A summit meeting between the heads of state and government of the 10-member Association of Southeast Asian Nations and Japan, China, and the Republic of Korea--the so-called ASEAN + 3 framework--was held at the Philippine International Convention Center in Manila. The leaders discussed means of promoting regional cooperation in East Asia,taking into account the currency and economic crises in Asia. Japan announced a comprehensive plan for enhancing human resources development and human resources exchange in East Asia, based on the findings outlined in the report of the 1999 Mission for Revitalization of the Asian Economy (Okuda misson). The plan received high praise, especially from Philippine President Joseph Estrada, chair of the summit, who dubbed it the "Obuchi Plan."

In addition, the Joint Statement on East Asia Cooperation was adopted, the first joint statement within the ASEAN + 3 framework. On Japan's suggestion, the statement noted that it had been agreed to hold "an ASEAN + 3 Foreign Ministers Meeting in the margins of the Post Ministerial Conference in Bangkok, Thailand, in the year 2000 to review the progress of the implementation of this Joint Statement."