FINANCE leaders from Southeast Asia have agreed to strengthen cooperation in banking, digital payments, and climate financing to keep the region’s economy stable amid global uncertainties.
During the 13th Asean Finance Ministers and Central Bank Governors’ Meeting, co-chaired by Finance Secretary Frederick D. Go and Bangko Sentral ng Pilipinas Gov. Eli M. Remolona Jr., officials highlighted the need for closer coordination to protect Asean economies from risks such as global conflicts, rising oil prices, and trade tensions.
Asean economies remained strong, with growth estimated at 4.5 percent in 2025, supported by consumer spending, infrastructure projects, and digital investments. The region also attracted over US$230 billion in foreign investments and saw tourism recover, with 147 million visitors last year.
However, leaders warned that ongoing tensions in the Middle East and global trade issues could disrupt supply chains, increase inflation, and affect financial markets.
To address these challenges, Asean is focusing on three key priorities under the Philippines’ 2026 chairmanship: building stronger capital markets, expanding cross-border digital payments, and improving financial access for ordinary people.
One major push is the expansion of digital payment systems across countries. By the end of 2025, Asean had already established multiple cross-border QR and instant payment links, making it easier for businesses, tourists, and overseas workers to send and receive money.
Officials also agreed to strengthen financial safety nets, including reviving a regional emergency fund that countries can tap during crises.
Another priority is climate financing. Asean leaders are encouraging both governments and private companies to invest more in projects that address climate change, such as renewable energy and disaster resilience.
They also plan to create new tools to measure the “financial health” of citizens, aiming to improve access to banking services, especially for small businesses and low-income groups.
To support long-term growth, Asean endorsed a five-year finance plan and welcomed a proposed $30-billion funding facility from development partners to help member countries invest in sustainability, digital transformation, and infrastructure.
Asean leaders emphasized that closer cooperation will help the region remain resilient and continue growing despite global economic uncertainties. / KOC