{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='PHILIPPINES: ASIAN FUND DEPUTY FINANCE MINISTERS MEETING PREVIEW' data-url='/boclips/videos/5c54bfbdd8eafeecae1456ba' data-video-url='/boclips/videos/5c54bfbdd8eafeecae1456ba' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPHILIPPINES: ASIAN FUND DEPUTY FINANCE MINISTERS MEETING PREVIEW\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe Philippines on Tuesday hosts a meeting of deputy finance ministers from Asia and the U-S to discuss ways to help Asian countries hit by the recent currency crisis.On the agenda will be a proposal to put up a special fund...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe Philippines on Tuesday hosts a meeting of deputy finance ministers from Asia and the U-S to discuss ways to help Asian countries hit by the recent currency crisis.\u003cbr/\u003eOn the agenda will be a proposal to put up a special fund for Asia, to alleviate effects of the economic crisis that has afflicted the region.\u003cbr/\u003eWhile nothing is expected to be finalised, this meeting will be the first formal discussion about the Asian Fund.\u003cbr/\u003eThe Philippines is one of the countries hit by economic crisis and was one of the advocates for the creation of an Asian Fund. \u003cbr/\u003eThe currency crisis that hit economies in Asia this year did not spare the Philippines, a country that until then enjoyed economic growth.\u003cbr/\u003eOn Tuesday, Manila will host a gathering of deputy finance ministers from the region and the U-S to begin formal  discussions on how to alleviate the effects of the crisis.\u003cbr/\u003eOne such proposal to do this would be to create a special fund for Asia.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"We have been exploring the idea of a facility or a credit line or a mechanism rather than a set fund which could be drawn upon should the need arise.\u003cbr/\u003eSUPER CAPTION: Roberto de Ocampo, Philippines Finance Secretary\u003cbr/\u003eThe Philippines has taken the lead in hosting the Asian Fund meeting because it will chair the Association of South East Asian Nations (ASEAN) in 1998.\u003cbr/\u003eLike three other ASEAN members - Thailand, Indonesia and Malaysia - the Philippines felt the effects of the currency crisis.\u003cbr/\u003eThe stock market hit record lows and the local peso tumbled, falling by as much as 26 percent against the U-S dollar.\u003cbr/\u003eBut while effects of the crisis are still being felt, officials are confident that the Philippines will get back on track - probably even sooner than its neighbours.\u003cbr/\u003eBy comparison, the Philippines did not suffer as much as Thailand and Indonesia.\u003cbr/\u003eBefore the currency turbulence, the peso was trading at 26-to-one U-S dollar, but its lowest level it was as low as 35.\u003cbr/\u003eWhile the situation seemed alarming, the Governor of the Central Bank of the Philippines believes the country will come out with little damage.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"I was very confident that we will survive and we will....this storm, this currency storm will pass without very much damage to our country.\u003cbr/\u003eSUPER CAPTION: Gabriel Singson, Governor, Central Bank of the Philippines\u003cbr/\u003ePrivate banks also believe the country can survive.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Basically, we have a strong banking system.  I think we can weather\u003cbr/\u003ethe crisis.\u003cbr/\u003eSUPER CAPTION: William Tiosic, CEO Pilipinas Bank\u003cbr/\u003eBut while forecasts are good, some sectors will still suffer.\u003cbr/\u003eOne of those greatly affected was the car industry.\u003cbr/\u003eForeign car manufacturers were left with no choice but to increase prices - and now face a slow down in sales.\u003cbr/\u003eBut they are confident this trend will not last.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Philippines economic fundamentals are stable, so I think the Philippines can overcome this problem and start growing again, but for the meantime, maybe six months or one year, we have to suffer.\" SUPER CAPTION: Koji Miyajima, President and General Manager, Honda Cars Philippines\u003cbr/\u003eMeanwhile, it is business as usual in the Philippines and the hope is that the worst of the currency storm has already passed.\u003cbr/\u003eManila, Philippines, 5,10-12 \u0026amp;15 November 1997 and file\u003cbr/\u003eFILE - September 1997\u003cbr/\u003e1.  Metro Manila skyline and expressway\u003cbr/\u003e2.  Highway\u003cbr/\u003e3.  Ongoing construction at highway\u003cbr/\u003e12 November 1997\u003cbr/\u003e4.  Finance Secretary Roberto de Ocampo\u003cbr/\u003e5.  SOUNDBITE (English) Finance Secretary Roberto de Ocampo\u003cbr/\u003eFile - October 1997\u003cbr/\u003e6.  Philippine stock exchange \u003cbr/\u003e7.  Philippine stock exchange electronic board\u003cbr/\u003e8.  Trader using calculator\u003cbr/\u003e9.  Philippine stock exchange electronic board\u003cbr/\u003e14 November 1997\u003cbr/\u003e10. Uncut Philippine one-hundred peso bills\u003cbr/\u003e11. Bills being inspected\u003cbr/\u003e12. Various of Philippine banknote production\u003cbr/\u003e11 November 1997\u003cbr/\u003e13. Central Bank Governor Gabriel Singson\u003cbr/\u003e14. SOUNDBITE (English) Gabriel Singson, Central Bank Governor\u003cbr/\u003e10 November 1997\u003cbr/\u003e15. Exterior Pilipinas Bank\u003cbr/\u003e16. Bank teller\u003cbr/\u003e17. Bank customers\u003cbr/\u003e18. Bank teller counting money\u003cbr/\u003e19. Bank counter\u003cbr/\u003e20. SOUNDBITE (English) William Tiosic, Pilipinas Bank CEO\u003cbr/\u003e5 November 1997\u003cbr/\u003e21. Exterior Honda Cars showroom\u003cbr/\u003e22. Showroom\u003cbr/\u003e23. Price tag of Honda car\u003cbr/\u003e24. Honda car on display\u003cbr/\u003e25. SOUNDBITE (English) Koji Miyajima, Honda Philippines President\u003cbr/\u003eFile - September 1997\u003cbr/\u003e26. People crossing street at Makati financial district\u003cbr/\u003e27. 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1997\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003esoutheast asia, economy, business, asia, thailand\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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