We, the ASEAN Finance Ministers and Central Bank Governors, held the Joint Meeting of the ASEAN Finance Ministers and Central Bank Governors under the cochairmanship of H.E. Carlos G. Dominguez III, the Secretary of Finance of the Philippines, and H.E. Amando M. Tetangco, Jr., Governor of the Bangko Sentral ng Pilipinas, in Cebu, the Philippines on 7 April 2017, coinciding with the occasion of the 50th anniversary of ASEAN, and declared that:
Economic Update and Policy Challenges
- We remain steadfast in pursuing the goals of ASEAN to achieve a highly integrated and cohesive economy; that is competitive, innovative, and dynamic; with enhanced connectivity and sectoral cooperation; that is resilient, inclusive, people-oriented, and people-centred; and connected with the rest of the world. As such, we shall continue to promote economic growth, financial integration, strengthen financial stability, implement appropriate monetary, fiscal and macroprudential policies in our jurisdictions, and intensify financial cooperation to further advance our region’s resilience. We recognised that domestic demand will remain a key driver of our regional growth while structural reforms, public spending, and fiscal stimulus will support investments in ASEAN.
- We are encouraged by the positive regional economic trends including the sustained growth of the ASEAN economy by 4.6 percent in 2016 even as we recognise the risks from rising tendency toward protectionism as well as geopolitical developments, which could derail the recovery of the global economy. We urged international financial institutions to be vigilant as guardians of the open multilateral system. The normalisation of policy rates may also increase volatilities in our economies. Despite this, we remain committed to promoting closer trade and investment ties between our economies. We recognised the need to ensure that the benefits of growth are shared equitably among our people.