Philippines seeks greater Asian economic cooperation

MANILA, Philippines - The Philippines intends to seek greater economic integration with Asian countries even as it maintains relations with the West, said the country’s economic managers.

In a statement made during the China Trade and Investment Forum in Beijing Thursday, the economic team said the Philippines would be moving towards a “regional economic rebalancing” which entails a “closer integration in Asia.”

In particular, the country would be deepening its economic relations with the Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea.

“This is why the President prioritized foreign trips to the ASEAN and Asia. As a result, the Philippines has now opened more widely its opportunities for trade and investment to a market of 1.8 billion people across the region. ASEAN economies have expressed interest in such integration. China has committed to open its trade and capital markets,” the statement said.

Economic managers also clarified that the Philippines would not be severing ties with western countries.

“We will maintain relations with the West, but we desire stronger integration with our neighbors. We share the oriental culture conducive to better understanding with our regional partners,” they said.

They likened this so-called Asian integration to what has been done in the North American Free Trade Agreement (NAFTA) in North America, European Union, and MERCOSUR in South America.

“In a way, Asian economic integration is long overdue compared with the regional integrations elsewhere,” the economic managers said.

President Duterte’s offiical visit to China was marred by his remarks about cutting military and economic ties with the US, leaving the US confused and wanting explanation and the President’s Cabinet secretaries scrambling to provide explanations.

After this state visit to China, President Duterte is set to embark on an official visit to Japan on Oct. 25 to 27. Bilateral discussions will cover security, economic and defense cooperation.