ASEAN countries not threatened by credit concerns: officials

MANILA (AFP) - The US subprime mortgage loan problem which has caused stocks to tumble worldwide, remains manageable, officials of the Association of Southeast Asian Nations (ASEAN) said here Thursday.

Ong Keng Yong, secretary-general of ASEAN said this was the consensus of ASEAN trade officials meeting in Manila ahead of an economic ministers' summit due to begin on Friday.

"Many of us feel that what you see in the stock market can be managed by ASEAN economies," he said, adding that "our ASEAN economies are not as exposed as other economies."

"We regard it as one of the challenges," Ong said but added that in their meeting, the ASEAN investment officials "did not see it as something that required a detailed discussion."

He said that despite the global fears spawned by the subprime mortgage problem, ASEAN would remain an attractive investment destination, citing the 28 percent rise in foreign direct investment flows into ASEAN in 2006, amounting to 52.4 billion dollars.

"The overall picture is one of optimism," he said.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The organisation is seeking to create a single economic community by 2015.