The ongoing tension in the West Philippine Sea (WPS) could pose a significant threat to the Philippines’ economic growth.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, in a press briefing, warned that NEDA was not only considering the geopolitical tension in the West Philippine Sea but other threats to the growth of the Philippine economy.
“Indeed, they do (pose threats). That’s why, as I mentioned, all of those risks we considered when examining the prospects for our economy in the medium term,” he added.
Despite the threats, however, Balisacan is optimistic about the Philippines’ ability to navigate through the challenges.
“We believe the growth trajectory should not be adversely affected. We have to adjust to these global geopolitical tensions — that’s what every economy is doing, and I don’t think we are exempt from that,” he said.
The Philippines has long asserted its sovereignty over the West Philippine Sea based on international law and arbitral rulings under the United Nations Convention on the Law of the Sea.
China has been opposing this, claiming ownership of the entire South China Sea, which overlaps the West Philippine Sea.
