Asean finance integration up for talks in Cebu next week

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Asean finance ministers and central bank governors and set to discuss their commitment to financial integration and cooperation in a meeting next week in Mactan, Cebu, against the backdrop of a new wave of protectionism and other uncertainties in the global economy, the Department of Finance (DoF) said.

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In a statement on Friday, the DoF said the meeting will be hosted by Finance Secretary Carlos Dominguez 3rd and Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. at the Shangrila’s Mactan Resort and Spa in Lapu-Lapu City on April 6 to 7.

The meetings will also include the Asean Finance Ministers’ Investors Seminar (AFMIS), an annual event that aims to provide the regional bloc’s member-states with a platform to interact with investors and financial institutions, and exchange views on how to promote Asean as a regional investment destination, it said.

This year marks a milestone for the ASEAN, which will celebrate its 50th anniversary with the Philippines as host. The 2017 Asean theme is “Partnering for Change, Engaging the World.”

The DoF said the 2017 AFMIS will also focus on updates on engagements with the global economy, regional connectivity and the progress of the Asean Economic Community, which is designed to create a single market and production base in the region.

The DoF also said that agreements on the Asean Banking Integration Framework are expected to be signed next week.

Separate meetings of the Asean Finance Ministers and the Central Bank governors will simultaneously open on April 7. The Finance Ministers and Central Bank Governors Joint Meeting, the third to be held under the Asean, will take place later in the afternoon.

A joint press conference by the finance ministers of the immediate past (Lao Republic), present (Philippines) and future (Singapore) Asean chairs will be held after the joint meeting, it added.

An Asean+3 Finance and Central Deputies Meeting with China, Japan and Korea and a separate Asean-US Treasury Deputies Meeting will be held on April 5.

The BSP-Official Monetary and Financial Institutions Forum Debate will be held on April 3.

Before the Asean finance and central bank chiefs buckle down to work, Tetangco will host a dinner reception on April 5, followed by a gala dinner hosted by Dominguez on April 6, the DoF said.

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1 Comment

  1. Finance integration will be a challenge for the Philippines. The Philippine banking system is not widely used by Filipinos. More than 70% of Filipinos DO NOT HAVE a bank account. Less than 1/3 of Filipinos use the banking system. Philippine banks are tiny compared to those within the ASEAN. The Philippine banking system has a lot of catching up to do. Filipinos would rather go to 5-6 lenders than to go to banks.