In a bid to fortify regional cooperation against financial upheavals, the Bangko Sentral ng Pilipinas (BSP) in conjunction with 20 esteemed research institutions across the region and the ASEAN+3 Macroeconomic Research Office (AMRO), inked a memorandum of cooperation (MOC) at the launch of the ASEAN+3 Finance Think-tank Network (AFTN) over the weekend.
BSP Governor Eli M. Remolona Jr. highlighted that AFTN aims to bolster information exchange and regional research mobilization, enabling ASEAN nations and partner countries to effectively navigate potential systemic threats to Asian financial systems. In his statement on Friday, he acknowledged the region’s resilience amid various challenges, including geopolitical tensions, the escalating impact of climate change, and the global pandemic, emphasizing that cooperation has been a driving force behind their successes.
“The establishment of the ASEAN+3 Finance Think-tank Network draws from the same spirit, and this Network will serve as a platform for information exchange and regional research mobilization.” He expressed his anticipation of BSP’s active involvement in AFTN,” Remolona said.
From the Philippines, only two members are part of AFTN, namely the BSP Research Academy and the Philippine Institute for Development Studies.
Under the AFTN MOC, network members commit to strengthening cooperation and collaboration in areas of mutual interest, encompassing joint research endeavors, dialogues, knowledge sharing, and the pooling of regional research resources.
Remolona acknowledged the interconnectedness of the economy and the financial system, emphasizing that decisions and monetary policy actions by the BSP hold significant sway over the country’s growth trajectory and the management of capital, funds, and debt payments, both in US dollars and in peso.