The Philippines is pressing the US and its allies to boost trade and investment in the country as escalating tensions between Manila and Beijing spark fears of a wider economic fallout.
Economic security should become central to the strategic relationships that the Philippines is building with its allies, said Alfredo Pascual, the Philippines’ trade and industry secretary, in an interview with the Financial Times.
“It is significant because if we are economically secure, we could also afford to strengthen our defence capabilities. If you are not economically secure, you cannot divert or utilise resources for defence,” he told the Financial Times. “We need to have credibility in our defence posture,” he said.
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