GMA renews call for Asian economic community

CEBU, Philippines – President Gloria Macapagal-Arroyo once again reiterated her desire for an Asian economic community as she highlighted the continued economic growth of the country in yesterday’s 28th Asian and Oceanian Stock Exchanges Federation General Assembly.

Arroyo, who is the first Head of State to welcome the delegates in this 19-year-old federation, said that it is a good idea that we seek to put together the economic and financial activities of Asia and Oceania.

“I have been advocating that we should push for an Asian economic community including the Middle East, Central, Southeast Asia, Russia and Oceania to maximize growth trade, investment and financial stability in the Asian region which is best suited to weather the global crisis and come out the stronger compared with other regions,” Arroyo said.

The Chief Executive added that it is essential that new vital alliances be forged to keep the world stable and strong.

“Some sort of Asian community would certainly be a bold step in that direction and your federation is a very good start,” Arroyo said.

She added that the Asian economists have been weathering the global crisis better than other regions and in spite of the economic downturn, the Philippines is not standing still.

“We are holding our own. We remain optimistic that our resources and plans will allow us to manage our way through these difficult times because we rebooted our economy few years ago and this has held us in good stead,” Arroyo said.

She added, “we hope to continue our economic growth this year.”

Arroyo added that on the part of our government, “we must live within our means and run a lean and efficient government that includes fiscal prudence and efforts towards a balance budget”.

“We must initiate a new era of volunteerism and community spirit. We should focus on such initiative not related to our core activities as an organization which includes cleaning up our environment, building parks, planting trees, bring comfort to the poor and bring back the dignity of literacy for adults who cannot read.”

Eighty delegates from Asia and Oceania attended the said four-day event from April 22 to 25 at Shangri-La’s Mactan Island Resort and Spa in Lapu-Lapu City.

Delegates include chief executive officers and chief operating officers of AOSEF member-exchanges, as well as members of the AOSEF secretariat and observers from the World Federation Exchanges.

AOSEF was first conceived as an organization to promote closer ties between the region’s exchanges and cooperation among them.

Currently, it is composed of 19 member stock exchange offices all over Asia and Oceania.

 Countries represented are Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Mongolia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.

The AOSEF General Assembly is the supreme decision making body of AOSEF. It meets annually at a pre-determined venue provided in rotation by member stock exchanges.

The Philippine Stock Exchange, Inc. is the host/organizer of this year’s assembly.

The PSE is a private organization that provides and ensures a fair, efficient, transparent and orderly market for buying and selling securities. — Mitchelle L. Palaubsanon/NLQ (THE FREEMAN)