ASEAN foreign ministers are scheduled to gather in Manila beginning Tuesday, July 21, for a series of meetings expected to include counterparts from the U.S., China, Russia, Japan, Australia, Canada, and the U.K. One of the main agenda items will be the ongoing civil war in Myanmar, following an informal meeting between Myanmar Foreign Minister Tin Maung Swe and ASEAN ministers in Bangkok on July 12.

Meanwhile, Indonesia faces economic challenges as the rupiah weakens and the economy shows signs of vulnerability. Bank Indonesia is preparing for an upcoming interest rate decision, with indications that rate hikes may continue. Foreign capital outflows from Indonesia's stock market and volatile energy prices have contributed to the currency's weakness. Perry Warjiyo, Governor of Bank Indonesia, stated earlier this month that the central bank will persist in its efforts to stabilize the rupiah after S&P maintained Indonesia's sovereign credit ratings.

In other regional developments, Malaysia's new regional airline, AirBorneo—formerly MASwings—will launch its inaugural flight from Kuching on Borneo to Kuala Lumpur. The airline will start operations with two leased Boeing 737-800s and plans to expand its fleet to 17 jets by 2030.

South Korea is set to release its second-quarter gross domestic product data after revising up its annual growth forecast, driven by a boom in artificial intelligence-led chip production.

Sources