DOF begins ASEAN+3 co-chairship with regional finance focus

The Philippines, through the Department of Finance (DOF), has officially commenced its co-chairship of the ASEAN+3 Finance Process, launching an agenda focused on strengthening regional financial cooperation, resilience, and policy coordination in response to evolving macro-financial risks.

The ASEAN+3 Finance Process brings together the 10 ASEAN member states plus China, Japan, and South Korea to discuss key financial developments and address regional economic challenges.

The Philippines co-chairs the 2026 term alongside Japan, represented by the Japan Ministry of Finance (JMOF) and the Bank of Japan (BOJ). The first ASEAN+3 Task Force Meeting was held from Jan. 13 to 14 and was jointly led by the DOF, the Bangko Sentral ng Pilipinas (BSP), JMOF, and BOJ.

“This First Task Force Meeting under the Philippines’ ASEAN+3 co-chairship with Japan sets the tone for the year and establishes a clear agenda for delivering results,” said DOF Assistant Secretary Donalyn U. Minimo, who co-chaired the session and led the Philippine delegation.

Delegates from ASEAN+3 economies exchanged technical insights and aligned regional priorities, agreeing on concrete actions to strengthen financial stability, policy coordination, and regional risk mitigation.

Key initiatives discussed include the operationalization of the Chiang Mai Initiative Multilateralization (CMIM), deeper collaboration with the ASEAN+3 Macroeconomic Research Office (AMRO), and continued development of regional bond markets.

“I urge all members to actively engage in key initiatives, including the operationalization of the Chiang Mai Initiative, strengthening collaboration with AMRO, advancing the development of regional bond markets, and enhancing the Disaster Risk Financing Initiative,” Minimo said.

The Disaster Risk Financing Initiative (DRFI) was a central focus during the meeting, with participants emphasizing its importance in mitigating the fiscal and macroeconomic consequences of climate-induced disasters.

Member states discussed the proposed 2026–2028 DRFI Roadmap, positioning it as a cornerstone for building fiscal resilience and reducing disaster-related vulnerabilities beyond conventional insurance mechanisms.

Further, progress was reported on the DOF’s flagship Sovereign Asset and Fiscal Empowerment (SAFE) Facility. The initiative integrates disaster insurance into public infrastructure development, reducing long-term fiscal exposure and enhancing climate resilience for participating economies.

The DOF also led discussions on the ASEAN+3 Fiscal Exchange, a knowledge-sharing platform co-led by the Philippines and Japan that promotes best practices in managing fiscal challenges. The platform received strong support for its continuation from ASEAN+3 members.

With its co-chairship, the Philippines aims to drive practical and coordinated action that reinforces financial stability and sustainable growth across the ASEAN+3 region.