The Philippines participation in the FIDN is made active through representation by and inputs from the Department of Finance, the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Credit Information Corp.
It is with earnest drive that the SEC, together with the other participants, will work toward the vision of a more financially integrated Asia-Pacific through the FIDN.
Initiatives to be promoted through the FIDN across the Asia-Pacific will be geared toward credit information systems, secured transactions frameworks, insolvency frameworks, and factoring.
The establishment of the FIDN is one of the deliverables under the Cebu Action Plan (CAP), a finance-related development roadmap for the Asia-Pacific that was drafted by the Philippines with inputs from other APEC member economies.
As a deliverable under the first pillar of the CAP, the establishment of the FIDN seeks to promote an enabling financing environment for MSMEs, including trade, supply chain, and alternative financing mechanisms.
The FIDN aims to promote an enabling financing environment for micro, small, and medium enterprises (MSMEs) to improve the sector s access to finance.
Given the myriad of financing challenges facing MSMEs, the ABAC welcomes the adoption by the finance ministers, at their meeting in Cebu, of our recommendation for the establishment of a public-private FIDN, ABAC Chair Doris Magsaysay-Ho said.
The FIDN shall serve as a specialized subgroup within the Asia-Pacific Financial Forum to facilitate workshops, dialogues and studies to support the establishment of legal frameworks for Credit Information Systems, secure transactions and the use of movable assets as collateral, she explained.
Launched on Thursday, the FIDN will promote improved access to credit among micro, small and medium enterprises (MSMEs) primarily through the establishment of credit information systems and bureaus, which shall provide credit data to prospective lenders at affordable cost, Finance Assistant Secretary Maria Teresa S.
Also, the FIDN pushes the development of conducive legal and regulatory regimes across Apec facilitating the increased usage of movable assets as collateral in credit markets, hence will expand MSMEs' access to financing, including supply chain and trade finance, Habitan added.