The Asia Pacific Economic Cooperation (APEC) is gearing toward better access to finance for micro, small, and medium enterprises (MSMEs) to help them participate in global economic activities.
During the APEC SME Finance Forum at the Iloilo Convention Center on Tuesday, APEC Business Advisory Council (ABAC) Chair Doris Magsaysay-Ho said public and private sectors in the Asia Pacific push for further collaboration to improve financial services in the region.
For instance, the APEC SME Working Group has worked with ABAC for the APEC SME Finance Forum on the margins of APEC SME Ministerial Meeting.
The APEC SME Finance Forum seeks to discuss and obtain wider support for concrete initiatives to address key issues of providing efficient and sustainable financial services to MSMEs.
Ho also said the Boracay Action Agenda to globalize MSMEs widens the opportunity for close collaboration of APEC and ABAC to improve MSMEs’ access to financial mechanisms.
Likewise, the ABAC has recommended the Financial Infrastructure Development Network (FIDN) in the APEC Finance Ministers Meeting recently held in Cebu which aims to support the establishment of legal frameworks for Credit Information Systems, secured transactions and the use of movable assets as collateral.
“The region is home to more than a billion people who do not have access to a bank account or formal financial services. There has to be a clear understanding of the perspectives across disadvantaged communities in order to more effectively promote financial inclusion,” Ho said.
“These are people who, if given the right opportunities and access to resources, may just become the next successful global entrepreneur,” the ABAC chair added. (PNA)
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