Inclusive financial system firmed up in Asean dialogue

Delegates to the Regional Social Dialogue Conference, held recently in Manila, have drawn up recommendations in pursuit of an “inclusive, stable, and sustainable Asean (Association of Southeast Asian Nations) with an inclusive, stable and sustainable Asean financial structure.”

Foremost of the recommendations embodied in the Conference Declaration is ensuring a smooth integration process.

This is best done through continuous communication or information sharing; consultation and concerted agreements among the different stakeholders—the tripartite parties in particular— on how the integration measures; and the accompanying regulations at the national level shall be designed and implemented in a smooth and calibrated manner.

The Regional Social Dialogue Conference, which has the theme “Managing Adjustments in an Integrating Financial Sector in the Asean,” was organized by UNI Apro Asean Bank Unions Council (Abuc) and Asean Services’ Employees Trade Unions Council (Asetuc) and in cooperation with the Department of Labor and Employment (Dole), Bangko Sentral ng Pilipinas (BSP), and the Banking Industry Tripartite Council (BITC).

Other recommendations put forward by the delegates were the holding of social dialogue on difficult integration issues such as mergers and consolidations, new regulations imposed by the government or by industry, outsourcing of certain job functions or hiring of non-bank service providers, and adoption of new technology or upgrading/modification of existing ones; strengthening the rules in support of financial inclusion and transparency; and safeguarding the rights of Asean bank employees, such that the rules on Asean financial integration should strengthen not only the rights of banking capital, but also the rights of bank employees, professionals and managers who may be posted in different places, within and across national boundaries under a liberalized and deregulated Aseanfinancial sector.

In addition, the delegates called for investing on employees’ life-long learning and employability and managing the smooth flow of professionals and skilled workers.

“The impact of liberalization on the free flow of professionals and skilled workers is double-edged. There will be winners and losers not only among the migrating skilled employees, but also among the labor-sending and labor-receiving countries and their respective industries,” the delegates pointed out.

At the same time, the Conference Declaration voiced related labor concerns, such as:

• In an integrating Asean labor market, a common labor standard (not necessarily monetary-based) should be developed in accordance with the Asean Chapter and the Asean Bali Concord II.
• In the adjustment process brought about by financial integration, the skills and know-how of bank employees, professionals and managers may have to be upgraded.
• Attention should be given—through consultation and dialogue—on the special needs of women employees who predominate in the industry. TMM