The Bangko Sentral ng Pilipinas (BSP) joined other central banks and finance ministries in reaffirming support for stronger regional cooperation during the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting held recently in Samarkand, Uzbekistan. The meeting took place alongside the Asian Development Bank Annual Meeting amid growing global economic uncertainties.
Officials discussed key regional initiatives, including the Chiang Mai Initiative Multilateralization (CMIM), which provides emergency liquidity support during financial crises, as well as the work of the ASEAN+3 Macroeconomic Research Office (AMRO) in monitoring regional economic conditions. They also reviewed progress under the Asian Bond Markets Initiative (ABMI) and efforts to improve cross-border digital payments.
BSP Monetary Board Member Rosalia V. De Leon emphasized the importance of strengthening these regional cooperation mechanisms to help protect financial stability and improve the region’s resilience against emerging economic risks.
De Leon also co-led the inaugural Central Banking Dialogue with Bank of Japan Deputy Governor Ryozo Himino. Discussions focused on enhancing cross-border payments and regional payment connectivity, with central banks highlighting the role of efficient and interoperable payment systems in supporting trade, remittances, financial inclusion, and financial stability.
