The ASEAN+3 Finance Ministers welcomed the participation of Central Bank Governors for the fifteenth meeting held in Manila, the Philippines on 3 May 2012 to exchange views on how to further strengthen regional finance cooperation. The meeting was co-chaired by H.E. Keat Chhon, Deputy Prime Minister and Minister of Economy and Finance of the Kingdom of Cambodia, and H.E. Jaewan Bahk, Minister of Strategy and Finance of the Republic of Korea.
One of the notable achievements was the unanimous decision to increase the size of the Chiang Mai Initiative Multilateralization (CMIM) Fund from US$ 120 billion to US$ 240 billion for managing regional short-term liquidity, as the needs arise. The portion of the fund which could be utilized without subjecting to IMF conditions has also increased from 20% to 30%. In addition, a separate crisis prevention facility has also been introduced known as the CMIM Precautionary Line.
Another notable achievement is the adoption of a new roadmap for the Asian Bond Market Initiative (ABMI) to further develop efficient and liquid bond markets in the region through a more effective utilization of regional saving for regional investment. A work plan will be developed to implement the priorities under the new roadmap.