The Department of Finance (DoF) has called for closer financial cooperation among the Association of Southeast Asian Nations+3 (ASEAN+3) economies to reduce risks from global and regional crises.
“The Philippines, through the DoF, is looking for concrete ways to strengthen the region fifinancial stability and cooperation,” said the statement on Monday.
“By anticipating risks, sharing information, and coordinating policy responses, member economies can address these challenges together,” it added. “While each economy manages its own domestic pressures, a unified regional approach is essential to building resilience and safeguarding stability from external crises,” it added.
ASEAN+3 refers to the 10 ASEAN member countries plus China, Japan, and South Korea.
The DoF said it is pushing for the development of regional disasters fito help respond to climate-related challenges.
“Member economies have expressed support for continued cooperation and road construction to improve regional resilience and preparedness,” it added.
Disaster risk fifinancing will be on the agenda of the ASEAN+3 Central Bankers’ Financial Meeting next month.
“This view of support was reflected in the Second Labor Conference held on March 3-4 in Osaka, Japan, which was jointly led by the DoF and the Bangko Sentral ng Pilipinas, as well as the Ministry of Finance of Japan and the Bank of Japan,” it said.
According to the ministry, the International Finance Group said at the meeting that the recent disturbances in the Strait of Hormuz and the volatility of oil prices “have a direct impact on the financial environment, economic growth and livelihoods.”
“Member economies have also supported ongoing discussions on the DoF-Championed Sovereign Asset and Fiscal Empowerment Facility, which focuses disaster insurance directly on development plans. fiIt is supported by bilateral and multilateral partners,” the statement said.
“The DoF also continued to advance the ASEAN+3 led ASEAN+3 Fiscal Exchange led by the Philippines, which is a platform finance ministries to share best practices and information, to strengthen joint regional strengthening,” he added. Justine Irish D. Tabile
