Promoting Regional Integration: ASEAN Case for Capital Account Liberalization
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1 2015/SFOM/S/009 Session: 2 Promoting Regional Integration: ASEAN Case for Capital Account Liberalization Purpose: Information Submitted by: Philippines Special Senior Finance Officials Meeting Clark, Philippines January 2015
2 Promoting Regional Integration : ASEAN Case for Capital Account Liberalization APEC Special Senior Finance Official s Meeting January 2015, Clark, Pampanga WILHELMINA C. MAÑALAC Managing Director International Sub Sector Bangko Sentral ng Pilipinas Outline of Presentation I. Overview of ASEAN Capital Account Liberalization II. Realization of CAL in ASEAN III. CAL initiatives in the Philippines IV. Challenges and Way Forward 1
3 ASEAN Community 2015 ASEAN Economic Community ASEAN Financial Integration Framework Financial Integration Financial Services Liberalization and Banking Integration Capital Account Liberalization Capital Market Development Harmonized Payments and Settlement Systems Supporting Initiatives Guiding Principles of CAL An orderly capital account liberalization consistent with the member countries national agenda, policy directions and level of development; Differentiated milestones for ASEAN 5 and BCLMV, reflecting different stages of development, timelines and readiness; Readiness of players and shared responsibility among Member Countries Benefits of liberalization shared by all ASEAN countries. 2
4 What CAL does CAL is a prerequisite for creating a single ASEAN market CAL complements financial services liberalization CAL promotes financial sector development CAL facilitates the integration of ASEAN banking markets. ASEAN CAL Deliverables Adoption of the Article VIII of the International Monetary Fund by all AMS, except Myanmar Identification and assessment of the level of openness of the existing rules and regulations on capital flow Drafting of the individual CAL Heat Maps to monitor the developments in the foreign exchange regulations of AMS Drafting and monitoring of the Individual milestones blueprints Establishment of a policy dialogue mechanism Conduct of capacity building programs 3
5 Capital Account Liberalization CAL Initiatives in the Philippines The Philippines is on track in its efforts to achieve CAL under the AEC Blueprint for The Philippines has adopted the Article VIII of the IMF Articles of Agreement. The BSP has adopted a series of policy reforms to liberalize FX regulations on trade and non trade transactions, investments and foreign loans as well as simplify reporting and documentary requirements. CAL Initiatives in the Philippines Continuing review and implementation of foreign exchange reforms 4
6 Challenges of CAL Macroeconomic risks acceleration of growth of credit, appreciation of exchange rate, inflationary pressure and expansion of domestic demand. Financial stability risks push up equity, real estate and other asset prices, and reduce the quality of assets Risks of capital flow reversal sudden reversals of capital flows which could deplete reserves or cause sharp currency depreciation Moving forward Liberalization should be well planned, timed, sequenced (integrated approach); No presumption of full liberalization for all countries, but countries with long standing restrictions would benefit from more liberalization; Benefits of capital flows greatest, and risks best managed, if financial and institutional development are adequate and macroeconomic situation sound; Attainment of preconditions such as the principles/standards (Basel principles) to help guarantee the long term stability of the financial system may help ensure benefits are higher than risks; and Well designed CAL can help countries realize the benefits of capital flows. 5
7 Moving forward ASEAN is implementing capacity building initiatives to ensure that members are well equipped in the process of financial integration, including CAL Training programs in financial market development, institutional quality, governance, sound macroeconomic policies, and trade integration A similar initiative may be developed within APEC considering the potential support of ASEAN members and strongly liberalized countries such as the United States, Canada, Australia and New Zealand Thank you for your attention. 6
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