Editing ASEAN (section)

====2020 ASEAN Banking Integration Framework====
As trade is liberalized with the integration in 2015, the need arises for ASEAN banking institutions to accommodate and expand their services to an intra-ASEAN market. Experts, however, have already forecast a shaky economic transition, especially for smaller players in the banking and financial services industry. Two separate reports by [[Standard & Poor's]] (S&P) outline the challenges that ASEAN financial institutions face as they prepare for the 2020 banking integration.{{efn|name=fn1|''ASEAN Financial Integration: The Long Road to Bank Consolidation'' and ''The Philippines' Banking System: The Good, the Bad and the Ambivalent''.}} The reports point out that overcrowded banking sector in the Philippines is expected to feel the most pressure as the integration welcomes tighter competition with bigger and more established foreign banks.<ref name="mb.com.ph">{{cite web|url=http://www.mb.com.ph/sp-cites-moves-by-philippine-banks/|title=S&P cites moves by Philippine banks|author=Manila Bulletin|website=[[Manila Bulletin]] |access-date=14 June 2015|archive-date=14 November 2014|archive-url=https://archive.today/20141114060935/http://www.mb.com.ph/sp-cites-moves-by-philippine-banks/|url-status=live}}</ref> As a result, there needs to be a regional expansion by countries with a small banking sector to lessen the impact of the post-integration environment. In a follow-up report, S&P recently cited the Philippines for "shoring up its network bases and building up capital ahead of the banking integration – playing defense and strengthening their domestic networks".<ref name="mb.com.ph" />