FRANK EXCHANGE ON ASIAN CRISIS - PETERS

It was important Asian nations carried out internal reforms first to deal with the financial crisis in Asia, before they sought outside help, Philippine President Ramos told Deputy Prime Minister and Treasurer Winston Peters during a weekend meeting in Manila.

"I had a fruitful meeting with President Ramos and found his views on the current crisis frank and refreshing.

"President Ramos made it clear his Government would do all it could to tackle any exposures it might have to the crisis before any decision was made to seek outside help.

"President Ramos also made it clear there would be an orderly transition of power to the incoming Government of President-elect Estrada in a month's time, helped by the fact a number of his current political team would stay on in Government."

Mr Peters was in Manila representing New Zealand at the Philippine Centennial celebrations over the weekend.

He has also met the incoming Tourism Minister Jemma Cruz-Araneta, and on Monday is scheduled to meet Vice-President-elect Gloria Macapagal-Arroyo, before travelling to Kuala Lumpur to lead a high-powered investment mission involving a number of New Zealand's top-tier sector leaders.