information:filtering, linguistic:paraphrasing
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. 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. 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".