With the Association of Southeast Asian Nations (ASEAN) striving towards regional integration to create a cohesive economy, the Philippines is urged to further broaden its cooperation with Japan, a supporter of this goal and a key player in the ASEAN Plus Three (APT).
"Even as cooperation between Japan and the Philippines has brought about positive outcomes, there are areas to further deepen and broaden this cooperation, including within the region and the ASEAN," former Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said during a reception in Makati last Wednesday.
"Our strong ties put us in a good position to take advantage of the opportunities of ASEAN integration," Tetangco added.
ASEAN integration translates to stronger cooperation and the narrowing of the development gap within Southeast Asia.
Expanding the scope outside the region, Japan has long been a "strong partner in creating a more stable and safer economic neighborhood" with ASEAN, Tetangco said. Among others, it serves as a key player in the APT, a cooperation process along with South Korea and China, which fosters East Asian regionalism.
According to the 2019 ASEAN Integration report, the Japanese economy is one of the top five worldwide with a global share of 5.9 percent in 2018. ASEAN trailed behind at 3.5 percent.
Tetangco, who recently received the prestigious Order of the Rising Sun, Gold and Silver Star from the Japanese government, has participated in the APT Finance Ministers’ and Central Bank Governors’ Meetings since 2012 and has actively played his part in regional finance stabilization by promoting both regional and bilateral financial cooperation led by Japan
Source: PNA
