The Bangko Sentral ng Pilipinas (BSP) and the Bank of the Lao PDR jointly led the 52nd meeting of the ASEAN Working Committee on Capital Account Liberalization (WC-CAL) held August 19–20, 2026, in Kuala Lumpur.
Gathered to advance regional financial cooperation, central bank representatives from across Southeast Asia focused on key priorities: deepening ASEAN financial integration, expanding the use of local currencies for cross-border trade and financial transactions, reviewing latest policy updates, and strengthening technical capabilities for managing capital flow frameworks.
The BSP delegation was headed by Managing Director Thomas Benjamin B. Marcelo and Director Jodeth Niña R. Yeung. Participants included senior officials from Brunei Darussalam Central Bank, Bank Indonesia, Bank of Thailand, Monetary Authority of Singapore, Bank of the Lao PDR, Bank Negara Malaysia, Banco Central de Timor-Leste, National Bank of Cambodia, Central Bank of Myanmar, State Bank of Viet Nam, and the ASEAN Secretariat.
This co-chairing role underscores the Philippines’ growing influence in shaping regional financial rules and integration efforts. Greater use of local currencies cuts foreign exchange costs and currency risks for businesses—from importers and exporters to investors operating across ASEAN. Aligning capital account policies and building institutional capacity also creates a more predictable, efficient, and interconnected financial market, which can boost cross-border investments, expand financing options for firms, and support more stable economic ties throughout the region. Outcomes support a more unified ASEAN economic space, directly benefiting corporate planning, trade competitiveness, and financial sector operations.
