05/03/2021 | Press release | Distributed by Public on 05/04/2021 05:22
https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=5772
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.