The Philippines has called for stronger financial cooperation among members of the Association of Southeast Asian Nations Plus Three (ASEAN+3), particularly in disaster risk financing, regional safety nets and bond market development.
In a social media post on Wednesday, the Department of Finance (DOF) said the Philippine delegation made the appeal during the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting held in Samarkand, Uzbekistan on May 3.
The meeting was co-chaired by the Philippines and Japan.
DOF Undersecretary Joven Balbosa emphasized the importance of deepening ASEAN+3 financial cooperation to produce concrete and meaningful outcomes for member economies.
During the meeting, the Philippines highlighted the need to strengthen regional cooperation on Disaster Risk Financing and Insurance (DRFI), particularly through improved risk-sharing mechanisms and financing solutions.
The DOF said stronger DRFI mechanisms would help economies better prepare for and recover from natural disasters and other external shocks.
Finance ministers and central bank governors attending the meeting also endorsed the DRFI Roadmap 2026–2028, which provides a comprehensive and action-oriented framework for regional cooperation.
The Philippines likewise backed ongoing efforts to deepen and broaden regional capital markets under the Asian Bond Markets Initiative, recognizing its role in mobilizing long-term financing, promoting local currency bond markets, and reinforcing regional financial stability. (PNA)
