RP and Brunei to discuss use of ASEAN currencies

RP and Brunei to discuss use of ASEAN currencies

MANILA (AFP): Sultan Hassanal Bolkiah of Brunei, due to begin
a two-day visit, is to discuss with President Joseph Estrada the
use of ASEAN currencies and other measures aimed at easing the
pain of the Asian crisis, a spokesman said Monday.

The Brunei ruler was scheduled to arrive in Manila later
Monday and meet Estrada Tuesday. Their countries are both members
of the Association of Southeast Asian Nations (ASEAN).

Presidential spokesman Fernando Barican said Manila is
"studying ways to pursue the use by the Philippines and other
ASEAN countries of their own currencies, instead of dollars, in
transactions."

He said Tuesday's meeting of the two leaders "will give the
Philippine government the opportunity to present the country's
proposals on the matter."

Barican said the two leaders are also expected to discuss the
Asian crisis "and the measures formulated by the (ASEAN) to speed
up the region's recovery from the turmoil."

Malaysia, another ASEAN member, signed an innovative trade
agreement with the Philippines in July to reduce dollar
transaction costs between the two countries.

It entails calculating the balance of exports and imports
between the Philippines and Malaysia every two months, with net
transactions settled in U.S. dollars.

ASEAN also includes Indonesia, Laos, Myanmar, Singapore,
Thailand and Vietnam.

President Joseph Estrada said later Monday he would discuss a
proposal to use Southeast Asian currencies in regional trading
with Brunei's ruler.

Estrada said he would bring up a proposal to use Southeast
Asian currencies in regional trade transactions to enable
countries in the region to save U.S. dollar reserves.

The Manila government is studying how the idea could be
implemented, Estrada said, adding the Philippines and Malaysia
already are practicing it to a limited extent.