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