Philippines advances disaster finance, bond market plans at ASEAN+3

THE Philippines has begun its co-chairmanship of the Association of Southeast Asian Nations Plus Three (ASEAN+3) finance process alongside Japan, aiming to strengthen regional financial resilience, deepen policy coordination and advance disaster risk financing initiatives, the Department of Finance (DoF) said.

The country convened the first task force meeting under its co-chairmanship, which Finance Assistant Secretary Donalyn U. Minimo said set the agenda for the year and outlined priorities for delivering concrete outcomes.

The ASEAN+3 framework groups the 10 Southeast Asian nations with China, Hong Kong, Japan and South Korea, and serves as a platform to monitor macroeconomic and financial developments while addressing regional vulnerabilities.

This year’s agenda includes accelerating the operationalization of the Chiang Mai Initiative, a multilateral currency swap arrangement designed to provide a regional financial safety net, strengthening coordination with the ASEAN+3 Macroeconomic Research Office and advancing regional bond market development, the DoF said.

Members also agreed to push forward the disaster risk financing initiative as climate-related shocks continue to pose fiscal and macroeconomic risks, particularly for disaster-prone economies such as the Philippines.

Discussions covered the next phase of the initiative, including a proposed 2026-2028 roadmap, which officials said would strengthen fiscal resilience beyond traditional insurance mechanisms.

The Philippines also led talks on continuing the ASEAN+3 fiscal exchange, a joint initiative with Japan that lets finance ministries share best practices on common fiscal challenges.

The meeting, co-headed by the DoF and Bangko Sentral ng Pilipinas with Japan’s Ministry of Finance and Bank of Japan, was held in Makati from Jan. 13 to 14.

The Philippines is heading the broader ASEAN grouping this year. — A.R.A. Inosante