Central Bank of the Philippines

05/03/2021 | Press release | Distributed by Public on 05/04/2021 05:22

BSP Joins the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting

Media and Research - Press Releases

https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=5772

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BSP Joins the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting

May 03, 2021

From left to right: Deputy Finance Minister Dato Ahmaddin Abdul Rahman, Brunei Ministry of Finance and Economy; Minister Phoc Ho Duc, Viet Nam Ministry of Finance; Deputy Managing Director Sing Chiong Leong, Monetary Authority of Singapore; Secretary General Dato Jock Hoi Lim, ASEAN Secretariat; Governor Juyeol Lee, Bank of Korea; Deputy Minister Mohd Shahar Abdullah, Malaysia Ministry of Finance; Minister Arkhom Termpittayapaisith, Thailand Ministry of Finance; Deputy Managing Director Mitsuhiro Furusawa, International Monetary Fund; Minister Swee Keat Heng, Singapore Ministry of Finance; Deputy Minister Bounleua Sinxayvoravong, Lao PDR Ministry of Finance; Managing Director Rokiah Badar, Autoriti Monetari Brunei Darussalam (AMBD); Minister Sri Mulyani, Indonesia Ministry of Finance; Director Toshinori Doi, AMRO; Permanent Secretary Suraya Jaidin, Brunei Ministry of Finance and Economy; Deputy Managing Director Norrafidah Sulaiman, AMBD; Governor Benjamin E. Diokno, Bangko Sentral ng Pilipinas; Governor Sethaput Suthiwartnarueput, Bank of Thailand; Secretary Carlos G. Dominguez, Philippines Department of Finance; President Masatsugu Asakawa, Asian Development Bank; Deputy Governor Li Bo, People's Bank of China; Minister Nam-Ki Hong, Korea Ministry of Economy and Finance; Governor Than Nyein, Central Bank of Myanmar; Vice Minister Zou Jiayi, China Ministry of Finance; Union Minister Win Shein, Ministry of Planning, Finance and Industry; Governor Haruhiko Kuroda, Bank of Japan; and Secretary of State Seilava Ros, Cambodia Ministry of Economy and Finance


Governor Benjamin E. Diokno represented the Bangko Sentral ng Pilipinas at the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting (AFMGM+3) held virtually on 3 May 2021.

The annual meeting gathered the senior officials of central banks and finance ministries to discuss the state and prospects of the regional economy, together with the President of the Asian Development Bank, Deputy Managing Director of the International Monetary Fund, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), and Secretary-General of the ASEAN Secretariat. The meeting noted that despite the challenges brought about by the pandemic, the region has exhibited economic resilience due largely to policy measures undertaken to immediately respond to the impact of the crisis. The Finance Ministers and Central Bank Governors also agreed with the call of the international financial institutions for resilient, inclusive and greener economies.

They also welcomed the progress of regional financial cooperation, particularly the enhancements to ensure the smooth operationalization of the regional financial safety net, Chiang Mai Initiative Multilateralization (CMIM); the solid efforts made by AMRO in the past ten years of its establishment; and the continuing developments in regional bond market under the Asian Bond Markets Initiative.

In his remarks, Governor Diokno shared that in the Philippines, there are clear signs of recovery and that the impact of COVID-19 is transitory. Moreover, digital transformation is seen as one of the conditions for sustainable and resilient recovery and with international cooperation as key driver for achieving the vision of a digitalized economy.

Please click here for a copy of the AFMGM+3 Joint Statement.

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