Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla and Department of Finance (DOF) Undersecretary Mark Dennis Y.C. Joven led the Philippine delegation during the 26th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3) held on May 2, 2023 in Incheon, Korea.

The ASEAN+3 consists of 10 ASEAN Member States, People’s Republic of China, Japan, and the Republic of Korea. This economic cooperation began in 1997 and has evolved ever since.

During the meeting, the ASEAN+3 members agreed to strengthen regional financial cooperation through the initiatives under the Regional Financing Arrangements (RFA) Future Direction, Chiang Mai Initiative Multilateralization (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), Asian Bond Markets Initiative (ABMI), Disaster Risk Financing (DRF), and ASEAN+3 Future Initiatives.

Aligning with the regional economic outlook presented by the AMRO and IMF, Governor Medalla shared the Philippines’ approach to addressing inflationary pressures through the implementation of strategic monetary policies.

The delegation also attended the ASEAN-Japan 50th Anniversary, where Usec. Joven commended Japan’s continuous official development assistance (ODA) to the ASEAN and highlighted the importance of strengthening regional financial cooperation with Japan to maintain its initiatives that contribute to overall regional and global financial stability.