The Philippines has called for the accelerated development of a regional bond market and stronger disaster risk financing mechanisms as it formally assumed its co-chairship of the ASEAN+3 Finance Process, positioning climate resilience and financial stability at the center of the regional agenda.
Through the Department of Finance (DOF), the Philippines signaled an outcome-driven approach to regional financial cooperation—one that responds to mounting climate risks, emerging macro-financial pressures, and the need for deeper capital market integration across ASEAN+3 economies.
The call was underscored during the first ASEAN+3 Finance Process Task Force Meeting held from January 13 to 14, 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).
The meeting brought together representatives from ASEAN+3 economies to exchange technical insights, align regional priorities, and agree on concrete steps to strengthen policy coordination, boost financial resilience, and address evolving macro-financial challenges.
“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 Assistant Secretary Donalyn U. Minimo, who co-chaired and led the DOF delegation.
“I urge all members to actively engage in key initiatives, including the operationalization of the Chiang Mai Initiative, strengthening collaboration with AMRO (ASEAN+3 Macroeconomic Research Office), advancing the development of regional bond markets, and enhancing the Disaster Risk Financing Initiative,” she added.
During the discussions, the Philippines emphasized the urgency of advancing the Disaster Risk Financing Initiative (DRFI), citing the growing fiscal and macroeconomic impact of climate-related disasters across the region.
Member economies discussed the next phase of the DRFI, including the proposed 2026–2028 Roadmap, and underscored its role as a critical instrument for fiscal resilience and macroeconomic stability beyond traditional insurance mechanisms.
Progress was also reported on the DOF-championed Sovereign Asset and Fiscal Empowerment (SAFE) Facility, which seeks to protect public infrastructure by embedding disaster insurance into development projects, reducing fiscal exposure while strengthening climate resilience.
The Philippines also led discussions on the continuation of the ASEAN+3 Fiscal Exchange, a Philippines- and Japan-led platform that allows finance ministries to share best practices on common fiscal challenges. The initiative received strong backing from ASEAN+3 members, reinforcing its role in deepening regional policy coordination.