HOME  ABOUT THE BANK  MONETARY POLICY  BANKING SUPERVISION  PAYMENTS & SETTLEMENTS  STATISTICS  FEEDBACK CORNER
   BSP NOTES & COINS  MONETARY OPERATIONS  LOANS-CREDIT & ASSET MGT  PUBLICATIONS & RESEARCH  REGULATIONS  PROCUREMENT

Feedback Corner

International Cooperation: ASEAN

Overview

The Association of the Southeast Asian Nation (ASEAN) is a political and economic organization aimed primarily at promoting economic growth, active collaboration, mutual assistance, and regional peace ans stability among its members. ASEAN os currently composed of ten (10) member states: Brunei Darussalam; Cambodia; Indonesia; Lao PDR; Malaysia; Myanmar; Philippines; Singapore; Thailand; and Vietnam. The ASEAN Economic Community (AEC) Blueprint 2025, adopted on 22 November 2015, sets the general master plan for 2016-225 towards an integrated ASEAN region. To Support the objectives of regional economic integration, the ASEAN Blueprint 2025 recognizes the importance of ensuring that the financial sector is inclusive and stable. The integration of the financial sector encompasses three strategic objectives, namely: 1) Strengthening of financial Integration to facilitate intra-ASEAN trade and investment through having more integrated banking, insurance and capital markets and a safe and cost-efficient financial market infrastructure; 2) promoting financial inclusion through the delivery of financial products and services to a wider community; and 3) ensuring financial stability through the continuous strengthening of regional infrastructure, particularly in times of regional stress.

The financial integration aspect of the AEC will be pursued through sectoral initiatives which will be implemented by dedicated Working Committees. Eash Working Committee invlove in the ASEAN integration effort has prepared its work plan in the form of a Strategic Action Plan (SAP), which maps out the specific activities, quantifiable targets, and milestones in key sectors.