He made the proposal in a speech at the 22nd general assembly of the ASEAN Inter-Parliamentary Organization (AIPO) in Bangkok, Thailand.
"The time has come to start building the legislature of one united Southeast Asian community to lift up the lives of hundreds of millions of people and help East Asia win its battle against poverty which is the noblest cause of all," he said.
He said the global march toward trade liberalization has prompted countries all over the world to combine into regional groups.
Southeast Asia can benefit from the experience of the European Community, which took 49 years to build, he added.
De Venecia suggested that ASEAN can start the regional bloc with its member-nations but the group should later include India, Pakistan, Russia and Central Asia.
It can explore the possible creation of an Asian Monetary Fund that will "work cooperatively with the IMF (International Monetary Fund) in our fight against poverty," he said.
Thai Prime Minister Thaksin Shinawatra opened the AIPO assembly with an appeal for Asian countries to take a "dual-track strategy" by building their own markets while exporting high-value added products.
He said a strategy would be an effective mechanism for these nations to fight an economic or financial crisis such as the 1997 Asian financial meltdown.
He also batted for regional cooperation which he said "will lead to greater shared benefits and regional understanding in resolving existing problems."
De Venecia flew to Bangkok after addressing the first Christian-Buddhist dialogue in Taipei, Taiwan last Friday. He heads a 10-man delegation to the AIPO meeting.
The members of his group are Representatives Antonio Cuenco of Cebu, Roque Ablan Jr. of Ilocos Norte, Marcos Cojuangco of Pangasinan, Vincent Garcia and Prospero Nograles of Davao City, Nerissa Corazon Soon-Ruiz of Cebu, Lorna Silverio of Bulacan, Aurelio Umali of Nueva Ecija, and Eduardo Zialcita of Parañaque.