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September 24, 2023

BSP reaffirms commitment to strengthen ASEAN+3 regional cooperation

The Bangko Sentral ng Pilipinas (BSP) has reaffirmed its commitment to strengthen ASEAN+3 regional cooperation.

BSP Governor Benjamin Diokno, together with counterparts at the ASEAN+3 Finance Process during the virtual AFMGM+3, welcomed the progress of regional financial cooperation.

Key developments include the enhancements to Chiang Mai Initiative Multilateralization (CMIM) strengthened regional policy advisory role of the ASEAN+3 Macroeconomic Research Office, and significant advancements in the regional bond market under the Asian Bond Markets Initiative.

The group also agreed on the adoption of new initiatives in the areas of financial digitalization and transition finance to foster the region’s economic growth and financial integration.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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