No, the indonesian letters are not pronounced like the english letters.

I think it's more like the german letter. At least some of the indonesian letters are pronounced like the german letters.

as canasta said, its not pronounced as in english letter, its like in deutsche and in dutch (indonesia has been a Netherlands sovereign for about 350 years though!!!).

a --> /Λ/ as in 'cup' (cΛp)
i --> /ee/ as in 'eel'
u --> /u:/ as in 'tool' (tu:l)
e --> /e/ as in 'ten'
o --> /o/ as in 'lob' or 'toll'

some of the consonants:
c --> as /che/ in 'check'
y --> as /y/ in 'year'
g --> as /g/ in 'gulf'

since Indra has given a good pronunciation for vowels, I'll give about consonants (hopefully it's understandable)

b --> ‘be’ in ‘better’
c --> ‘cze’ in “Czechoslovakia”
d --> ‘da’ in “day”
f --> f
g --> ‘ga’ in “gay”
h --> ‘ha’ in laughter “haha”
j --> j
k --> ‘co’ in “cow”
l --> l
m --> m
n --> n
p --> ‘pa’ in “pay”
q --> q
r --> ‘ar’ in “arrow”
s --> s
t --> ‘ta’ in “take”
v --> ‘ve’ in “very”
w --> ‘wa’ in “way”
x --> x
y --> ‘ya’ in “yay!”
z --> zet