PH proposes 6-point plan for ASEAN resilience

The Department of Finance (DOF) has asked the Association of Southeast Asian Nations (ASEAN) to adopt a six-point action plan aimed at enabling the regional bloc to better respond to the new challenges posed by the pandemic.

During the 24th Meeting of ASEAN Finance Ministers via teleconference, Finance Secretary Carlos G. Domínguez III formally proposed his six-point action plan aimed at strengthening the region’s financial resilience against future shocks. economical.

Domínguez also said that this strategy, which requires a recalibration of ASEAN’s roadmaps, will expand growth and job opportunities in the emerging digital economy.

The finance chief’s action plan involves mobilizing more support for infrastructure investments in the region; expand ASEAN’s capacity for disaster risk finance initiatives; and ensuring open trade within the region during global emergencies.

“The free flow of merchandise within the region requires harmonizing our tariff and customs clearance policies. We also need to further leverage technology to expand our companies’ access to regional and global supply chains, ”said Domínguez.

He said ensuring quick access to disaster risk finance, on the other hand, will help protect the region from future economic crises.

Infrastructure has been shown to have the greatest multiplier effect on the economy, so the Philippines has made investments in this sector the center of its economic recovery program, Domínguez said.

His proposal also includes intensifying regional cooperation to prevent tax leakage in cross-border financial transactions and developing appropriate financial instruments to help member countries raise funds for health infrastructure and complement fiscal requirements.

Completing the six-point strategy is the need for ASEAN to intensify its exchange of information on innovative technologies and expand the digital economy to drive growth and create more employment opportunities for its people, he said.

“Our collective efforts in these proposed actions will improve the fiscal position of each country to withstand future crises and strengthen our capacity for economic recovery,” Domínguez said.

It also called on ASEAN members to enhance their cooperation in research and development (R&D), production and distribution of COVID-19 vaccines to ensure the accessibility of developing countries to these treatments.

In the end, Domínguez expressed optimism about ASEAN’s ability to quickly recover from the pandemic.

“With greater solidarity and stronger collaboration, I am confident that we can quickly return to the path of inclusive growth and shared prosperity. Together we will defeat this pandemic, ”he said.