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This paper observes the linkage between working capital management and firm financial performance of manufacturers in ASEAN-5 (Indonesia, Malaysia, Thailand, Philippines, and Singapore). In the previous research, the optimum working capital investment was sensitive to financial constraint in which the relation shows the U-shaped. The fundamental information was used as the variable in order to see such sensitivity. In contrast, this paper uses not only fundamental information but also financial development index (published by World Bank) as variables. Therefore, we can see the influence of country development on working capital management. The paper also analyses whether the optimal working capital level for manufacturers with financial constraint are lower than those who are unconstraint. This can help the management in deciding the optimal investment level on working capital and maximizing the firm-s value and performance.