share information and knowledge on financial inclusion as stakeholders try to
set up programs that would encourage poor people to participate more actively
in the financial system.
"Get them to save, borrow, invest and of
course use the money to make their lives better so that they could actively
participate in the growth of the economy," he said.
The exchange of views, he said, will cover such
areas as policies, strategies, and practices that lead to financial inclusion.
Many of these will involve regulators, service
providers, policymakers and private non-governmental organizations (NGOs) that
lend to the poor, Beltran noted.
Exchanging ideas would mean giving ordinary people
more options on what the system can do to encourage more financial sector
development, he said.
The meetings, which will run until Wednesday, March
4, will try to find ways to develop more products, additional financial outlets
so that these products are made available to all, he added.
Beltran estimated the number of meeting
participants at 130.
It is a big gathering for this kind of meeting, he
said, adding that the huge number of participants means that APEC member
economies are showing an increasing interest in financial inclusion.
The event was organized by the APEC Business
Advisory Council, and the Foundation for Development Cooperation, in
partnership with Citi Foundation and in collaboration with GE Capital, the
International Finance Corp. (IFC), the Consultative Group to Assist the Poor
(CGAP), the Japan International Cooperation Agency (JICA), and the Policy and
Economic Research Council (PERC).
The APEC Advisory Group for Financial Systems
Capacity Building has been convening the Asia-Pacific Forum on Financial
Inclusion since 2010 to provide policymakers and regulators with priority
recommendations in relation to financial inclusion. PND (as)
Cooperatives and non-governmental organizations
are major tools in encouraging poor to participate in financial system
(TAGAYTAY CITY, Cavite) The government and other
stakeholders will use non-governmental organizations (NGOs), small cooperatives
and other ordinary lenders to reach the poor and involve them in the financial
system, a finance official said here Tuesday.
In a two-day discussion on financial inclusion,
Finance Undersecretary Gil Beltran said one of the tools is to use digital
finance to encourage the people's participation in the financial system.
More people could be reached through the use of
techology because “there are a limited number of venues that could be used by
savers and borrowers," Beltran said in a press briefing at the Summit
Ridge Hotel.
For instance, he said, the number of banks is limited
and if the government wants to reach the farthest corners of the country, it
cannot be expected for banks to set up branches in small and faraway towns.
Although some areas have no banks or will never be
penetrated by banks, they have NGOs engaged in lending and cooperatives that
are working to reach the people, he noted.
There could be mutual benefit associations being
set up, and these are the ones that really get more participation than banks,
he added.
"By their very nature, banks cannot get into
the rural areas, into the farthest corners of the country, because they have to
make money and they are regulated," he explained, noting that NGOs and
cooperatives are thus the financial institutions “that will get us into more
financial inclusion".
With NGOs and other lenders, the number of
financial institutions reaching the people increases six times compared to
banks, he said.
The Department of Finance is hosting the meeting
on financial inclusion at the Taal Vista Hotel here, as part of this year’s
Asia-Pacific Economic Cooperation (APEC) forum.
The event was organized by the APEC Business
Advisory Council, and the Foundation for Development Cooperation, in
partnership with Citi Foundation and in collaboration with GE Capital, the
International Finance Corp. (IFC), the Consultative Group to Assist the Poor
(CGAP), the Japan International Cooperation Agency (JICA), and the Policy and
Economic Research Council (PERC). PND (as)
President Aquino confers Order of Sikatuna on
Prince Fra’ Matthew Festing of Malta
President Benigno S. Aquino III on Tuesday
conferred the Order of Sikatuna, with the rank of Raja or Grand Collar, on the
Prince and Grand Master of the Sovereign Order of Malta Fra’ Matthew Festing.
“As a gesture of appreciation for all the support
we have received from the Order, we will confer upon His Most Eminent Highness
Fra’ Matthew Festing, Prince and Grand Master of the Sovereign Order of Malta,
the Order of Sikatuna, Rank of Raja,” President Aquino said.
“This is the highest order of diplomatic merit our
people can bestow upon the leader of a sovereign state; may it stand as a
symbol of our gratitude for the Order’s friendship and assistance throughout
the last half century,” he added.
Fra’ Festing was honored for his “invaluable
support” to the Philippines during times of national calamities, particularly
Typhoons Ondoy and Pepeng in 2009, Sendong in 2011, Pablo in 2012, and Yolanda
in 2013, as well as the earthquakes in Bohol and Cebu, through the facilitation
of humanitarian assistance programs.
He earlier presented to President Aquino the
symbolic key of the 700 new houses donated by Malta to the victims of Typhoon
Yolanda.
In 1979, the 77th Grand Master of the Sovereign
Order of Malta Fra’ Angelo de Mojana di Cologna received the same order of
diplomatic merit when he visited the Philippines.
Fra’ Festing, the 79th Grand Master, in return
conferred on President Aquino the Collar of the Order of Merit, Pro Merito
Melitensi in recognition of “a pursuit that gives honor and prestige to the
Sovereign Order of Malta”.
During his toast at the luncheon in honor of Fra’
Festing, the President said the conferment of the order by the Sovereign Order
of Malta was meaningful to him.
“On a personal note, the Sovereign Order of Malta
has long been part of my family’s history. My maternal grandparents, Jose and
Demetria Cojuangco, and my paternal grandmother, Aurora Aquino, were members of
this noble order,” he said.
“I accept the conferment of this order on behalf
of the Filipino people, as a symbol of our shared commitment to serve the
poor,” President Aquino added.
Fra’ Festing meanwhile conveyed his “deepest
appreciation for the warm welcome, which we have received here in Manila."
PND (ag)
Philippines welcomes Malteser International’s plan
to open office in Asia
President Benigno S. Aquino III has said the
Philippines welcomes Malteser International’s plan to put up a regional office
in Southeast Asia.
Malteser International, the worldwide relief
agency of the Sovereign Order of Malta for humanitarian aid, has offices in the
United States and Germany.
In a speech delivered during the courtesy call of
Prince and Grand Master of the Sovereign Order of Malta Fra’ Matthew Festing in
Malacañang Palace on Tuesday, President Aquino said the physical presence of
Malteser International “in our part of the world will certainly benefit Asian
countries by allowing more effective coordination and execution of relief
activities, and facilitating our increased cooperation in areas of mutual
benefit”.
During the courtesy call, Fra’ Festing turned over
to President Aquino the symbolic key to the doors of the 700 new houses donated
by the Sovereign Order of Malta to people affected by Super Typhoon Yolanda in
Basey, Samar and Bantayan Island, Cebu in 2013.
As a gesture of gratitude for all the assistance
extended by the Sovereign Order of Malta, President Aquino conferred to Fra’
Festing the Order of Sikatuna, with the rank of Raja or Grand Collar.
In turn, Fra’ Festing awarded the Collar of the
Order of Merit, Pro Merito Melitensi to President Aquino.
In his speech, Fra’ Festing noted that Malteser
International, which reached the Philippines within three days after Typhoon
Yolanda struck, and the Philippine Association of the Order of Malta “worked
extremely well together and succeeded in introducing a very good result”.
“The Order of Malta intends to strengthen our
collaboration and our relations with the Republic of the Philippines in the
short term future. We are discussing the possibility of a cooperation agreement
and indeed the elaboration of what we have been doing here so far,” he said.
The Philippines and the Sovereign Order of Malta
are celebrating 50 years of diplomatic relations this year. PND (jm)
Energy Department has made ‘proactive’
preparations to deal with possible power crisis, Palace says
Having made “proactive” preparations, the
Department of Energy (DOE) is confident that it would be able to deal with the
impending power shortage, even without the special powers sought by the
government, a Palace official said on Tuesday.
In a press briefing in Malacañang, Communications
Secretary Herminio Coloma, Jr. said the DOE has begun making preparations in
August to September last year.
“Inasahan nga sana natin na mas maaga ang
pagbibigay ng emergency powers para mas malawak sana ang mga opsyon. Ngayon at
limited na ang mga opsyon, makikita na rin naman natin na nakabuo na rin naman
ng kahandaan ang DOE sa pamamagitan ng pakikipag-ugnayan sa pribadong sector,
dahil marami nang mga kumpanya ang nagpahayag ng kanilang kahandaan na gamitin
ang kanilang mga sariling generator sets,” Secretary Coloma said.
He further said that the department has already
begun campaigning for the use of energy conservation measures, and has been
monitoring the maintenance schedules of power plants.
“Kaya sa pangkalahatan, ayon sa latest projection
ng DOE, nakikita nilang minimal ang maaaring maging shortage o power supply
deficiency,” he said.
Congress has yet to pass a law granting President
Benigno S. Aquino III special powers to avert the projected power shortage
during the upcoming summer months. PND (ag)
Palace optimistic Bangsamoro Basic Law would get
enough votes in Congress
The Palace is optimistic that the proposed
Bangsamoro Basic Law (BBL) would get enough votes from Congress leaders,
Communications Secretary Herminio Coloma, Jr. has said.
“Ang aming pinagbabatayan ay ang commitment ng
liderato ng magkabilang Kamara at sa aming pagtaya, karamihan naman sa ating
mga mambabatas ay nananalig at naninindigan para sa kapayapaan,” Secretary
Coloma told reporters during a press briefing in Malacañang on Tuesday.
While there is resistance in the passage of the
BBL because of the Mamasapano incident, Coloma said this is understandable.
“Nauunawaan natin na nagkaroon ng agam-agam at
pagdududa dahil nga sa mga naging kaganapan sa Mamasapano. Pero habang
nagkaroon na ng kaliwanagan hinggil dito at habang nauunawaan din ng ating mga
lider ang kahalagahan ng prosesong pangkapayapaan, tumitibay ang kumpiyansa na
marami sa kanila ang maninindigan din para sa kapayapaan,” he said.
The executive and legislative branches of the
government will coordinate to ensure the passage of the Bangsamoro Basic Law,
he said, noting that Congress has already conducted about 36 public
consultations on the bill.
“Ayon sa pahayag ni Congressman Rufus Rodriguez,
ang tagapangulo ng ad hoc committee on the Bangsamoro Basic Law, mayroon siyang
kumpiyansa na maipapasa nila ito sa committee level, even within the March
session, para pagdating ng May to June session ay pwede na itong maihain sa
plenaryo,” he said.
Coloma further said that the ideal situation when
the Comprehensive Agreement on the Bangsamoro was formed was for the early
passage of the BBL to allow those working in the Bangsamoro Transitional
Authority to demonstrate their abilities and to show how qualitatively
different the Bangsamoro is, compared to the system of the Autonomous Region in
Muslim Mindanao (ARMM).
“Kaya lang realistiko tayo, kinailangan ang mas
mahabang panahon ng konsultasyon doon sa Bangsamoro Basic Law bago pa man
naganap ang insidente sa Mamasapano. Kaya't iginagalang naman natin ang
prosesong pinagdaanan nila dahil sinikap talaga nilang makuha ang pananaw ng
malawak na stakeholder-based,” Coloma explained.
He said those who have reservations in the BBL
could study the provisions.
“Kaya ang mga nagpapahayag ng reserbasyon, mainam
siguro pag-aralan nilang mabuti ang mga probisyon dahil ito ay dumaan na rin sa
masusing pag-aaral ng maraming mga eksperto, maraming mga dalubhasa at mismong
ang mga members ng 1986 Constitutional Commission na nagbuo ng 1987
Constitution ang nagsasabi sa atin na sa kanilang pananaw, tumatalima ang
Bangsamoro Basic Law sa mga probisyon at prinsipyo ng 1987 Constitution,” he
said. PND (jm)
