MANILA, Philippines - Leaders of Southeast Asian countries have agreed to form a regional rice pool they can tap during emergencies to mitigate the impact of volatile rice prices in the global market, President Aquino said.
Speaking upon his arrival from Bali, Indonesia last Saturday, Aquino said the agreement was reached in the wake of the recent typhoons that hit Thailand and Cambodia.
“We have seen the effect of typhoon in Thailand and Cambodia, which is not a rare occurrence in our country,” Aquino said in Filipino.
“Because of this, we agreed to come up with a system to pool rice that can benefit our neighboring countries as well as China, Japan and Korea whenever we face the challenge posed by typhoons that can cut farm output,” he added.
Aquino arrived Saturday night at Villamor Airbase in Pasay City from his attendance at the 19th Association of Southeast Asian Nations (ASEAN) summit.
ASEAN is composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam and the Philippines.
The regional rice reserve system is expected to benefit areas vulnerable to typhoons and ensure efficient and timely delivery of the commodity.
The system would also lessen market distortion and promote greater consistency with global trade rules. The reserve would also be used as food aid during emergency situations and to enhance the anti-poverty projects of member countries.
Aquino said the ASEAN members and their regional partners also inked agreements aimed at providing immediate assistance to disaster victims.
He cited the signing of Bali Concord 3, which aims to ensure political stability, better security, and stronger economic and socio-cultural cooperation among members of the regional bloc.
Aquino said a more prosperous Southeast Asia could benefit Filipinos.
“We deepened our ties not only with our friends in ASEAN but also with many other countries that recognize the region as a new economic and commerce hub,” the President said.
“We do not let such opportunities pass because a more developed region would surely translate to more opportunities for Filipinos,” he added.
Aquino said the event allowed the Philippines to promote its advocacy for migrant workers’ rights as one of the biggest exporters of manpower in the region.
“We also had fruitful discussions on the economic integration of ASEAN. We believe that cooperation could shield us from the problems faced by different regions of the world today” he said.
In the same speech, Aquino said US President Barack Obama had lauded the Philippines for the reforms initiated by the government.
Aquino said the US president promised to continuously support the Philippines’ endeavors.
“We talked to some of our allies including President Obama of America. He reiterated what Secretary of State Hillary Clinton said before we flew to Bali – deeper ties and support for our security and programs that could alleviate poverty,” he said.
The President stressed the importance of clean governance in addressing poverty, one of the serious problems of the country.
“Indeed, the key to eradicating poverty lies in good governance,” Aquino said.