The Philippines, through the Department of Finance (DOF), has formally started its co-chairship of the ASEAN+3 Finance Process with an agenda focused on strengthening regional financial resilience and cooperation and responding to emerging macro-financial risks. The first Task Force Meeting on 13–14 January was co-chaired by the DOF and the Bangko Sentral ng Pilipinas (BSP), together with the Japan Ministry of Finance and the Bank of Japan, bringing together ASEAN+3 representatives to align priorities and agree steps to strengthen policy coordination. Priorities highlighted included operationalising the Chiang Mai Initiative, deepening work with the ASEAN+3 Macroeconomic Research Office (AMRO), advancing regional bond market development, and enhancing the Disaster Risk Financing Initiative (DRFI), with members discussing the DRFI’s next phase including a proposed 2026–2028 roadmap; the DOF also cited progress on the Sovereign Asset and Fiscal Empowerment (SAFE) Facility and led discussions on continuing the ASEAN+3 Fiscal Exchange among finance ministries.
Department of Finance (Philippines) 2026-01-19
Philippines Department of Finance opens ASEAN+3 Finance Process co-chairship with Japan and prioritises disaster risk financing and regional policy coordination
The Philippines Department of Finance has commenced its co-chairship of the ASEAN+3 Finance Process, focusing on regional financial resilience and cooperation. Key priorities include operationalizing the Chiang Mai Initiative, advancing regional bond market development, and enhancing the Disaster Risk Financing Initiative, with discussions on a 2026–2028 roadmap.