The Philippines, through the Department of Finance (DOF), officially began its co-chairship of the ASEAN+3 Finance Process with an outcome-driven agenda aimed at strengthening regional financial resilience and cooperation, and addressing emerging macro-financial risks.

The ASEAN+3 Finance Process serves as a platform for member countries to discuss financial and macroeconomic developments, and address regional risks and challenges.

The first Task Force Meeting held from January 13 to 14 was co-chaired by the DOF and the Bangko Sentral ng Pilipinas (BSP), together with the Japan Ministry of Finance (JMOF) and the Bank of Japan (BOJ).

It convened representatives from ASEAN+3 economies, who exchanged technical insights, aligned regional priorities, and agreed on concrete steps to strengthen policy coordination, boost financial resilience, and address evolving macro-financial challenges.

“This First Task Force Meeting under the Philippines’ ASEAN+3 co-chairship with Japan sets the tone for the year and establishes a clear agenda for delivering results,” said Assistant Secretary Donalyn U. Minimo, who co-chaired and led the DOF delegation.

“I urge all members to actively engage in key initiatives, including the operationalization of the Chiang Mai Initiative, strengthening collaboration with AMRO [ASEAN+3 Macroeconomic Research Office], advancing the development of regional bond markets, and enhancing the Disaster Risk Financing Initiative,” she added.

During the meetings, the DOF emphasized the urgent need to advance the Disaster Risk Financing Initiative (DRFI) in light of climate-related events and their growing fiscal and macroeconomic impact.

Member economies discussed the next phase of the DRFI, including the proposed 2026–2028 Roadmap, underscoring its role as a key instrument for fiscal resilience and macroeconomic stability beyond traditional insurance.

Progress was also noted on the DOF-championed Sovereign Asset and Fiscal Empowerment (SAFE) Facility, which protects public infrastructure by embedding disaster insurance into development projects, reducing fiscal exposure and enhancing climate resilience.

The DOF also led talks on the continuation of the ASEAN+3 Fiscal Exchange—a Philippines- and Japan-led platform for Finance Ministries to share best practices on common fiscal challenges, which received strong support from ASEAN+3 Members.