Chinese, Asean and other leaders joined hands at the Asean Summit. They had to be airlifted out of Thailand when the Thai protesters stormed the summit venue.Tacloban City (April 12) -- ASEAN Plus Three, during its 14th Summit over the weekend in Thailand, has agreed in principle on how to reach the envisioned $120 Billion ASEAN emergency fund to battle future financial crises.
Press Secretary Cerge M. Remonde informed that ten ASEAN member nations will contribute 20 percent of the total amount of the emergency fund while partners China, Korea and Japan will contribute the rest.
Within ASEAN, Indonesia, Malaysia, Singapore and Thailand will contribute $4.7 Billion each while the Philippines will contribute $3.68 Billion.
The other five ASEAN members, oil rich Brunei and ASEAN's poorest members Cambodia, Laos, Myanmar and Vietnam will contribute amounts based on the size of their foreign exchange reserves.
ASEAN Partner South Korea will contribute $24 Billion or twenty percent of the total fund, while partners China and Japan will contribute the remaining amount needed to make the Fund operational.
The ASEAN members and partners are eyeing the launching of the emergency fund called 'Chang Mai Initiative Multilateralization,' in the month of May.
The Chang Mai Initiative Multilateralization is a bilateral currency swap scheme set up after the 1997-1998 financial crisis.
Under the new scheme, the swaps will be multilateral, making it easier for countries under stress to borrow emergency funds.
Aside from the finalization of the ASEAN emergency fund, the 14th ASEAN Summit also have two other major accomplishments, Sec. Remonde who is part of President Gloria Macapagal Arroyo's delegation to the ASEAN Summit.
The two other major accomplishments of the 14th ASEAN are the establishment of the ASEAN political security community and the initial convening of the Committee of Permanent Representatives, Secretary Remonde added.
Many has been accomplished despite the non-completion of the ASEAN Summit because of social unrest, Secretary Remonde said. (PIA 8)
Press Secretary Cerge M. Remonde informed that ten ASEAN member nations will contribute 20 percent of the total amount of the emergency fund while partners China, Korea and Japan will contribute the rest.
Within ASEAN, Indonesia, Malaysia, Singapore and Thailand will contribute $4.7 Billion each while the Philippines will contribute $3.68 Billion.
The other five ASEAN members, oil rich Brunei and ASEAN's poorest members Cambodia, Laos, Myanmar and Vietnam will contribute amounts based on the size of their foreign exchange reserves.
ASEAN Partner South Korea will contribute $24 Billion or twenty percent of the total fund, while partners China and Japan will contribute the remaining amount needed to make the Fund operational.
The ASEAN members and partners are eyeing the launching of the emergency fund called 'Chang Mai Initiative Multilateralization,' in the month of May.
The Chang Mai Initiative Multilateralization is a bilateral currency swap scheme set up after the 1997-1998 financial crisis.
Under the new scheme, the swaps will be multilateral, making it easier for countries under stress to borrow emergency funds.
Aside from the finalization of the ASEAN emergency fund, the 14th ASEAN Summit also have two other major accomplishments, Sec. Remonde who is part of President Gloria Macapagal Arroyo's delegation to the ASEAN Summit.
The two other major accomplishments of the 14th ASEAN are the establishment of the ASEAN political security community and the initial convening of the Committee of Permanent Representatives, Secretary Remonde added.
Many has been accomplished despite the non-completion of the ASEAN Summit because of social unrest, Secretary Remonde said. (PIA 8)
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