Bangko Sentral ng Pilipinas Governor Eli Remolona is urging Asian economies to stay alert against the kind of financial shock that once shook the region in the late 1990s.
Speaking at an IMF panel on ASEAN’s economic outlook, Remolona pointed back to the 1997 Asian financial crisis, when large waves of foreign capital entered the region before quickly reversing, triggering turmoil across several economies.
His warning comes at a time when Asia continues to attract investment, but also faces global uncertainty, shifting interest rates, currency pressures, and geopolitical risks. For Remolona, the lesson is clear: growth is not enough if economies are not prepared for sudden reversals.
The BSP chief said the region must do more to prevent similar shocks from happening again. That means stronger safeguards, better monitoring of financial flows, and policies that keep economies resilient even when global markets turn unstable.
For ASEAN, the message is not fear — it is preparedness. The 1997 crisis showed how fast confidence can collapse when vulnerabilities are ignored. Nearly three decades later, Remolona is reminding the region that the best time to protect the economy is before the next crisis arrives.
Image from Reuters