PURISIMA TOUTS PHILIPPINES AS “NORTHERN GATEWAY” TO INTEGRATED ASEAN

Finance Secretary Cesar Purisima highlighted the increasing prominence of the Philippine economy in ASEAN at Standard Chartered’s Singapore Forum 2013 last March 20. Purisima was invited as a panelist during the panel discussion “Spotlight on ASEAN”, which was attended by executives from leading corporations and institutional investors throughout Southeast Asia.

“We in the Philippines look forward to ASEAN Integration in 2015. Our hope is that the Philippines will be the Northern and Pacific Gateway to ASEAN. The Aquino Administration is committed to ensuring that we continue to invest in infrastructure, our people, and address the constraints to growth to ensure that our people are ready to take full advantage and be part of an integrated ASEAN.”, Purisima said.

The ASEAN is currently pursuing regional market integration through the progress of the ASEAN Economic Community (AEC) inititatives, which are targeted to be accomplished by the year 2015. The AEC covers areas such as lowering of trade barriers, mutual recognition of professional standards, and capital market integrations. The ASEAN countries include the Philippines, Singapore, Malaysia, Indonesia, Cambodia, Brunei, Laos, Thailand, Vietnam, and Myanmar.

ASEAN as a region collectively makes up the world’s third largest population, behind only China and India. The region’s population is also one of the youngest in the world, with an average age of 27, which Purisima said put the region at an advantage versus the rest of the world.

“The ASEAN demographic places the region in a very strong position for growth. It is important that ASEAN integrates because our collective strengths are more formidable than our individual competencies.” Purisima said.
Secretary Purisima further underlined the importance of ASEAN’s initiatives in connectivity, “We have to be connected with each other, not just through infrastructure, but also connectivity through common standards for trade and investments.”

Secretary Purisima was joined by co-panelists Mahendra Siregar, Vice Minister of Finance of Indonesia and David Mann, head of Asian Regional Research of Standard Chartered Bank. The panel was moderated by Nicholas Fang, the Executive Director of the Singapore Institute of International Affairs.