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The Philippines Reports on ASEAN's Banking And Deutsche Bank Global Transaction Banking Reimagining ASEAN: The Philippines reports on ASEAN’s banking and capital market landscape With thanks to Bangko Sentral Ng Pilipinas and the Philippines Department of Finance for their detailed input to this report and our “Reimagining ASEAN” series. December 2017 The Philippines reports on ASEAN’s banking and capital market landscape As part of our “Reimagining ASEAN” growth and employment – including in the poorer series, we asked the Philippines’ regions of higher-income ASEAN members. Bangko Sentral Ng Pilipinas (BSP) and the Lastly, financial integration helps to facilitate the Department of Finance for their input into development of larger, deeper, and more liquid the past, present and future of ASEAN. markets. This, in turn, can lower the cost of capital, improve resource allocation, enhance diversification Here they share their thoughts on ASEAN’s of risks, lengthen the maturity of financing, and banking and capital market landscape. improve trading and settlement practices. It could also impose greater discipline on governments, Why is greater financial and capital banks, and non-bank corporations, and make the markets integration one of the key economy more resilient to shocks.1 aspects of the 2025 vision? What are the costs of falling short of the Ensuring the financial sector is inclusive and stable goals outlined in the 2025 vision? remains a key goal of regional economic integration and a key element under the ASEAN Economic Falling short of the 2025 vision will have an Community’s (AEC) 2025 vision. underlying impact on the success of the whole regional integration agenda. Should financial Financial integration can help facilitate the integration get stalled, banks and other financial seamless movement of goods, services, institutions may remain regionally limited in size investment, capital, and skilled labour across and sophistication – in turn, restricting their ability borders – it can help enhance ASEAN’s trade and to compete against global players in the production networks, as well as help create a more international financial markets. unified market for ASEAN’s firms and consumers. Small, segmented and illiquid domestic financial It can also stimulate competitiveness and efficiency markets will be more vulnerable to shocks in ASEAN’s financial institutions and in turn boost emanating from outside the region (if they intend to engage in international markets). At a time when flows of capital into Asia are already unstable, there is a growing need to reduce reliance on capital flows from outside ASEAN and to improve the region’s capacity to withstand external shocks.2 In addition, failure to develop larger, deeper, and more liquid markets may deprive ASEAN of a source of alternative funding for domestic markets. Delays in achieving the regional financial integration agenda could also affect another of the AEC’s goals – to make better use of the region’s resources. Funds need to be allocated to productive purposes, and a particular priority of the AEC’s is the development of infrastructure finance. 1 Geert Almekinders, Satoshi Fukuda, Alex Mourmouras, Jianping Zhou and Yong Sarah Zhou, “ASEAN Financial Integration”, IMF Working Paper, 2015. 2 Satoshi Shimizu, “ASEAN Financial and Capital Markets—Policies and Prospects of Regional Integration”, Japan Research Institute, 2014. 2 Contrarily, does BSP feel there are risks bank operations that can strain supervisory to increased financial integration? Could infrastructures; and additional risks attendant to greater openness lead to greater cross-border transactions. volatility? To mitigate such risks, the ASEAN government and Theory and experience from other geographic banking sector are already instituting measures to regions suggests that greater financial openness enhance its competitiveness i.e., scaling up of could lead to increased volatility in the region. More operations through capital expansion and domestic closely integrated markets mean a crisis in one merger and acquisition, enhancing risk management, jurisdiction has a bigger chance of spreading to and preserving competitive advantage in local others. This risk is heightened by the varying levels operations such as in remittance. of economic development within ASEAN.3 In addition, while the global economic outlook is generally positive, uncertainties remain. The region deals with risks relating to currency depreciation pressures, capital flow volatility, and geopolitical risks, external vulnerabilities which both complicate macroeconomic management, and may also affect the integration process. To ensure regional resiliency and financial stability in the face of these risks, greater cooperation in regional surveillance, enhancement of safety nets, and continued information exchange is required. Zeroing in on banking integration, the benefits are clear. The BSP views that the benefits of banking integration outweigh the potential risks. To prepare An integrated banking sector would create more the Philippines for integration, the BSP has competition and drive improvements in the quality committed to: of banking services – in turn helping to spur more trade and investment in ASEAN. Small and medium a. Careful monitoring and responsive regulation (to enterprises (SMEs), and the currently un-banked, in ensure the Philippines banking sector remains particular, would gain better access to financing competitive in a more integrated regional – integration could help improve the lending network). capacity of ASEAN banks, and the stronger b. The implementation of appropriate safeguards to regional banks would be encouraged to utilise manage potential risks of integration. modern technology to reach out to a wider c. Crafting new initiatives to ensure that the segment of the population. benefits of integration are realised and well managed. However, banking integration also creates new risks. Identified risks may include: the possibility of d. Raising public awareness of the AEC – the banking system being dominated by foreign specifically the ASEAN Banking Integration banks, the challenge of managing complex regional Framework. 3 International Monetary Fund, “ASEAN marches to a slow beat toward becoming a powerhouse”, Philippine Daily Inquirer, 20 January 2016” Reimagining ASEAN 3 Zeroing in on banking integration A closer look at capital market – what progress has been made by developments ASEAN since the establishment of the AEC in 2015, and what are the areas In what areas does BSP see ACMF to look out for in the road to 2025? (ASEAN Capital Markets Forum) Action Plan to be supporting the AEC 2025 ASEAN’s banking integration efforts are one of the goals? key areas to watch out for in the road to AEC 2025. The ACMF has been instrumental in the The Banking Integration Framework (ABIF), signed achievement of capital market development by the finance ministry representatives of the initiatives under the AEC, including the Association of Southeast Asian Nations in March establishment of the ASEAN Trading Link. In view 2015, has already set guidelines for the banking of supporting the AEC 2025 goals, the ACMF came sector to achieve further integration – providing up with a two-phased strategy/approach toward market access and operational flexibility to banks achieving the three strategic objectives set forth accredited with the status Qualified ASEAN Banks under the ACMF Vision 2025: (QAB).4 1. enhance and facilitate growth and connectivity; Moreover, recognising the potential risks of 2. promote and sustain inclusiveness; integration, the ASEAN Member States have also 3. strengthen and maintain orderliness and committed to developing stronger regulatory and resilience of the ASEAN capital markets. supervisory cooperation arrangements between the home and host ASEAN countries – which, it is The first phase, Action Plan 2016-2020, aims to hoped, will ensure more effective surveillance and establish the fundamental building blocks for supervision of the QABs. regional capital market connectively over the next five years. This includes: achieving better linkages A timeline of developments to date: between ASEAN stock exchanges; increasing the cross-border offering for basic capital market – 2009: The initiative for ASEAN financial products such as equity and bonds; reviewing and integration was first adopted in the Roadmap enhancing current arrangements used by for Monetary and Financial Integration for signatories for the collective investment scheme ASEAN (RIA-fin). (CIS) framework; promoting more exchange traded – 2011: The ASEAN Financial Integration funds (ETF) and other new products; and reducing Framework (AFIF) was endorsed and the the developmental gap among members. Task Force on ASEAN Banking Integration Framework (TF ABIF) created. What has been achieved to date? – December 2014: ASEAN Central Banks’ With the lessons learned from the Asian Financial Governors signed ABIF guidelines. Crisis, ASEAN has focused on laying the long-term infrastructure to achieve integration of capital – March 2015: ASEAN Finance Ministers’ markets in ASEAN. This is being implemented Meeting (AFMM) endorsed ABIF as part of through the harmonisation of domestic laws and ASEAN Framework Agreement on Services regulations, and the creation of new linkages. The (AFAS) 6th Package Protocol. following have been accomplished to date: 4 Banks based in all ASEAN countries will have the opportunity to achieve Qualified ASEAN Bank (QAB) status. The criteria for QAB status will be determined
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