Manila - Philippine President Gloria Macapagal Arroyo on Monday urged leaders of the Association of South-East Asian Nations (ASEAN), China, Japan and South Korea to discuss measures to cushion the effects of the global financial crisis. Arroyo said the leaders of the 10-country ASEAN, China, Japan and South Korea can meet on the sidelines of the seventh Asia-Europe Meeting to be held next week in Beijing.
Arroyo also urged leaders of the developed countries to consider the interests of developing countries in their plans to address the worldwide economic slowdown.
"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," she said.
"I am asking the developed countries to consider the interest of the developing countries in their plan to prevent a worldwide economic meltdown," she added.
Arroyo's call came as the US financial crisis has spread to Europe and even to developed economies in Asia.
Philippine officials fear the crisis could adversely affect the employment of the more than 8 million Filipinos working abroad, whose remittances have kept afloat the country's moribund economy.
Arroyo maintained that the effect of the financial turmoil on Philippine banks has been limited since local banks have minimal exposure to distressed foreign banks.
"The solvency position of the Philippine banking system is adequate to weather the present world financial crunch," she said. "The innate conservatism of our bankers is matched by the prudential foresight of our negotiators."
