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Philippine central bank sees no crisis in region


September 28, 2008

Philippine central bank sees no crisis in region

The financial turmoil being experienced by the US economy is, in no way, being experienced in Asia and even in the Philippines in particular, Philippine news agency PNA quoted the country’s central bank as saying Wednesday.

Governor of Bangko Setral ng Pilipinas (BSP), the central bank, Amando Tetangco Jr. said there is a facility which central banks in the region could tap for liquidity augmentation. He was referring to the Chiang Mai Initiative and Asian Bond Fund (ABF).

The Chiang Mai Initiative was created during the ASsean+3 finance ministers meeting in May 2000 in Chiang Mai, Thailand.

It aims to establish a regional financing facility for Asean-member countries and three more countries in a bid to help a country in crisis.

Asean is made up of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam while the other three countries are China, Japan, and South Korea.

On the other hand, ABF was introduced on June 2, 2003 during the "Executives' Meeting of East Asia and Pacific Central Banks."

This meeting groups 11 central banks in the Asia-Pacific region namely Thailand, Japan, South Korea, China, Hong Kong, Malaysia, Indonesia, Singapore, the Philippines, Australia and New Zealand and aims to promote greater regional financial integration particularly in the bond market and to eventually help finance private sector investment in Asia.

Tetangco said these facilities were discussed during the recent meeting of Asian central bank officials in Thailand. He said they shared information on the changing financial environment worldwide and its effect for central banks.

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