<p><strong><em>The phenomenon of contagion and its consequences on the bankruptcies of financial institutions within the commercial sector remains a significant concern. When one financial institution goes bankrupt, it can trigger a chain reaction of defaults and losses that may quickly spread throughout the financial system, potentially leading to a systemic crisis. This study investigates the impact of economic contagion on a predictive model for banking bankruptcies in ASEAN countries (Indonesia, Singapore, Malaysia, the Philippines, and Thailand). It considers the role of corporate governance and key financial ratios in the bankruptcy prediction model. The study uses logistic regression modeling in three stages: (1) analyzing the model without moderating variables, (2) including economic contagion and corporate governance as moderators, and (3) evaluating models with these factors as independent variables. Data from 145 banks are used, with 976 observations spanning 2012-2017. The findings indicate that economic contagion increases the likelihood of bank bankruptcies, while effective corporate governance reduces this likelihood. Liquidity and profitability ratios decrease the risk of bankruptcy, while solvency increases it. Risk management doesn't significantly impact bankruptcy likelihood. Overall, this study highlights the importance of strong corporate governance in mitigating financial distress in ASEAN banks, especially during economic contagion</em></strong><em>.<strong></strong></em></p>