On 3 May 2012, 15th ASEAN+3 Finance Ministers and Central Bank's Governors' meeting was held in Manila, Philippines which made an agreement about expanding CMIM from current $120 billion to 240 billion.
The Chiang Mai Initiative Multilateralisation (CMIM) Agreement was signed on 28 December 2009,[REF][REF] and took effect on 24 March 2010 [REF].