{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='PHILIPPINES: MANILA TO HOST MAJOR REGIONAL FINANCE MEETING' data-url='/boclips/videos/5c54bfe8d8eafeecae146b9e' data-video-url='/boclips/videos/5c54bfe8d8eafeecae146b9e' 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: MANILA TO HOST MAJOR REGIONAL FINANCE MEETING\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 will host a major regional finance meeting Tuesday to discuss a proposal for a special Asian fund designed to help countries in the region experiencing economic difficulties.While nothing is expected to be...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe Philippines will host a major regional finance meeting Tuesday to discuss a proposal for a special Asian fund designed to help countries in the region experiencing economic difficulties.\u003cbr/\u003eWhile nothing is expected to be finalised on this round of talks, it will be the first formal discussion about the proposed Asian Fund.\u003cbr/\u003eThe Philippines - one of the advocates for the Fund's creation - is one of several Southeast Asian nations rocked by a currency crisis this year.\u003cbr/\u003eThe currency crisis that hit economies in Asia this year has not spared the Philippines - a country which up until then had enjoyed enviable rates of economic growth.\u003cbr/\u003eOn Tuesday, Manila will host a gathering of deputy finance ministers from the U-S and around the region to discuss a proposal to create a special Asian fund which would alleviate the effects of the currency turbulence.\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 can be drawn upon when the need arise.\"\u003cbr/\u003eSUPER CAPTION: Roberto de Ocampo, Philippine Finance Secretary\u003cbr/\u003eThe Philippines has taken the lead in hosting the Asian Fund meeting because it will chair the Association of Southeast Asian Nations, or ASEAN, in 1998.\u003cbr/\u003eLike three other ASEAN members - Thailand, Indonesia and Malaysia - the Philippine economy took a turn for the worse when the currency crisis hit.\u003cbr/\u003eIts stock market hit record lows and the local peso tumbled, falling by as much as 26 per cent against the U-S dollar.\u003cbr/\u003eWhile after-effects of the crisis are still lingering, Manila officials express confidence that  the country will get back on track - perhaps even sooner than its neighbours.\u003cbr/\u003eThey say that, before the currency crisis, the Philippine economy was growing at a more regulated pace than that of Indonesia or Thailand.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"I think part of the reason is good fortune in a sense, the good fortune of having bad fortune in the past. Because we were delayed in terms of being a tiger economy, in a sense, we ended up avoiding the kind of bubble that, sometimes described by economists, the kind of bubble in real estate and other sectors, that was bound to burst sooner or later.\"   \u003cbr/\u003eSUPER CAPTION: Roberto de Ocampo, Philippine Finance Secretary\u003cbr/\u003eBefore the currency turbulence, the peso was trading at 26 to the U-S dollar, but at its worse, it went to as low as 35.\u003cbr/\u003eYet while the situation may have appeared alarming, officials here had no doubts that the country will get back in shape. \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 the country.\"     \u003cbr/\u003eSUPER CAPTION: Gabriel Singson, Governor, Central Bank of the Philippines\u003cbr/\u003eThe private banks, which Singson has said need to tighten their credit facilities, agree that the Philippines will cope well.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Basically, we have a strong banking system.  I think we can weather the crisis.\"\u003cbr/\u003eSUPER CAPTION: William Tiosic, CEO, Pilipinas Bank\u003cbr/\u003eWhile forecasts are good, some sectors may still flounder as the country works its way through the crisis.\u003cbr/\u003eOne of those greatly affected by the volatility of the peso was the automotive industry.\u003cbr/\u003eForeign car manufacturers were left with no choice but to increase prices, and therefore  are facing a slow down in sales.\u003cbr/\u003eHowever they, too, feel that the situation is only temporary.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Philippines economic fundamentals are stable, so I think the Philippines can overcome this problem and start growing again, but the meantime, maybe six months to one year, we have to suffer.\"    \u003cbr/\u003eSUPER CAPTION: Koji Miyajima, President and General Manager, Honda Cars Philippines\u003cbr/\u003eStill, hopes continue to run high that the worst of the regional currency storm has passed.\u003cbr/\u003eManila, Philippines - 5, 10-12, 14 November 1997 and File\u003cbr/\u003eAPTV File - September 1997\u003cbr/\u003e1. Wide shot of Metro Manila buildings\u003cbr/\u003e2. Wide shot of highway\u003cbr/\u003e3. Closer shot of ongoing construction at highway\u003cbr/\u003eAPTV - 12 November 1997\u003cbr/\u003e4. Set-up shot of Finance Secretary Roberto de Ocampo\u003cbr/\u003e5. SOUNDBITE: (English) Roberto de Ocampo, Philippine Finance Secretary \u003cbr/\u003eAPTV File - October 1997)\u003cbr/\u003e6. Wide shot of Philippine stock exchange \u003cbr/\u003e7. Philippine stock exchange electronic board\u003cbr/\u003e8. Trader using calculator\u003cbr/\u003e9. Philippine stock exchange electronic board\u003cbr/\u003eAPTV - 12 November 1997\u003cbr/\u003e10. SOUNDBITE: (English) Roberto de Ocampo, Philippine Finance Secretary\u003cbr/\u003eAPTV - 14 November 1997\u003cbr/\u003e11. Shot of uncut Philippine one-hundred peso bills\u003cbr/\u003e12. Uncut Philippine bills being inspected\u003cbr/\u003e13. Various of Philippine banknote production\u003cbr/\u003eAPTV - 11 November 1997\u003cbr/\u003e14. Set-up shot of Central Bank Governor Gabriel Singson\u003cbr/\u003e15. SOUNDBITE: (English) Gabriel Singson, Philippine Central Bank Governor\u003cbr/\u003eAPTV - 10 November 1997\u003cbr/\u003e16. Exterior of Pilipinas Bank\u003cbr/\u003e17. Reverse shot of bank teller\u003cbr/\u003e18. Mid-shot of bank customers\u003cbr/\u003e19. Bank teller counting money\u003cbr/\u003e20. Wide shot of bank counter\u003cbr/\u003e21. SOUNDBITE: (English) William Tiosic, Pilipinas Bank CEO\u003cbr/\u003eAPTV - 5 November 1997\u003cbr/\u003e22. Exterior shot of Honda Cars showroom\u003cbr/\u003e23. Top shot of showroom\u003cbr/\u003e24. Close-up of price tag of Honda car\u003cbr/\u003e25. Shot of Honda car on display\u003cbr/\u003e26. SOUNDBITE: (English) Koji Miyajima, Honda Philippines President\u003cbr/\u003eAPTV FILE (September 1997)\u003cbr/\u003e27. Wide shot of people crossing street at Makati financial district\u003cbr/\u003e28. 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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, business, international trade, economy, 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 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