Atin Ito First Filipino Community Newspaper in Ontario
Finance Secretary Benjamin Diokno urged regional counterparts to collaborate effectively in overcoming post-pandemic challenges in Southeast Asia.
Diokno emphasized enhancing regional surveillance, macroeconomic cooperation, and financial safety nets to protect against external shocks.
He highlighted the importance of promoting the freer flow of goods, services, and capital through Free Trade Agreements with external partners to improve the supply chain.
Diokno stressed the need for sustainable finance initiatives to solidify ASEAN’s transition to a low-carbon future.
He concluded by affirming the Philippines’ commitment to supporting collective efforts in addressing risks and challenges, ensuring ASEAN’s role in inclusive, resilient, and sustainable growth.
Finance Secretary Benjamin E. Diokno called upon his regional counterparts to join forces and actively collaborate in overcoming the diverse challenges hindering Southeast Asia’s recovery from the Covid-19 pandemic.
At the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting in Jakarta, Indonesia, Diokno emphasized the need to enhance regional surveillance, macroeconomic cooperation, and financial safety nets to protect against external factors.
“ASEAN should continue to focus on strengthening the region’s surveillance activities, cooperation on macroeconomic policies, and enhancing regional financial safety nets to cushion our region from external shocks,” Diokno said.
He also stressed the significance of ASEAN countries facilitating unrestricted movement of goods, services, and capital by leveraging Free Trade Agreements with external partners, thereby optimizing the supply chain.
“We also urge the ASEAN Member States to work together in harnessing the potential of digital technologies,” the finance chief said.
Diokno added the importance of advancing regional sustainable finance initiatives to bolster ASEAN’s progress towards a low-carbon future.
“The ASEAN Taxonomy will serve as a map to help guide capital towards activities that can promote the transition to more sustainable practices,” he explained.
In conclusion, Diokno reaffirmed the Philippines’ commitment to bolstering the region’s collaborative endeavors in mitigating risks and overcoming challenges.
He also expressed Manila’s solidarity with its regional counterparts in striving to uphold ASEAN’s position as a leader in inclusive, resilient, and sustainable growth.
Last month, the ASEAN+3 Macroeconomic Research Office (AMRO) lowered its regional growth forecast for 2023 to 4.5 percent from an earlier projection of 4.9 percent as several risks lingered on the horizon.
“Downside risks to the region’s outlook have receded since April, but we are not out of the woods yet,” AMRO Chief Economist, Hoe Ee Khor said.
“Heightened financial stress from tighter US monetary policy is a risk that the ASEAN+3 policymakers must continue to guard against,” he added. — Chino S. Leyco
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