The collaboration between us and our allies will strengthen the global supply chain, stimulate investments, and even promote hard transitions towards environmental sustainability
“Exonomic security is national security.”
This was rightly expressed by no less than President Ferdinand Marcos Jr. in a policy statement he delivered last May in Washington, DC.
The President said, “We are grappling with both new and traditional threats to our people’s security … It is for this reason that I called for evolving our alliance to make it more responsive to present and emerging challenges. It is because national security is no longer simply about territorial defense.”
The Indo-Pacific region is indeed riddled with emerging threats that pose risks that could disrupt its economic opportunities.
This is the context of one of the riveting sessions in the recently held, 8th annual Pilipinas Conference of the Stratbase ADR Institute that discussed “Strategic Cooperation for a Secure and Robust Economic Architecture in the Philippines and in the Indo-Pacific” wherein like-minded allies of the Philippines came together to state their commitments to strategic cooperation to bolster the security and economic stability of the Indo-Pacific region.
Australian Ambassador here Hae Kyong Yu said the Philippines, as one of the top priorities in their economic strategy in Southeast Asia, has been elevated as a strategic partner and expressed Australia’s commitment to increase bilateral trade and investment.
UK Ambassador to the Philippines, Laure Beaufils, noted how trade between the UK and the Philippines is at an all-time high and getting stronger.
She believes this is a sign of how positive exporters and investors feel about the Philippines now and in the future.
But she also mentioned there’s still room to grow, especially when it comes to attracting more investments.
She emphasized the importance of ease of doing business, predictability in taxes and legislation, and tackling red tape and corruption.
Canadian Ambassador to the Philippines David Hartman emphasized the importance of the Philippines in Canada’s Indo-Pacific strategy and sees the Philippines as a key partner, a fellow democracy that values peace, stability, free trade, inclusive multilateralism, and human rights.
He shared Canada’s plans to make targeted investments in areas that align with the Philippines’ COP economic security priorities in areas of food security, energy security, climate change mitigation, educational partnerships, maritime domain awareness, and defense procurement.
Hartman said Canada is committed to enhancing prosperity, safety, and sovereignty in the face of increasing geopolitical risks. So, it’s not just about partnership, it’s about working together for a safer, more prosperous future.
The Ambassador of the Delegation of the European Union in the Philippines, Luc Veron, said that to bolster partnerships for economic security, there is a need to work with reliable partners in diversifying trade agreements, strengthening international rules, and investing in sustainable development.
He added the European Union can’t do it alone and that a unilateral approach just won’t cut it in our interconnected global economy.
The EU’s economic security depends on cooperation and coordination with others and reaffirmed strong support for an open, rule-based world economic order, and multilateralism.
Prof. Dindo Manhit, President of the Stratbase ADR Institute, underscored the need for strategic cooperation to secure a robust economic structure in the Philippines and the Indo-Pacific and highlighted the private sector’s crucial role in maximizing regional economic opportunities through partnerships with allies like the US, Australia, Japan, the UK, and the EU.
“Elevating the role of the private sector is crucial for maximizing regional economic opportunities through strengthened partnerships with allies like the United States, Australia, Japan, the United Kingdom, and the European Union. Indeed, on top of adopting a whole-of-Philippine society approach, it is imperative for the country to fortify its ties with its most beneficial economic partners.”
The international community has the collective power to manage the risks to global economic security. Given the interdependence of countries for resources, forging partnerships and alliances is not just necessary, but crucial for mutual growth and stability.
Indeed, the collaboration between us and our allies will strengthen the global supply chain, stimulate investments, and even promote hard transitions towards environmental sustainability.
It’s all about working together to avert an unthinkable flux of geopolitical, geoeconomic and environmental crises that, God forbid, might become the planet’s next existential catastrophe.