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Asia must guard against repeat of 1997 financial crisis: Philippine central bank chief

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Reuters. (2026, October 14). Asia must guard against repeat of 1997 financial crisis: Philippine central bank chief. South China Morning Post. https://www.scmp.com/news/asia/southeast-asia/article/3370829/asia-must-guard-against-repeat-1997-financial-crisis-philippine-central-bank-chief?utm_source=rss_feed

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South China Morning Post · collected 2026-10-14 · by Reuters

Quick Summary

Eli Remolona, chief of the Philippine central bank, warns Asian countries to prepare for another financial crisis similar to the one in 1997 by addressing current economic vulnerabilities. He argues that rapid investment growth before the 1997 crisis was unsustainable and not a true economic miracle, emphasizing the need for better preparation against future shocks. Krishna Srinivasan from the IMF disputes this view, stating that the organization has improved its methods to assess financial risks across economies in Asia.
Written by AI on 2026-10-14, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

The Philippine central bank chief warned that Asia must guard against a repeat of the 1997 financial crisis during a recent panel discussion. According to Eli Remolona, investment in Asia surged in the late 1990s before the crisis hit, indicating that such growth was not sustainable. He urged ASEAN nations to prepare for future economic shocks by addressing potential vulnerabilities similar to those seen in the past. However, Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, countered this view, stating that the IMF has made progress in assessing financial risks and spillovers among economies in the region.

Written for “Asian Financial Crisis Concerns” on 2026-11-05, grounded in this article and the 0 other(s) covering the same event.

Story

📰 Asian Financial Crisis Concerns
Economy/Business · 1 article(s) covering the same event.

Compared with similar articles

This article reads leans left and hedges 0% of its claims. Each row says how that neighbour differs.
IMF chief has ‘optimism’ and ‘worry’ after Bangkok annual meetings Different event
The Straits Times
Hedges 0 of 16 claims Outlet record 66/100
“Article A discusses warnings about a potential financial crisis, while Article B covers the IMF chief's comments and optimism during the Bangkok annual meetings.”
How this article was measured signals, leaning charts, publisher record, byline, topics and claims

Signals How these are calculated →

Claims extracted
6
sentences that state something as happening or true
Uncertain
0%
0 of 6 hedged ("reportedly", "may", "according to")
Leaning
Leans left
of the writing, not the subject · beta estimate
Publisher signals
62/100
South China Morning Post's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-10-14 · how these are computed

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Publisher

South China Morning Post · 3775 article(s) · 8 correction(s) detected
Running correction rate · 8 correction(s)
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Who wrote this

Reuters
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Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 890 articles by Reuters →

Topics

Asean Asia and Pacific Department IMF Philippine

Subjects

IMF ORG · 2× Asean ORG · 1× Asia and Pacific Department ORG · 1× Eli Remolona PERSON · 1× Krishna Srinivasan PERSON · 1× Philippine NORP · 1×

Narrative

Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, pushed back against the view, arguing in the panel discussion that the IMF had made progress assessing financial vulnerabilities and potential spillovers among each economy.
framing: assertive · carried by 1 article(s) · first seen 2026-10-14
2026-10-14 · South China Morning Post
Asia must guard against repeat of 1997 financial crisis: Philippine central bank chief · assertive framing

Claims (6 extracted, 0 hedged)

Asia must guard against repeat of 1997 financial crisis: Philippine central bank chief asserted
Asia → guard → crisis
The pre-crash boom of the 1990s ‘wasn’t really a miracle’, Eli Remolona says, urging Asean to prepare for fresh shocks “Investment poured into Asia and then you had the crisis because it wasn’t really a miracle. asserted
it → say → crisis
I think we have to remind ourselves about that. asserted
we → think → that
We have to guard against that kind of crisis,” he said. asserted
he → have → crisis
“We have not really been making a lot of effort looking at that kind of crisis.” asserted
We → make → crisis
Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, pushed back against the view, arguing in the panel discussion that the IMF had made progress assessing financial vulnerabilities and potential spillovers among each economy. asserted
IMF → push → economy
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