ASEAN Countries Unite to Tackle Major Projects to Safeguard Financial Stability
ASEAN finance ministers and central bank governors have affirmed their readiness to implement necessary policy measures and strengthen cooperation with strategic partners to safeguard stability and promote sustainable economic growth in the region.
ASEAN continues to enhance policy measures and cooperation to maintain stability and drive regional economic growth amidst global dynamics.
This was highlighted at the 13th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), held on 10 April 2026.
The meeting was attended by Bank Indonesia Deputy Governor Filianingsih Hendarta, representing the Bank Indonesia Governor.
In line with this cooperation, ASEAN has agreed on several strategic steps to enhance the effectiveness of regional financial cooperation, through strengthening financial markets, accelerating cross-border payment system connectivity, and improving public financial health.
As a concrete step to strengthen cooperation, ASEAN has developed the Finance Sectoral Plan 2026-2030 as a reference towards the ASEAN Community Vision 2045, and is implementing the Project Revive initiative to improve governance, structure, and processes of financial sector cooperation.
“The success of Project Revive greatly depends on the strong commitment of all ASEAN members, including ensuring that the new cooperation framework can serve as an effective platform to discuss strategic issues, such as macroeconomics, financial system stability, and regional risks,” said Filianingsih.
The meeting also agreed on three Priority Economic Deliverables (PEDs) in the finance and central banking track under the Philippines’ 2026 chairmanship, namely strengthening sustainable and resilient capital markets, accelerating regional payment connectivity, and enhancing financial health as a new dimension of financial inclusion. These initiatives are expected to promote more inclusive economic growth, expand financial access, and improve societal welfare in the region.
“In the context of financial integration, ASEAN notes various positive achievements, including the refinement of the ASEAN Banking Integration Framework (ABIF) through Guidelines 2.0, strengthening of the Capital Account Liberalisation (CAL) framework, and expansion of Local Currency Transaction (LCT) implementation.
ASEAN also welcomes the new ASEAN Swap Arrangement (ASA) agreement as part of strengthening the regional financial safety net to maintain economic and financial stability in the region.
This strengthening aims to enhance external resilience, promote financial integration, and support adequacy of foreign exchange reserves to maintain financial market stability.
“On the payment system side, cross-border connectivity continues to improve and plays a role in promoting financial inclusion, alongside strengthened cooperation to safeguard the system from fraud and scam risks,” explained Filianingsih.
Meanwhile, on the sustainable financing agenda, ASEAN is promoting the mobilisation of public and private funding, improving access to climate financing, and strengthening member countries’ capacity to support the transition to a low-carbon economy.
The 13th AFMGM was chaired by Philippine Finance Minister H.E. Frederick D. Go and Bangko Sentral ng Pilipinas Governor H.E. Eli M. Remolona, Jr., and attended by representatives from all eleven ASEAN member countries. In conclusion, Singapore, as the 2027 ASEAN Chair, outlined plans for the 14th AFMGM in 2027.