ASEAN Week: Stay updated on ASEAN news throughout this week (July 26 – August 1, 2569).

This week's ASEAN Week (July 26 – August 1, 2569) provides an update on the latest developments in Southeast Asia over the past week.

For ASEAN Week "Bank Finance" This week, from July 26th to August 1st, 2569, we will be covering the latest news and developments in the ASEAN region.

• Market shocked! The Governor of the Central Bank of Indonesia resigns; investors fear disruption to monetary policy.
• The Monetary Authority of Singapore (MAS) has tightened its monetary policy for the second time in response to soaring oil prices and concerns about accelerating inflation.
• The Indonesian stock market has turned bullish after hitting its lowest point in five years.
• Philippine banks are rapidly setting aside loan loss reserves, reaching their highest level in 18 years, in response to the risk of default stemming from the Iran-Iran conflict.
• Vietnam overhauls its crackdown on 2.8 smuggled diamonds, pushing for digital tracking to upgrade its market.
• Malaysia reveals that Myanmar has accepted 5,000 Rohingya refugees back to the country amid heightened refugee tensions.
• PSGC is converting an existing dam in Laos into a "pumped-storage power plant" to capitalize on the megatrend of energy storage.
• The Philippines is reforming its bond market, adjusting pricing criteria to meet global standards, and aiming for inclusion in the JPMorgan index in 2570.
• AMATAV adjusts its portfolio in Vietnam, selling ATLT shares and receiving 632 million baht.
• Singapore saw a 17% surge in layoffs, affecting 4,500 employees, the highest since COVID-19.
• Min Aung Hlaing declared that Myanmar is not in a hurry to reconcile with ASEAN and reiterated that it will continue to proceed according to its own roadmap.

Market shocked! The Governor of the Central Bank of Indonesia resigns; investors fear disruption to monetary policy.

Reuters reported that Perry Warjiyo, governor of the Bank of Indonesia (BI), suddenly resigned, causing the rupiah to weaken immediately and raising concerns about investor confidence. Questions arose regarding the central bank's independence and future economic policy. The government appointed Destree Damayanti, senior deputy governor, as acting governor. The market is closely watching the appointment of a new governor, as it could impact the continuity of monetary policy and the credibility of the Bank of Indonesia.

The Monetary Authority of Singapore (MAS) has tightened its monetary policy for the second time in response to soaring oil prices and concerns about accelerating inflation.

CNBC reported that the Monetary Authority of Singapore (MAS) tightened its monetary policy for the second consecutive time, despite low inflation, to address the risks posed by rising oil prices stemming from tensions in the Middle East. The MAS stated that global economic uncertainty remains high and that increased import costs could further fuel inflation in the coming period, even as Singapore's economy continues to grow strongly, driven by its chip and AI industries.

The Indonesian stock market has turned bullish after hitting its lowest point in five years.

CNBC reported that the Indonesian stock market has recovered and entered a bull market phase after the JCI index rebounded more than 10% from its June low. This was driven by attractive stock prices, S&P maintaining Indonesia's credit rating at BBB with a stable outlook, renewed foreign investor buying, and regulatory measures that boosted market confidence and liquidity.

Philippine banks are rapidly setting aside loan loss reserves, reaching their highest level in 18 years, in response to the risk of default stemming from the Iran-Iran conflict.

Bloomberg News reported that Philippine commercial banks increased their loan loss reserves by 32% in the first half of 2569 to 111,300 billion pesos, the highest level since 2551, to mitigate the risk of default amid the impact of the Middle East conflict on oil prices, inflation, and interest rates. This occurred despite the Central Bank of the Philippines (BSP) confirming that non-performing loan rates remained stable and the banking sector continued to see profit growth.

Vietnam overhauls its crackdown on 2.8 smuggled diamonds, pushing for digital tracking to upgrade its market.

Vietnam is accelerating its diamond market regulation after dismantling a smuggling network importing over 28,000 diamonds worth US$10.6 million. The country is preparing to investigate five major smuggling operators and is pushing for a digital tracking system for each diamond to increase transparency and prevent laundering. Experts warn that, unlike gold, diamonds have no fixed price and low liquidity, making them unsuitable as investment assets. Meanwhile, Thai exporters should upgrade their documentation standards and traceability systems to cope with Vietnam's new regulations and leverage this opportunity to gain a competitive advantage.

Malaysia reveals that Myanmar has accepted 5,000 Rohingya refugees back to the country amid heightened refugee tensions.

Malaysia has revealed that Myanmar has agreed to take back 5,000 Rohingya refugees following negotiations between the two sides. The repatriation date has not yet been disclosed. This announcement comes amid heightened tensions between the refugees and local communities in Malaysia, where approximately 126,000 Rohingya are currently registered with UNHCR and face pressure from harassment, school closures, and online misinformation.

PSGC is converting an existing dam in Laos into a "pumped-storage power plant" to capitalize on the megatrend of energy storage.

PSG Corporation (PSGC) has signed a cooperation agreement with Lao Electricity State Enterprise (EDL) to study the upgrading of existing hydropower plants to a pumped-storage (PSH) system. This aims to enhance clean energy storage capacity, improve the stability of Laos' power system, support increasing demand from data centers and high-tech industries, and lay the foundation for regional electricity exports. The project will leverage existing infrastructure to reduce costs and accelerate long-term project development.

The Philippines is reforming its bond market, adjusting pricing criteria to meet global standards, and aiming for inclusion in the JPMorgan index in 2570.

The Philippines is preparing to adjust its pricing methodology for peso-denominated bonds by removing the impact of withholding taxes from the pricing calculation. This is to align with international standards and accommodate inclusion in the JPMorgan Emerging Market Bond Index. The first phase of implementation is expected by the end of this year, which is anticipated to increase liquidity and attract foreign investors, although it may impact existing bondholders who sell before maturity.

AMATAV adjusts its portfolio in Vietnam, selling ATLT shares and receiving 632 million baht.

Amata VN Public Company Limited (AMATAV) has closed the sale of its entire 93.40% stake in Amata Township Long Thanh (ATLT) to Long Thanh Riverside Investment for 492,239 million VND, or approximately US$18.7 million (632 million THB). The transaction was completed on July 30, 2569, to reduce administrative costs and improve the efficiency of the group's investments in Vietnam. As a result, ATLT is no longer a subsidiary of Amata VN.

Singapore saw a 17% surge in layoffs, affecting 4,500 employees, the highest since COVID-19.

Singapore saw a 17% increase in layoffs in the second quarter, reaching 4,500, the highest since the COVID-19 pandemic, driven by business restructuring in industries heavily reliant on overseas markets. Despite this, the labor market remained strong, with net employment increasing by 10,700 positions, the unemployment rate remaining stable at 2%, and the economy expanding by 5.7% in the second quarter, amid business concerns over labor costs and global economic uncertainty.

Min Aung Hlaing declared that Myanmar is not in a hurry to reconcile with ASEAN and reiterated that it will continue to proceed according to its own roadmap.

Min Aung Hlaing, the leader of Myanmar's military junta, affirmed that he will not rush to accept ASEAN's conditions for restoring political relations. He stated that Myanmar will pursue its own policies and prioritize national interests, and announced a five-year economic development plan aiming to double GDP, push forward large-scale energy projects and a nuclear power plant, and prepare for by-elections in 2027. Meanwhile, the World Bank has lowered its forecast for Myanmar's economic growth this year to 2% due to global economic uncertainty.

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