Philippine Central Banker Warns Asia of Crisis Risks

As Asia revisits the lessons of the 1997 financial crisis, officials and analysts warn that rapid financial integration can again outpace the institutions responsible for detecting and containing risk. Philippine central bank Governor Eli Remolona urged greater vigilance against volatile capital flows, while an IMF official said surveillance and policy frameworks have improved. Commentators argue that today’s vulnerabilities extend beyond traditional banks to fintech, private markets and interconnected digital systems; widespread use of shared AI models and infrastructure could synchronize financial decisions and accelerate shocks. They call for stronger supervision, stress-testing and regional regulatory cooperation, building on past reforms to central banks, exchange-rate policies and regional safeguards.