Philippine Standard Time:

A Regional Social Dialogue Conference on Financial Integration in the ASEAN was held on July 6, 2015 at the Century Park Hotel in Malate, Manila. The activity has a theme Managing Adjustments in an Integrating Financial Sector in the ASEAN. Delegates of employer and worker associations in the banking and finance industry from the ASEAN member-states participated in the undertaking.

The ASEAN Bank Union Council (ABUC) and ASEAN Services Employees Trade Union Council (ASETUC) in cooperation with the Bangko Sentral ng Pilipinas (BSP), Department of Labor and Employment (DOLE) and Banking Industry Tripartite Council (BITC) organized the Conference.

The Conference seeks to enable employees, trade unions and employers to explore and set a framework for active social partnership to develop an ASEAN Financial Sector based on harmonious labor-management relations. Further, the tripartite participants deliberated on the state of financial integration in the ASEAN; the adjustments and lessons learned from the Asian to the Global Financial Crisis; and the best practices in labor relations that may be sustained in preparation for regional integration.

“Managing the benefits and risks of ASEAN financial integration requires confidence building among social partners and stakeholders through meaningful dialogue, partnership and collaboration,” Secretary Baldoz said in her message, read by Asst. Sec. Katherine B. Brimon.

The DOLE has identified the financial or banking industry as one of the resilient sub- industry groups of the services sector in terms of employment generation. Sec. Baldoz added that major reforms have been pursued to sustain global competitiveness, inclusive economic growth and decent work for Filipino workforce.