{
  "id": 14364359,
  "title": "Asia must guard against another financial crisis, Philippines central bank chief says",
  "url": "https://urgent.news/2026/10/14/asia-must-guard-against-another-financial-crisis-philippines-central",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-14T04:13:04.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/economy-news/asia-must-guard-against-another-financial-crisis-philippines-central-bank-chief-says-4947975"
  },
  "original_language": "en",
  "account": "Asian nations must learn from the painful lessons of the financial crisis that gripped the region in the late 1990s, the head of the Philippine central bank warned on Wednesday. Before the crisis unfolded, capital flowed into Asia, propelling the world bank to dub it the \"East Asian miracle.\" However, the bubble eventually burst, and the region faced a severe financial shock. Eli Remolona, governor of the Bangko Sentral ng Philippines, emphasized in an IMF panel on the outlook for the Association of Southeast Asian Nations (ASEAN) that the region must remain vigilant against a similar crisis. He emphasized that more effort needs to be put into assessing such risks. IMF director for Asia and Pacific, Krishna Srinivasan, countered this view, stating that the IMF has made progress in identifying financial vulnerabilities and spillovers among economies. However, he did acknowledge some short-term risks to the region, such as energy intensity and rising inflation. Japan's vice finance minister, Atsushi Mimura, also highlighted the energy shock from the Middle East conflict and the need for ASEAN countries to further invest in critical minerals and energy to diversify supply chains and remain competitive in the face of China's economic influence.",
  "summary": null,
  "key_points": [
    "Asia must guard against another financial crisis, warns Philippines central bank chief",
    "Lessons from 1990s crisis must be learned to avoid repetition",
    "ASEAN nations need to invest in critical minerals and energy for diversification"
  ],
  "editors_take": "Prioritizing risk assessment over past successes signals a shift toward defensive economic management as regional leaders prepare for potential shocks from energy volatility and shifting global supply chains.",
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "CoinDesk",
        "title": "Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action",
        "url": "https://urgent.news/2026/10/14/largest-philippines-crypto-exchange-coins-ph-said-to-face-central",
        "published": "2026-10-14T01:00:00.000Z"
      },
      {
        "outlet": "South China Morning Post",
        "title": "Asia must guard against repeat of 1997 financial crisis: Philippine central bank chief",
        "url": "https://urgent.news/2026/10/14/asia-must-guard-against-repeat-of-1997-financial-crisis-philippine",
        "published": "2026-10-14T05:46:12.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}