RP President Ramos supports APEC infrastructure talks

RP President Ramos supports APEC infrastructure talks

MANILA (UPI): Philippine President Fidel Ramos said yesterday
he will support a recommendation by the region's businessmen to
conduct roundtable discussions between the private and public
sector on the country's infrastructure needs.

The Asia Pacific Economic Cooperation Business Advisory
Council submitted last week recommendations to hasten free trade
in the region in the areas of cross-border flows, finance and
investment, infrastructure, small and medium enterprises, and
economic and technical cooperation.

"I have directed my Cabinet to hold the first public-private
sector infrastructure roundtable in Manila in November at the
time of the APEC Business Forum," Ramos told journalists.

In its 56-page report, the council underscored the importance
of cooperation between the public and private sector on various
infrastructure projects.

"Each APEC economy wishing to attract foreign investment in
infrastructure should organize a Joint Infrastructure Roundtable
in 1997 to identify opportunities where the business or private
sector could assist in meeting some of the host country's
infrastructure needs," the report said.

The council noted the rapid economic growth in the region has
increased the demands for infrastructure. It cited a 1995 World
Bank estimate that the demand for new infrastructure spending in
East Asia between 1997 to 2004 alone could reach d1.5 trillion.

"Clearly, the region will only be able to achieve its
potential and sustain its growth through major changes in current
approaches to infrastructure planning, financing and
construction," the report said.

The council has identified three important areas that APEC-
member economies should address in relation to the endeavor,
namely: the identification of the region's overall infrastructure
needs; guidelines to facilitate private sector participation in
infrastructure; and the role of multilateral lending agencies and
bilateral aid in infrastructure development.

The 7-year-old APEC decided in 1994 to completely open trade
and investments by the year 2010 for industrialized countries and
2020 for developing ones.

Its 18-member economies are Australia, Brunei, Canada, Chile,
China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New
Zealand, Papua New Guinea, the Philippines, Singapore, South
Korea, Taiwan, Thailand and the United States.