Asean set to monitor troubled economies

Published by rudy Date posted on July 4, 2010

HANOI—The Association of Southeast Asian Nations will set up a financial surveillance office that will monitor countries within the region that are in danger of falling into recession.

Alladin Rillo, head of the Asean Secretariat’s finance and macroeconomic surveillance division, said the surveillance office, which will be based in Singapore, will recommend if a country can take advantage of the $120-billion regional currency swap mechanism known as the Chiang Mai Initiative Fund.

The fund will allow any Asean member-country in danger of a foreign exchange crisis to rapidly call up financial firepower by swapping its currency for those of its neighbors.

“The surveillance office will be very crucial because they will be the ones to study and give a recommendation on countries that are suffering from economic woes, which can then tap the fund,” Rillo said in a chance interview during the 1st Interdisciplinary Alumni Conference-Southeast Asia of Inwent (Capacity Building International-Germany).

Finance ministers in the region said the $120-billion fund would be enough to guard against a repeat of the 1997 Asian financial crisis that saw nearly two-thirds of the world economies going into recession last year.

The currency swap facility involves the central banks and finance ministries of Asean and its +3 partners China, Japan and Korea, as well as the Monetary Authority of Hong Kong.

As a regional liquidity mechanism, it aims to provide financial support to countries with short-term liquidity needs, and to supplement international financing arrangements.

Asean’s +3 partners contributed $96 billion. The rest of the fund was shouldered by the 10 member-states, with the Philippines contributing $3.68 billion. –Joyce Pangco Pañares, Manila Standard Today

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.