Finance Secretary Jose Isidro Camacho confirmed earlier reports that the meeting has been postponed following consultations with finance ministers of ASEAN countries.
"We regret having to postpone the event amid much preparations by the AFMM secretariat to ensure the success of the meetings," Camacho said. "We will soon announce the new date for the event upon consultation with my co-finance ministers."
Philippine organizers of the ministerial meeting said yesterday that a number of participants have sent feelers that they would not be attending the conference due to the SARS threat.
A source privy to the ongoing preparations said Thailand, Singapore, Indonesia and Malaysia have floated the idea of postponing the meeting until the SARS threat has been cleared.
The source said the ministerial meeting would have assembled top financial officials from the Association of Southeast Asian Nations (ASEAN).
The Philippines was designated this year to host the annual finance ministers meeting which would have included the participation of Japan, South Korea and China, which together with the ASEAN members form the so-called ASEAN Plus Three.
Since SARS is most prevalent in the region, Camacho said there are fears that holding the meeting at this time would aggravate the already tense situation.
"I think it’s a mutual reluctance to proceed with the meeting at this time," said one source. "They don’t want to travel and we would really rather wait until the threat is cleared up."