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ASEAN FINANCIAL INTEGRATION

ASEAN FINANCIAL INTEGRATION. Rosalia V. De Leon Treasurer of the Philippines. CEBU: ANCIENT CENTER FOR TRADE. SIBU (Cebu): “place for trading” A hub for mercantile activity, both in ancient and modern times Cebu was connected to the rest of the world by virtue of the sea

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ASEAN FINANCIAL INTEGRATION

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  1. ASEAN FINANCIAL INTEGRATION Rosalia V. De Leon Treasurer of the Philippines

  2. CEBU: ANCIENT CENTER FOR TRADE • SIBU (Cebu): “place for trading” • A hub for mercantile activity, both in ancient and modern times • Cebu was connected to the rest of the world by virtue of the sea • One of Ferdinand Magellan’s first landing points

  3. NEW SEAS (C’s) THAT CONNECT US COOPERATION COMMUNITY CAMARADERIE

  4. CEBU ACTION PLAN • Approved during 22nd Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting • Key action programs • Financial integration • Fiscal reform and transparency • Financial resiliency • Accelerating infrastructure development

  5. ASEAN INTEGRATION • 600 million residents (8% of total population) • $2.4 trillion total GDP (7th largest globally) • Third largest labor pool • Fourth largest exporting pool • 100 million tourists annually • 5.3% annual GDP growth

  6. ASEAN INTEGRATION: WHAT IS IT?

  7. ASEAN INTEGRATION: WHY? • Better competitiveness of financial sector • Higher capitalization of local industry players • Improvement in domestic infrastructure • Lower cost of financial intermediation • Additional line of financing for infrastructure projects • Higher trade flows through customs reform

  8. ASEAN INTEGRATION: HOW AND WHEN? ASEAN ECONOMIC COMMUNITY BLUEPRINT 2025 Strengthening of financial integration Promoting financial inclusion Ensuring financial stability

  9. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? • Financial services liberalization • Capital account liberalization • Capital market development • Harmonized payments and settlement system • Financial inclusion • Capacity-building

  10. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? $120 billion in FDIs annually, more with integration

  11. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? Improved accessibility to and for ASEAN banks

  12. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? Improved accessibility to and for ASEAN banks

  13. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? Greater access to ASEAN bond and equity markets

  14. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? • Financial services liberalization • Capital account liberalization • Capital market development • Harmonized payments and settlement system • Financial inclusion • Capacity-building

  15. ASEAN INTEGRATION: WHAT DOES IT MEAN FOR YOU? • Better quality and accessibility of financial services • Policies and reforms consistent with ASEAN financial integration agenda (e.g. National Retail Payment System, Foreign Investment Negative List, Capital Income Tax Reform, Capital Market Development Initiatives) • Transfer of knowledge, ideas, best practices

  16. FINAL WORD “The world’s changed boys; it’s time we change too.” —Vulture

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