Philippine President Gloria Macapagal Arroyo on Monday called on Southeast Asian neighbors and partners to meet next week and devise a plan to cushion the region from the impact of the global financial crisis.
Southeast Asian finance ministers said last week economic growth in Asia will suffer from the worst financial crisis in about eight decades but no region-wide measures were necessary to stave off systemic threats because banks in the region were not at risk, unlike in the West.
"I propose for ASEAN plus three to convene on the sidelines of the ASEM (Asia-Europe Meeting) summit in Beijing next week to table the impact of the current credit crunch," Arroyo said in a speech at the launching of a manufacturing facility of food firm RFM Corp.
Aside from the Philippines, ASEAN, or the Association of South East Asian Nations, comprises Indonesia, Thailand, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos.
The plus three refers to the group's dialogue partners China, Japan and South Korea.
"I am asking developing and emerging economies to unite and come up with a coordinated approach to cushion the impact of a collapse of highly developed economies," Arroyo said.
"I am urging the developed countries or G7 to consider the interest of developing countries in their plan to prevent a worldwide economic meltdown."
Southeast Asian finance ministers said last week economic growth in Asia will suffer from the worst financial crisis in about eight decades but no region-wide measures were necessary to stave off systemic threats because banks in the region were not at risk, unlike in the West.
"I propose for ASEAN plus three to convene on the sidelines of the ASEM (Asia-Europe Meeting) summit in Beijing next week to table the impact of the current credit crunch," Arroyo said in a speech at the launching of a manufacturing facility of food firm RFM Corp.
Aside from the Philippines, ASEAN, or the Association of South East Asian Nations, comprises Indonesia, Thailand, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos.
The plus three refers to the group's dialogue partners China, Japan and South Korea.
"I am asking developing and emerging economies to unite and come up with a coordinated approach to cushion the impact of a collapse of highly developed economies," Arroyo said.
"I am urging the developed countries or G7 to consider the interest of developing countries in their plan to prevent a worldwide economic meltdown."
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