(Adopted at the Special ASEAN Finance Ministers’ Meeting in Manila on 30 April 1999) 

1. The global effort to resolve the current crisis must recognize the diverse circumstances and priorities of individual economies at different stages of development. Any proposed solution must therefore be sufficiently flexible to accommodate these differences. 

2. In view of the global nature of today’s financial markets, the reform of the international financial architecture must involve the participation of all countries, including the emerging economies.  

3. ASEAN shall adopt a more proactive role at various international and regional fora to ensure that its interests and priorities are given due consideration in any proposal reform the international financial architecture. 

4. While the purpose of any international reform is to enhance efficiency and stability in financial markets and to promote global economic activity, such efforts must not lose sight of the overriding objective of improving living standards. Due priority must, therefore, be accorded to measures to protect the poor and most vulnerable segments of society.  

5. Measures to strengthen the international financial architecture would need to include a review of the roles of the international financial institutions (IFIs), as well as the international regulatory bodies, in order to enhance their capacity and capability to contain and resolve crises.  

6. Appropriate mechanisms are needed to enhance greater private sector participation in crisis management and resolution. 

7. Standards of transparency and disclosure must be applied equally to the public and private sectors. In particular, large market participants, such as highly leveraged institutions which have systemic significance, should be subject to regular and timely transparency and disclosure requirements. 

8. The dissemination of necessary information will help investors to make better decisions and not rely solely on the information of rating agencies. Given the important role that credit rating agencies play in the international financial markets, there should be greater transparency in the rating process. 

9. There must be closer and more coordinated monitoring of short-term capital flows. In particular, there should be global agreement on the disclosure requirements for such flows and closer collaboration and information sharing among national and international regulators. 

10. To complement the ASEAN Surveillance Process, ASEAN shall explore options to strengthen regional support activities. 

11. An orderly and well-sequenced approach to capital account liberalization in tandem with the degree of development of the domestic financial sector and supervisory regime should be supported. 

12. Sound, consistent and credible macroeconomic policies are fundamental to the sustainability of any exchange rate regime. There is no single exchange rate regime that is suitable for all countries and that countries have a right to choose their own exchange rate regime based on their national objectives and priorities.