BSP joins 9TH AFMGM and related meetings

Governor Felipe M. Medalla led the Bangko Sentral ng Pilipinas (BSP) in the 9th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and Related Meetings held on 28-31 March 2023 in Bali, Indonesia.

The BSP joined other ASEAN central banks in supporting the priority economic deliverables under Indonesia’s ASEAN 2023 Chairmanship. With the theme “ASEAN Matters: Epicentrum of Growth,” the meetings discussed initiatives to foster recovery and economic and financial stability; advance payment connectivity; promote digital finance literacy and inclusion; and promote transition finance to support a sustainable and green economy.

The BSP expressed support for developing a framework that will build and enhance regional ties and increase local currency transactions; further pursuing capital account liberalization; exploring banking integration initiatives that go beyond physical bank presence; and pursuing multilateral cross-border payment linkages.

Governor Medalla shared that “ASEAN should look beyond physical presence of banks and aim for other solutions to support greater ASEAN banking integration.” He added, “A fast payment system where each country is being linked will also help the common person, and the common person – the everyday person will see ASEAN as a single economy.”