Finance Secretary Carlos G. Dominguez III said the Philippines looked forward to future initiatives under the ASEAN Plus Three (China, Japan, Korea) cooperation to help accelerate the country’s transition from coal to sources. sustainable energy.
On behalf of the Philippine government, Dominguez also expressed the country’s support for the activities of ASEAN+3 finance ministers and central bank governors to intensify information exchange on innovative technologies and develop the digital economy. In the region.
Transition financing refers to financing the costs of phasing out the use of fossil fuels as communities move toward clean energy sources.
ASEAN+3 monetary authorities have endorsed China’s new initiative on financing the transition and its proposed work plan which aims to formulate region-specific principles in this area starting with a survey to understand the members’ needs, concerns and recommendations.
“Overall, the Philippines is committed to collaborating with the working committees to achieve our common goal of building a regional financial system that promotes transparency, harmonization of regulatory regimes and broader capital markets,” he said. said Dominguez.
The finance chief made the statement in his remarks during the discussion between his fellow finance ministers and governors on enhancing financial cooperation as part of the 25th ASEAN+3 Finance Ministers and Central Bank Governors Meeting. (AFMGM+3). Co-chaired by Cambodia and China, the 25th AFMGM+3 meeting was held virtually on May 12.
“The success of our initiatives on the financial front will be critical to building the region’s resilience, inclusiveness and integration as we all return to normalcy,” he added.
Dominguez is also President Duterte’s designated representative to the Philippine Climate Change Commission (CCC).
ASEAN+3 financial cooperation includes the countries of the Association of Southeast Asian Nations (ASEAN) – Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam; and their partners Japan, Korea and China.
This cooperation was established in 1999 as a means of strengthening political dialogue, coordination and collaboration on financial, monetary and fiscal matters of common interest.
During the discussion, Dominguez also commended the progress made in the Chiang Mai Initiative Multilateralization (CMIM) and encouraged the ASEAN+3 Macroeconomic Research Office (AMRO) to work closely with the ASEAN+3 member authorities.
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