The Philippines is prioritizing deeper financial integration within the Association of Southeast Asian Nations (ASEAN), co-chairing a key working group meeting earlier this month focused on delivering tangible economic benefits to regional citizens. The ASEAN Finance and Central Bank Deputies’ Meeting – Working Group (AFCDM-WG) convened on February 13 in Panglao, Bohol, bringing together finance and central bank officials from across Southeast Asia.
Department of Finance (DOF) Undersecretary Joven Z. Balbosa articulated the Philippines’ central aim: “Our goal is simple: to ensure these meetings deliver real benefits for ASEAN citizens.” He emphasized the country’s commitment to translating regional cooperation into concrete improvements in access to finance, investment opportunities, and overall economic resilience, according to a statement released by the DOF.
The meeting served as a platform to refine elements of the post-2025 ASEAN Economic Community (AEC) Strategic and Sectoral Plans, specifically within the Finance Process. Discussions centered on three key areas: expanding cross-border payments connectivity for faster and more affordable transactions, promoting financial health and inclusion to broaden access to financial services, and advancing capital market development and integration to support sustainable economic growth.
Bangko Sentral ng Pilipinas (BSP) Managing Director Thomas Benjamin Marcelo played a key role in steering deliberations toward actionable measures, aiming to enhance financial cooperation and policy coordination among ASEAN economies. The Philippines, through the DOF and BSP, jointly led the AFCDM-WG, underscoring its commitment to regional financial stability.
The outcomes of the AFCDM-WG meeting will be presented at the upcoming ASEAN Finance and Central Bank Deputies’ and Governors’ Meetings later this year. These discussions build upon the Philippines’ broader agenda as ASEAN chair, which includes initiatives to promote sustainable capital markets, prioritize financial health, and strengthen cross-border payments systems, aligning with the G20 Roadmap. The Philippines hosted the Asean Finance and Central Bank Deputies’ Meeting-Working Group and related meetings from February 9 to 13, 2026, in Panglao Island, Bohol.
Undersecretary Balbosa highlighted the importance of ASEAN financial cooperation platforms, including the AFCDM-WG and the Working Committee on Financial Services Liberalization, in ensuring that policy coordination translates into tangible progress for businesses, investors, and citizens throughout the region. The Philippines has also begun its co-chairmanship of the ASEAN+3 finance process alongside Japan, focusing on strengthening regional financial resilience and disaster risk financing initiatives, the DOF announced in January.
