📷Armed Forces of the Philippines
The ongoing maritime tensions between China and the Philippines in the West Philippine Sea will not significantly impact the Southeast Asian country’s economy, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Thursday.
The NEDA Secretary said this in a media interview after the country’s economy grew slower at 5.7 percent in the first quarter on the back 20 percent contraction in imports from the country’s top sources last March.
Balisacan acknowledged that the imports contracted last March but remained unsure if it’s directly linked to the South China Sea issue.
He pointed to both a potential slowdown in domestic industries and a similar slowdown in China, one of the Philippines’ major trading partner.
“We don’t know who was affected,” Balisacan said, highlighting the need for further analysis.
When asked about a possible link between the import decline and South China Sea tensions, Balisacan downplayed the connection.
He cited Vietnam and Malaysia as examples of countries successfully separating political issues from economic ones despite facing regional disputes.
“Many countries are able to isolate political issues from economic ones,” Balisacan said.
However, Balisacan remained cautious about the possibility if the Philippines could achieve the same level of economic isolation.
Balisacan emphasized that his focus remains on economic matters and deferred to national leaders on political issues.
“The economy should strictly govern on an economic basis,” Balisacan said, expressing confidence in the leadership’s handling of political matters.
Balisacan’s remarks come amidst ongoing concerns about the South China Sea. China’s assertive territorial claims and actions have strained relations with Southeast Asian nations, including the Philippines. (TCSP)
