President Ferdinand R. Marcos Jr. on Thursday emphasized the importance of global interdependence to ensure countries’ stability and development amid geopolitical challenges.

During his meeting with the Philippines-Japan Economic Cooperation Committee (PHILJEC) and the 14th Asian Business Summit (ABS) delegates at Malacañan Palace in Manila, Marcos said the nations’ mutual reliance is currently being challenged because of the recent global developments.

“There cannot be any more powerful destabilizing forces than we see now. We see war. We see climate change also changing everything,” he said.

“What we have just experienced, at least, changes now in trade policy, not only with the United States, the largest economy still, but with the interrelationships between ASEAN, for example, in the Pacific region, for example, and the EU. And all those interrelationships have become – I wouldn’t say under threat, but again, in challenge.”

Marcos said the Philippines has already learned its lesson when the world was grappling with the impacts of the Covid-19 pandemic.

He said he is “very happy” to hold a dialogue with the PHILJEC and ABS delegates to discuss the global economy and its importance to sustain growth in regions and countries.

“The interdependence that we had come to rely on in the world economy suddenly turned out to be less secure, less robust than we had always assumed. And so that is why in the Philippines, we have taken that lesson to heart. And that is why we are trying to develop those interrelationships,” he said.

“The common wisdom that we have all arrived at, that the interrelationships between our different countries lead to stability and to development and progress.”

The meeting was held, as the Philippines is set to host this year’s 14th Asia Business Summit (ABS) this month.

PHILJEC, formerly known as the Philippine National Committee for Economic Cooperation with Japan, was established on Nov. 16, 1973 to promote, strengthen and expand trade, economic, scientific technological advancements, exchange assistance to business endeavors in both the Philippines and Japan. (PNA)