The 21 member economies of the Asia- Pacific Economic Cooperation (APEC) are set to take the first step towards financial integration as their finance ministers are to meet in central Philippine province of Cebu next month, a senior government official said Monday.

Foreign Affairs Under-secretary Laura del Rosario said finance officials are set to launch the Cebu Action Plan, a roadmap geared towards making the Asia-Pacific region more inclusive and resilient, when they meet in Cebu from September 9 to 11.

"This is the first time the finance ministers will come up with a roadmap. Cebu will be unique in APEC 2015 because of the Cebu Action Plan. You will be remembered for this," she said.

She added that the roadmap will focus on creating inclusive APEC economies. The four pillars for the proposed Cebu Action Plan are financial integration, fiscal transparency and policy reform, financial resiliency, and infrastructure development and financing.

According to del Rosario, finance is a big part of APEC and Cebu will be hosting the Finance Ministerial Meeting in September. Before this, there will be other meetings by APEC senior finance and Central Bank officials and deputies. Endi

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