MANILA – The Philippines has called for stronger financial cooperation among members of the Association of Southeast Asian Nations Plus Three, particularly in disaster risk financing, regional safety nets, and bond market development.

In a social media post on Wednesday, the Department of Finance said the Philippine delegation raised the appeal during the 29th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting held in Samarkand on May 3.

The meeting was co-chaired by the Philippines and Japan.

DOF Undersecretary Joven Balbosa underscored the need to deepen ASEAN+3 financial cooperation to deliver concrete and meaningful outcomes for member economies.

During the meeting, the Philippines emphasized the importance of strengthening regional cooperation on Disaster Risk Financing and Insurance, particularly through enhanced risk-sharing arrangements and financing mechanisms.

According to the DOF, stronger DRFI systems would help economies improve preparedness and recovery efforts against natural disasters and other external shocks.

Finance ministers and central bank governors at the meeting also approved the DRFI Roadmap 2026–2028, which sets out a comprehensive and action-oriented framework for regional cooperation.

The Philippines also expressed support for continuing efforts to expand and deepen regional capital markets under the Asian Bond Markets Initiative, citing its role in mobilizing long-term financing, promoting local currency bond markets, and strengthening regional financial stability.