By Dean Aubrey Caratiquet
As tensions in the Middle East continue to have devastating repercussions across the globe, particularly in Southeast Asia, the Philippines continues to call for an end to the ongoing conflict and urges all parties to work on solutions for long-term peace and unity.
With the country assuming chairship of the Association of Southeast Asian Nations (ASEAN) in 2026, the Southeast Asian nation advocates for concrete measures to strengthen regional financial resilience and cooperation.
In a media release on Monday, the Department of Finance (DOF) urged fellow ASEAN+3 economies to strengthen their collaboration amid these difficult times.
The statement said, “In times of global uncertainty, close collaboration among ASEAN+3 economies is more crucial than ever. By anticipating risks, sharing insights, and coordinating policy responses, member economies can navigate these challenges together.”
It added, “While each economy manages its own domestic pressures, a united regional approach is key to building resilience and safeguarding stability against external shocks.”
The DOF, moreover, called for the advancement of regional disaster risk financing in response to climate-related challenges—which is expected to pave the way for a roadmap towards resilience, preparedness, and further development.
Other countries reaffirmed their commitment towards supporting the DOF’s call to action at the second Task Force Meeting held from March 3-4, 2026 in Osaka, Japan.
International Finance Group (IFG) Assistant Secretary Donalyn Minimo, who co-chaired the meeting, underscored that recent disruptions in the Strait of Hormuz and the resulting volatility in oil and liquefied natural gas (LNG) prices have direct impacts on fiscal space, economic growth, and livelihoods.
ASEAN+3 refers to the cooperation framework among the ASEAN Member Countries and the three East Asian countries, namely China, Japan, and South Korea. Established in 1997, ASEAN+3 aims to strengthen regional integration and build an East Asian Community.
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