The governor of the Philippine central bank says Asian countries should remember the causes of the 1997 financial crisis and take steps to prevent similar shocks. Eli Remolona makes the point during an IMF panel focused on regional economic outlooks.
Remolona argues that Asia’s experience in the 1990s should not be treated as a “miracle,” noting that large capital inflows preceded the downturn. He also points to the need for better monitoring of vulnerabilities. One outlet reports that IMF commentary highlights progress in tools for assessing risks.
Across coverage, the broader context is that policy-makers should strengthen financial resilience. While Remolona’s message centers on avoiding a repeat of 1997-style instability, one report also mentions Japan’s stance on investing in critical minerals during the same discussion, reflecting that Asia’s outlook is shaped by both financial risk management and longer-term development priorities.
