Turbulent World, ASEAN Unitedly Prepares New Economic "Shield"
JAKARTA, KOMPAS.com - ASEAN is strengthening policy coordination and cooperation to respond to various global pressures in order to maintain stability and promote economic growth in the region.
This was discussed at the 13th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), held on 10 April 2026.
Bank Indonesia Deputy Governor Filianingsih Hendarta stated that the meeting 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 prepared the Finance Sectoral Plan 2026-2030 as a reference towards the ASEAN Community Vision 2045.
“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 forum to discuss strategic issues, such as macroeconomics, financial system stability, and regional risks,” she said in a written statement on Monday (13/4/2026).
The meeting also agreed on three Priority Economic Deliverables (PEDs) in the financial and central bank sectors during the Philippines’ 2026 Chairmanship.
The three include strengthening sustainable and resilient capital markets, accelerating regional payment connectivity, and enhancing financial health as a new dimension of financial inclusion.
These steps are expected to expand financial access, promote more inclusive growth, and improve societal welfare in the region.
On the financial integration front, ASEAN noted several achievements, including the refinement of the ASEAN Banking Integration Framework (ABIF) through Guidelines 2.0, strengthening the Capital Account Liberalisation (CAL) framework, and expanding the implementation of Local Currency Transaction (LCT). Additionally, the region agreed to update the ASEAN Swap Arrangement (ASA) as part of strengthening the regional financial safety net to maintain economic and financial market stability.
Meanwhile, cross-border payment system connectivity continues to be enhanced to support financial inclusion, accompanied by strengthened protection against fraud and scam risks. In the area of sustainable financing, ASEAN is encouraging the mobilisation of public and private funds, including increasing access to climate financing and strengthening member countries’ capacity to support the transition to a low-carbon economy.
For information, the 13th AFMGM was chaired by Philippine Finance Minister Frederick D. Go and Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., and attended by all ASEAN member countries.
As a closing note, Singapore, as the 2027 ASEAN Chair, is scheduled to host the next meeting in 2027.