The Philippines, through the Department of Finance (DOF), is pushing for concrete measures to strengthen regional financial resilience and cooperation among ASEAN+3 economies to address emerging global and regional risks, the DOF announced on Monday.
“In times of global uncertainty, close collaboration among ASEAN+3 economies is more crucial than ever. By anticipating risks, sharing insights, and coordinating policy responses, member economies can navigate these challenges together,” the DOF said in a news release.
ASEAN+3 refers to the cooperation framework among the Association of Southeast Asian Nations (ASEAN) Member Countries and the three East Asian countries, namely China, Japan, and South Korea. Established in 1997, ASEAN+3 aims to strengthen regional integration and build an East Asian Community.
The ASEAN+3 Finance Process serves as a platform for member economies to discuss financial and macroeconomic developments and address regional risks and challenges, the DOF said.
While each economy manages its own domestic pressures, a united regional approach is key to building resilience and safeguarding stability against external shocks.
In line with this, the DOF pushed to advance regional disaster risk financing in response to climate-related challenges.
Member economies expressed support for continued collaboration and for creating a roadmap to boost regional resilience and preparedness, which will be further discussed at the ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFCDM+3) in April 2026.
This vision of support was evident at the second Task Force Meeting held from March 3-4, 2026, in Osaka, Japan, which was co-chaired by the DOF and the Bangko Sentral ng Pilipinas (BSP), together with the Japan Ministry of Finance (JMOF) and the Bank of Japan (BOJ).
International Finance Group (IFG) Assistant Secretary Donalyn U. Minimo, who co-chaired the meeting, said that recent disruptions in the Strait of Hormuz and the resulting volatility in oil and LNG prices have direct impacts on fiscal space, economic growth, and livelihoods.
Member economies likewise supported ongoing discussions on the DOF-championed Sovereign Asset and Fiscal Empowerment (SAFE) Facility, which embeds disaster insurance directly into development projects financed by bilateral and multilateral partners.
The DOF also continued to advance the Philippines- and Japan-led ASEAN+3 Fiscal Exchange, a platform for Finance Ministries to share best practices and insights, strengthening collective regional resilience.
The Philippines is Chair of the 2026 ASEAN, with the theme “Navigating Our Future, Together.”