Asean forms anti-crisis unit

Consequently, according to the Bangko Sentral ng Pilipinas (Central Bank of Philippines), countries in the region are expected to attract more investors who are in search of safe havens as industrialised countries in the West continue to grapple with economic and debt problems.

Amro is a body formed to conduct regular surveillance of the economic performance of member-countries of Asean+3, and to come up with prescriptions in case of deteriorating indicators of economic health.

Diwa Guinigundo, deputy governor of the Bangko Sentral ng Pilipinas, said central bank officials from Asean+3 countries last week agreed to pool in the resources that Amro needs to effectively fulfil its mandate and to help the region shield itself from the ill-effects of shocks from other parts of the globe.

Amro will assume a surveillance function for selected Asian countries that is similar to what the International Monetary Fund does for nations globally.

Guinigundo said the Amro, which was officially created last year but is expected to start full operations this year following a meeting of the region’s central bankers |last week, will complement the move |of Asean+3 to double the size of its pool |of pledged funds to US$240 billion |(Bt7.48 trillion). – Philippine Daily Inquirer