5th APEC FIDN Conference in ManilaThursday 30 November 2017
The fifth APEC FIDN conference was held on 29 November 2017 in Manila. FIDN (Financial Infrastructure Development Network) was formed under the auspices of the APEC Finance ministers’ initiative.
The event which was attended by almost 150 delegates was graced by Mr Ramon Lopez, Secretary of Trade and Industry, Republic of the Philippines. The theme of this year event was “Leveraging movable assets and warehouse receipt to support MSMEs and Agri-Business”. FCI has been supporting FIDN since its foundation and Kheng Leong Lee, Director of FCI Asian Chapter presented International factoring through FCI. He highlighted that although Philippines was among the first Asian countries to introduce factoring, it disappeared from the scene after the Asian Financial Crisis. Recently the Philippines banks and the government are actively launching many new initiatives and products to demonstrate factoring as a very effective facility to help MSMEs.
The participants learned about the growth of factoring industry worldwide and were excited to know how international factoring can help the Philippines MSME exporters to compete with other Asian exporters. The presentation about factoring was also aimed to generate interest to international factoring among the banks, so that the banks can use opportunity arising from the China’s One Belt One Road initiative which covers Philippines as well.