{"id":98664,"date":"2017-04-17T02:37:26","date_gmt":"2017-04-17T06:37:26","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=98664"},"modified":"2017-04-17T02:37:26","modified_gmt":"2017-04-17T06:37:26","slug":"asean-to-deliver-growth-benefits-to-650-m-people-dominguez","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/04\/17\/asean-to-deliver-growth-benefits-to-650-m-people-dominguez\/","title":{"rendered":"ASEAN to deliver growth benefits to 650-M people\u2014Dominguez"},"content":{"rendered":"
\"The<\/a>
The Philippines\u2019 total external trade in goods with ASEAN member-states amounted to US.26 billion in 2016, or 21.7 percent of the country\u2019s entire trade, according to data from the Philippine Statistic Authority. (Photo: ASEAN 2017\/ Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA\u2013The Association of Southeast Asian Nations (ASEAN) is working vigorously toward integrating the region’s economies in order to bring the benefits of growth to the 650 million people in this 10-nation bloc, Finance Secretary Carlos Dominguez III said.<\/p>\n

Dominguez said implementing the goal of a single market and production base under the ASEAN Economic Community (AEC) may be a \u201ccompelling one,\u201d but the organization is \u201cconfident that all the work we\u2019ve put in to support the realization of the vision will reap significant benefits for our people.\u201d<\/p>\n

\u201cWe are working very hard together so that in the whole ASEAN community, 650 million people are going to be more integrated with each other economically and financially. That’s really what we are working towards,\u201d said Dominguez in an interview after the end of the series of meetings among ASEAN finance ministers and central bank governors at the Shangri-La Mactan Resort in Lapu-Lapu City last week.<\/p>\n

The Philippines\u2019 total external trade in goods with ASEAN member-states amounted to US.26 billion in 2016, or 21.7 percent of the country\u2019s entire trade, according to data from the Philippine Statistic Authority.<\/p>\n

\u201cSo, we are building [the ASEAN market] because there\u2019s strength in unity, it\u2019s a market with a 650-million population, and that\u2019s a huge market, bigger than the US market. The income of the US is very high, but here, we are growing very fast,\u201d Dominguez added.<\/p>\n

Finance ministers and central bank governors of the ASEAN member-states of the Philippines, Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand and Vietnam had met separately and jointly in Lapu-Lapu City, Cebu on April 6 and 7 for a series of meetings to find ways of fast-tracking initiatives on financial integration and inclusion within this regional bloc.<\/p>\n

The Philippines is this year\u2019s chair and host of the ASEAN, which is celebrating its 50th founding anniversary with the theme \u201cPartnering for Change, Engaging the World.\u201d<\/p>\n

Dominguez and Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., co-chaired the 3rd ASEAN Finance Ministers and Central Bank Governors\u2019 Meeting (AFMGM) in Lapu-Lapu City.<\/p>\n

Dominguez said the joint statement issued by the ASEAN finance ministers and central bank governors encapsulated the ongoing and planned efforts of the bloc to achieve financial integration and stability amid the current challenges in the global economy.<\/p>\n

Dominguez said the joint statement \u201cenumerates several initiatives to further harmonize [ASEAN\u2019s] finance and monetary policies.<\/p>\n

\u201cThese initiatives built on the foundation of prior achievements such as the ASEAN Banking Integration Framework. We have quite notably convened a working committee [on] financial inclusion to broaden the base of our financial systems and bring all our communities into the mainstream of development,\u201d Dominguez said.<\/p>\n

\u201cThe vision of an ASEAN Economic Community is a compelling one. We are confident that all the work we\u2019ve put in to support the realization of this vision will reap significant benefits for our people,\u201d he added.<\/p>\n

The ASEAN finance ministers and central bank governors earlier reaffirmed their commitment to promote growth and strengthen financial integration and stability in the region to guard against risks in the global economy arising from possible protectionist policies and volatilities, while ensuring that economic benefits are shared equitably among its peoples.<\/p>\n

In their joint statement, they also committed to \u201cremain steadfast\u201d in pursuing ASEAN\u2019s goals to achieve a \u201chighly integrated, cohesive economy\u201d that is \u201ccompetitive, innovative, dynamic, with enhanced connectivity and sectoral cooperation\u201d as well as \u201cresilient, inclusive, people-oriented, people-centered and connected with the rest of the world\u201d amid the rise of protectionism and geopolitical developments that could derail the recovery of the global economy.<\/p>\n

\u201cAs such, we shall continue to promote economic growth, financial integration, strengthen financial stability, implement appropriate monetary, fiscal and macroprudential policies in our jurisdictions, and intensify financial cooperation to further advance our region\u2019s resilience,\u201d the joint statement read.<\/p>\n

The finance and central bank chiefs likewise pledged to deepen regional financial cooperation to realize an ASEAN Economic Community 2025, pursue the creation of an interconnected, inclusive and resilient regional capital market, and ensure the efficient development of the Green Bond initiatives.<\/p>\n

They also came up with a \u201cfinancial inclusion initiative\u201d to deliver more financial products and services to under-served communities within the ASEAN and reaffirmed their vision of liberalizing progressive financial services.<\/p>\n

The finance and central bank chiefs also noted the sustained expansion of the ASEAN economy at 4.6 percent in 2016 amid global uncertainties, and stressed that domestic demand will continue to be a key driver to regional growth, while structural reforms, public spending and fiscal stimulus will enhance investments in the region.<\/p>\n

But despite these positive trends, they also cited \u201crisks\u201d emerging from a rising tendency toward protectionism, the normalization of policy rates, and \u201cgeopolitical developments, which could derail the recovery of the global economy.\u201d<\/p>\n

The region\u2019s finance and central bank heads also reiterated their support for the ASEAN Finance Ministers\u2019 Investors Seminar as an important platform to communicate developments and future prospects of doing business in ASEAN.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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