Quantcast
Latest Stories

PH to push for Asean integration plans in ADB meet

By

The Philippines will push for the speedy implementation of plans to integrate the financial systems of and strengthen ties among Southeast Asian countries during the annual meeting of the Asian Development Bank in the country on May 2 to 5.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said that this year’s annual meeting of ADB member-countries would be an opportunity for Southeast Asian countries to discuss means to improve their resilience given the lingering ill effects of unfavorable economic events  outside the region.

Being a host to this year’s convention, the Philippines deems it proper to take the lead in discussing issues that will help emerging Asian markets in responding to global shocks.

“It’s an opportunity for  Asean [Association of Southeast Asian Nations] countries to discuss how we can further intensify regional cooperation given the challenges brought about by what is happening in Europe and the rest of the world,” Tetangco said.

Under the financial integration plan of Asean-member countries, their financial systems will be linked to facilitate more economic activities within the region and, thereby, accelerate their growth.

Economic officials said that with better economic-growth opportunities in the region, member-countries would no longer have to rely heavily on countries outside the region. Having more growth opportunities within Southeast Asia will help member-countries develop their economies even if Western industrialized countries were having problems.

The United States and the eurozone are major export markets for goods produced by the Philippines and other emerging Asian countries. However, demand from these areas has been falling due to their economic problems.

There the financial integration plan of Asean is aimed at integrating member-countries’ capital markets, financial services, and payments and settlements systems.

Capital market integration will allow cross-country listing of equities and provide easier means to buy and sell foreign portfolio instruments.

Financial services integration will allow banks based in one country to put up branches more easily in another country. These banks will have to adhere to uniform capitalization and regulatory standards.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: ADB meeting , ASEAN , Asean integration , Finance , Philippines



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Romblon mining site collapses; 3 killed
  • South Korea says 295 missing in ferry disaster
  • OFW who returned home from UAE tests positive for MERS-CoV – DOH chief
  • QC cops bear crosses as penance for demerits
  • Kim Henares needs a reprimand, says Cayetano
  • Sports

  • China, Taiwan rout foes for 3rd, 5th places in Asian Club volleyball
  • Ginebra’s new import Freeman arrives, makes PBA return vs ROS
  • Fielder ends HR drought, Rangers beat Mariners 5-0
  • Power Pinoys salvage 7th place in Asian men’s volley club championship
  • Knicks prevent Nets from clinching fifth seed
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Mommy Dionisia Pacquiao’s greatest hits
  • Deniece Cornejo posts bail—report
  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • 2NE1 returns to Manila with “All Or Nothing” Tour
  • Business

  • I-Remit teams up with Lakhoo for remittances from Oman
  • Megawide nets P1.4 B in 2013
  • Longer TRO sought on rate hike
  • Make a stylish statement with the all-new Yaris
  • Hearing set in Olarte case
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • Visa-free travel to Japan could boost tourism
  • 2 PCG men ordered arrested over Balintang Channel shooting
  • US Embassy closed on Holy Thursday, Good Friday
  • Relief worker draws inspiration from helping Yolanda victims
  • Philippines says peace pact should hold despite clashes
  • Marketplace