Manila: The member states of the Association of Southeast Asian Nations (ASEAN) are pushing for deeper financial cooperation and regional resilience against external risks amid heightened global uncertainty.
According to Philippines News Agency, the reaffirmation was made during the Philippine-led ASEAN Finance Ministers and Central Bank Governors' Meeting (AFMGM), held virtually from April 7 to 11. During the meeting, participating officials underscored the need for sound macroeconomic policies, strengthened policy coordination, and continued vigilance to safeguard regional financial stability.
Philippine Finance Secretary Frederick Go emphasized the importance of solidarity in current times, stating, "As geopolitical tensions rise, standing together is more crucial than ever. Our collective resolve sends a strong signal to the rest of the world that we remain resilient in the face of adversity." Echoing this sentiment, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. highlighted ASEAN's collective strength, noting, "In a more fragmented world, ASEAN's edge is our strength in working together."
The officials at the meeting also welcomed the progress under the ASEAN financial cooperation work program and reaffirmed their commitments to advance financial integration. Key initiatives on payments connectivity, capital market development, and financial health were identified as priorities supporting the Philippines' key economic deliverables under the ASEAN finance track.
The ministers and the governors pointed out the need for stronger cross-border payments connectivity and stressed the importance of continued cooperation on interoperability, regulatory alignment, data governance, consumer protection, and responsible innovation in digital finance. They welcomed Project Nexus, existing bilateral and multilateral payment linkages, and other connectivity initiatives. Project Nexus is an initiative to help connect domestic fast payment systems (FPS) across Southeast Asian countries and India.
The discussions also covered sustainable finance, with ministers and governors reaffirming commitments to mobilize private capital, strengthen climate risk management, and enhance financial system resilience. The meetings included the ASEAN+3 Finance and Central Bank Deputies Meeting, where senior officials from the 11 ASEAN member states and China (with Hong Kong), Japan, and Korea discussed strengthening regional resilience through enhanced financial cooperation, including financial safety net and bond market initiatives.
Ministers and governors welcomed engagements with external partners, including the United States, European Union, and ASEAN Business Councils.
