April 21, 2015

BSP expects Asean integration to take longer than expected

The Philippine Daily Inquirer today reported that the central bank (BSP) is expecting the Asean integration to take longer than expected. The article quoted a BSP statement as saying that the region’s regulators have agreed on the implementation of the Asean Banking Integration Framework (ABIF).

ABIF rules will be integral for the commencement of bilateral talks between member countries, especially those whose rules and regulations are not yet ready for the integration. Ensuring reciprocity is one of the main goals of the bilateral talks and countries should agree to open their industries to each other’s banks.

By 2018, Asean expects that the Asean 5 (Indonesia, Malaysia, Singapore, Thailand and Philippines) should have at least one bilateral deal with other countries in the region. By 2020, Asean expects that all 10 member states must have at least one bilateral deal with their neighbors. - WealthSec