Closing the gap to boost Asean resilience against novel risks

THE Philippines deserves genuine credit for its stewardship of this year’s Asean Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM). Various novel risks and challenges have been discussed – from geoeconomic and geopolitical risks to cross border payments, financial resilience and climate risk management. The full agenda reflects the importance that holistic strategies for sustainable prosperity are key for Asean member states. 

The 680 million people of the region are acutely exposed to severe energy price shocks, a looming food crisis due to strong fertiliser import dependence, increasing extreme weather events, rising seas, adverse demographics, and mounting cost of living crises. 

Against this background, enabling economic transitions and building resilient economies and financial markets is a key precondition for lasting prosperity.