The Department of Finance (DOF) on Monday reiterated the importance of strengthening the country’s ties with the Asean, saying the integrated economies of member-nations will bring benefits to 650 million people and open more markets.
According to Finance Secretary Carlos G. Dominguez III, implementing the goal of a single market and production base under the Asean Economic Community should prove compelling, and that member-nation support of the vision will reap significant benefits for the people.
“We are working very hard together so that in the whole Asean community, 650 million people are going to be more integrated with each other economically and financially. That’s really what we are working toward,” Dominguez said.
According to the Philippine Statistics Authority, the country’s external trade in goods with Asean member-states amounted to $14.26 billion in 2016, which is 21.7 percent of the country’s entire trade.
“So we are building [the Asean market] because there’s strength in unity. It’s a market with a 650-million population, and that’s a huge market, bigger than the US market. The income of the US is very high, but here, we are growing very fast,” Dominguez added.
The joint statement issued by Asean finance ministers and central bank governors on April 7 at the third Asean Finance Ministers and Central Bank Governors’ Meeting in Cebu City encapsulated the ongoing and planned efforts to achieve financial integration and stability amid the current challenges in the global economy.
“As such, we shall continue to promote economic growth, financial integration; strengthen financial stability; implement appropriate monetary, fiscal and macroprudential policies in our jurisdictions; and intensify financial cooperation to further advance our region’s resilience,” the joint statement said.
The finance and central bank chiefs, likewise, pledged to deepen regional financial cooperation to realize an Asean Economic Community 2025, pursue the creation of an interconnected, inclusive and resilient regional capital market and ensure the efficient development of the Green Bond initiatives.
Asean officials also came up with a financial-inclusion initiative looking to deliver more financial products and services to underserved communities within the Asean, reaffirmed their vision of liberalizing progressive financial services.
“These initiatives built on the foundation of prior achievements, such as the Asean Banking Integration Framework. We have quite notably convened a working committee [on] financial inclusion to broaden the base of our financial systems and bring all our communities into the mainstream of development,” Dominguez said.