Structure and prospects of the Asean financial and banking systems : a perspective from the Philippines

Abstract

As a political grouping, the Association of Southeast Asian Nations or Asean has already made significant strides. The peace and stability in the region is one example of these political achievements. As an economic grouping, however, the Asean has not achieved much. Intra-Asean trade and investment still continue their historical patterns where greater interdependence between two or three Asean countries exists not because of an Asean cooperative endeavor but because of their long, established economic relationship. The substantial trade and investment flows between Singapore and Malaysia typify this relationship. This is not to say that no efforts were exerted to improve intra- Asean trade and investment On the contrary, both Asean governments and private sectors have been actively involved in designing and implementing several cooperation programs. Admittedly, the performance of the various cooperative efforts are uneven. This study examines Asean financial cooperative efforts and their implications for improving intra-Asean trade and investment. The Philippine perspective will be emphasized.