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Viewing cable 08MANILA2605, Meeting in Manila on ASEAN+3 Crisis Fund

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Reference ID Created Released Classification Origin
08MANILA2605 2008-11-26 05:53 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Manila
VZCZCXRO9853
OO RUEHCHI RUEHCN RUEHDT RUEHHM
DE RUEHML #2605 3310553
ZNR UUUUU ZZH
O 260553Z NOV 08
FM AMEMBASSY MANILA
TO RUEHC/SECSTATE WASHDC IMMEDIATE 2521
RUEATRS/DEPT OF TREASURY WASHDC IMMEDIATE
INFO RUEHZS/ASSOCIATION OF SOUTHEAST ASIAN NATIONS IMMEDIATE
RHHMUNA/USPACOM HONOLULU HI//FPA//
UNCLAS MANILA 002605 
 
STATE FOR EAP/MTS, EAP/EP/ EEB/IFD/OMA 
STATE PASS EXIM. OPIC, AND USTR 
STATE PASS USAID FOR AA/ANE, AA/EGAT, DAA/ANE 
TREASURY FOR OASIA 
 
SENSITIVE 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON ECIN RP CN XE XD
SUBJECT:  Meeting in Manila on ASEAN+3 Crisis Fund 
 
SENSITIVE BUT UNCLASSIFIED 
 
A) Manila 2340, B) Manila 2370 
 
1.  (SBU) Summary:  A November 20 special meeting of ASEAN+3 Finance 
and Central Bank officials in Manila discussed a regional funding 
facility to help regional economies weather the global financial 
crisis.  The meeting achieved consensus to expand the Chiang Mai 
Initiative rather than create a new facility and to include 
liquidity assistance outside of balance of payments difficulties. 
Although launch of the expanded facility is not likely before 
mid-year 2009, ASEAN+3 is determined to put such a facility into 
place, with or without the support of international financial 
institutions.  Our contacts noted that the Chinese are particularly 
supportive of the proposal.  End Summary. 
 
2.  (U) The Philippine government hosted a meeting of ASEAN+3 (i.e., 
the 10 ASEAN countries plus China, Japan, South Korea) officials in 
Manila on November 20 to continue discussions on the creation of a 
fund to assist regional economies to weather the global financial 
crisis.  Philippine President Arroyo and members of her economic 
team hoped to move forward with operational details for the proposed 
facility, building on Thai and Philippine proposals made during a 
special meeting of ASEAN+3 leaders on the sidelines of the 
Asia-Europe Meeting in Beijing in October 2008. 
 
3.  (SBU)  In a meeting with econoffs on November 25, senior 
Philippine Department of Finance officials said the meeting in 
Manila was attended mainly by ASEAN+3 assistant 
secretaries/ministers and assistant central bank governors and 
provided an opportunity for further brainstorming, but did little in 
terms of operational details.  The group did agree, however, to 
propose "multilateralization" of the decade-old Chiang Mai 
Initiative (CMI, an $84 billion network of ASEAN+3 bilateral 
currency-swap agreements launched in 1998 to assist economies 
experiencing balance of payments problems during the Asian financial 
crisis).  The group proposed, rather than creating a separate 
facility altogether, to expand the Chiang Mai Initiative's scope and 
resources to provide liquidity support beyond balance of payments 
difficulties. 
 
4.  (U)  According to Finance officials, the meeting in Manila 
produced "general" recommendations to pursue the establishment of a 
regional facility in response to the global financial crisis; to 
multilateralize and expand the Chiang Mai Initiative; and to 
officially create a technical working group to study proposals and 
craft recommendations to get the regional facility up and running. 
No consensus was reached on critical operational matters, such as 
the level of funding; a formula for determining respective 
commitments; conditions for access; financing terms; the role of 
international financial institutions; the scope of assistance; 
establishment of a surveillance and monitoring system; and 
logistical and administrative support. Officials expect the ASEAN+3 
Finance and Central Bank Deputies Meeting in Japan on November 27-28 
to adopt these general recommendations as a deliverable for the 
mid-December ASEAN+3 Leaders Summit in Chiang Mai. 
 
5.  (SBU) Finance officials expect the spade work on the regional 
fund's mechanics to begin in earnest only after the ASEAN+3 heads of 
state jointly approve the proposal for the creation of a technical 
working group at the mid-December Leaders Summit.  They consider a 
first-quarter 2009 launch ambitious and unlikely.  Depending on how 
quickly consensus can be reached on complicated operational and 
legal issues, they estimate the facility may be up and running in 
mid-2009, at the earliest. 
 
6.  (SBU) ASEAN+3 nations are determined to establish the regional 
facility with or without the support of international financial 
institutions, according to our contacts.  The impetus for a 
"self-help" plan partly reflects concerns that international 
financial institutions may not have adequate resources and partly 
the sentiment that they were not particularly flexible and 
supportive during the Asian financial crisis (a sentiment especially 
strong among the Thais, who will chair ASEAN in 2009).  Philippine 
officials noted the desire among ASEAN+3 economies for a facility 
that could provide "comprehensive, coordinated, and timely 
assistance" and described China as "highly supportive" of the 
proposed regional fund.  They expect China to take a major role in 
promoting this initiative during its upcoming term as ASEAN+3 
co-chair. 
 
Kenney