THE Department of Finance (DoF) called for closer financial cooperation among Association of Southeast Asian Nations+3 (ASEAN+3) economies to mitigate the risks from global and regional crises.
“The Philippines, through the DoF, is pushing for concrete measures to strengthen regional financial resilience and cooperation,” it said in a statement on Monday.
“By anticipating risks, sharing insights, and coordinating policy responses, member economies can navigate these challenges together,” it added. “While each economy manages its own domestic pressures, a united regional approach is key to building resilience and safeguarding stability against external shocks,” it added.
ASEAN+3 refers to the 10 ASEAN member states and the China, Japan, and South Korea.
The DoF said it is pushing for the advancement of regional disaster risk financing in response to climate-related challenges.
“Member economies expressed support for continued collaboration and the creation of a roadmap to boost regional resilience and preparedness,” it added.
Disaster risk financing will be on the agenda of the ASEAN+3 Finance and Central Bank Deputies’ Meeting next month.
“This vision of support was evident at the second Task Force Meeting held from March 3-4 in Osaka, Japan, which was co-chaired by the DoF and the Bangko Sentral ng Pilipinas, together with the Japan Ministry of Finance and the Bank of Japan,” it said.
According to the department, the International Finance Group said during the meeting that the recent disruptions in the Strait of Hormuz and the volatility in oil prices “have direct impacts on fiscal space, economic growth, and livelihoods.”
“Member economies likewise supported ongoing discussions on the DoF-championed Sovereign Asset and Fiscal Empowerment Facility, which embeds disaster insurance directly into development projects financed by bilateral and multilateral partners,” it said.
“The DoF also continued to advance the Philippines- and Japan-led ASEAN+3 Fiscal Exchange, a platform for finance ministries to share best practices and insights, strengthening collective regional resilience,” it added. — Justine Irish D. Tabile
