Diokno: PH needs deeper relations with Indo-Pacific neighbors
MANILA, PHILIPPINES — Department of Finance (DOF) Secretary Benjamin Diokno said that the country needs to establish stronger strategic cooperation, resilient supply chains, and solid digital infrastructure among its Indo-Pacific peers.
During his keynote speech for the Indo-Pacific Business Forum, Diokno stated that the Philippines “strongly believes that deepening regional integration among [Indo-Pacific] economies is the quickest path to shared prosperity and inclusive growth.”
The Indo-Pacific is known as the fastest-growing economic region. It represents 60% of the world’s population and two-thirds of global economic growth over the last five years.
Moreover, it is projected to be the largest contributor to global growth over the next 30 years.
The finance chief added that the Indo-Pacific region “[holds] the power to shape the trajectory of the global economy in the twenty-first century and usher in a new age of prosperity—one that is characterized by interconnectedness, inclusivity, fairness, and sustainability.”
To address the World Trade Organization’s (WTO) warning of slowing global growth, Diokno noted that the government “is carefully balancing monetary and fiscal measures to reduce the impact of rising commodity prices… without compromising economic growth.”
He added that they are revisiting areas that would help enhance the policy environment and explore new opportunities for high and broad-based growth.
For now, Diokno said they are banking on the mining, semiconductor, electronic, and renewable energy sectors to drive recovery and long-term growth in the Philippines.
