Manila: 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 Malaca±an Palace in Manila, Marcos highlighted that the nations' mutual reliance is currently being challenged because of recent global developments.

According to Philippines News Agency, President Marcos stated that there are powerful destabilizing forces, including war and climate change, which have significantly impacted global interrelationships. He noted changes in trade policy, especially involving the United States, ASEAN, the Pacific region, and the EU, which have led to these interrelationships being challenged.

Marcos reflected on the lessons learned by the Philippines during the Covid-19 pandemic, expressing his satisfaction in holding a dialogue with PHILJEC and ABS delegates to discuss sustaining growth in regions and countries through the global economy. He pointed out that the interdependence the world economy relied upon turned out to be less secure than assumed, prompting the Philippines to prioritize developing these critical interrelationships.

The meeting took place as the Philippines prepares to host this year's 14th Asia Business Summit (ABS). Established on November 16, 1973, PHILJEC aims to promote, strengthen, and expand trade, economic, scientific technological advancements, and exchange assistance to business endeavors between the Philippines and Japan.