Traders call for support for AEC integration

CEBU, Philippines - Business leaders in the region converged in Cebu yesterday to drum up awareness and support for Cebu’s joining the ASEAN Economic Community by 2015.

“We have to be prepared as early as now. We have to drum up awareness. We can’t wait for this thing to happen because it will happen,” said Prudencio Gesta, former president Cebu of the Cebu Chamber of Commerce and Industry in yesterday’s Regional Conference on Economic Integration.

Hans Sicat, president and chief executive officer of the Philippine Stock Exchange is optimistic of a better engagement in leadership of the economic team of the current administration.

The AEC aims to remove tariff and non-tarriff barriers to further liberalize trade, financial and labor markets integration, among others.

In his digital presentation during the said forum, Secretary Hermigildo “Sonny” Coloma of the Presidential Communications Operations Office, said the Philippines is well-poised to join AEC.

Coloma said that governance structure supports the Philippines’ integration with ASEAN.

It can be recalled that during the 12th ASEAN Summit in 2007 that was held in Cebu, the ASEAN leaders agreed to hasten the establishment of the AEC by 2015 and to transform ASEAN into a region with the free movement of goods, services, investments, skilled labor and freer flow of capital.

The AEC, according to the “Declaration on the ASEAN Economic Community Blueprint” will establish ASEAN as a single market and production base, making ASEAN more dynamic and competitive with new mechanisms and measures to strengthen the implementation of its existing economic initiatives, among others.  (FREEMAN)