The Philippines' President Ferdinand Marcos Junior has said that his government may have to turn to Russia for the supply of fuel and fertilizers, as he expressed concerns over the spill-over effects of the Ukraine crisis on his country's economy.
“We take a very balanced view (of the geopolitical situation) because the truth of the matter is that we may have to deal with Russia for fuel, for fertilizer…” Marcos Jr. said during an event at the Manila Overseas Press Club on Wednesday evening.
Marcos Jr said that the Philippines wouldn’t take any sides in the Ukraine crisis, saying that he only wanted “peace.” The Philippines and the US signed a mutual defense pact in 1951, with Marcos Jr reaffirming his commitment to the treaty during a trip to the US last month.
The Filipino leader noted that the “interconnectedness of the global economy” has been brought home in a “very convincing manner” by the crisis in Ukraine, as he wondered as to who would have thought that a conflict in Eastern Europe would "affect the Philippines, halfway around the world."
Marcos Jr said that he wanted the Philippines to play a leading role in “promoting peace” around the world, especially in his own neighborhood, where tensions between the US and China rose in August after US House Speaker Nancy Pelosi’s provocative visit to Taiwan, which Beijing views as its inalienable part.
“We hope to be part of the ones that are leading the effort for peace,” he said.
In response to Pelosi’s visit, the People’s Liberation Army (PLA) conducted one of its biggest live-fire and hypersonic missile drills in six regions around Taiwan.
The Philippines is embroiled in a maritime dispute with Beijing for the control of the Spratly Islands. Since coming to power in May 2022, Marcos Jr. has stated that he won’t cede even an “inch” of the territory to any foreign power.
However, at the same time, Marcos Jr has said that his foreign policy would be guided by the mantra of being “a friend to all, and an enemy to none.”
Marcos Jr also said during his interaction that his government would propose a new approach to deal with Myanmar's military junta when the leaders of ten-member Association of South East Asians (ASEAN) gather for a summit in Cambodia in November.
“It’s time to put forward some concrete proposals… I am a great believer in engagement… Myanmar military generals have to be brought to the table,” Marcos Jr said.
Retail inflation in the Philippines increased to a four-year high of 6.9 percent in September, as per data released by the Philippine Statistics Authority (PSA) on Wednesday.
According to the agency’s head, Dennis Mapa, the retail inflation has been driven by an increase in prices of food commodities as well as electricity prices.
While prices for food and non-alcoholic beverages have registered an annual increase of 7.4 percent, the prices for electricity, water, gas and other fuels have witnessed an annual increase of 7.3 percent.