PH hopes to join Apec finance initiative

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MANILA — The country is eyeing to join the pilot of an Asia Pacific Economic Cooperation (Apec) initiative that will focus on give financial services professionals the chance to sell market investment products to retail customers.

The Philippines is hopeful to join the Asia Region Fund Passport despite pending approval of its reapplication for Appendix A of the International Organization of Securities Commissions (IOSCO), according to Commissioner Manuel Huberto B. Gaite of the Securities and Exchange Commission (SEC).

The Asia Region Fund Passport was “intended to reduce regulatory inconsistency and overlap which makes it difficult for collective investment scheme operators to offer products such as mutual funds to retail customers in multiple economies in the region,” according to Apec.

Gaite said in interview with reporters that the member countries are scheduled to sign the statement of understanding for the Asia Region Fund Passport in September.

The member countries include Australia, New Zealand, Singapore and South Korea.

Gaite remains hopeful that the country’s membership in the IOSCO will soon be approved in time for the Apec-led initiative by the end of the third quarter.

He added that the signing of the memorandum of agreement for the Asia Region Fund Passport will be held in November or December adding that the the transactions would first be limited to Apec member-economies.

Other members in the other side of the Pacific could eventually participate.