Teves: delay ASEAN summit, save P17B
Noting that major global events have been re-scheduled in the past, like the 2020 Tokyo Olympics, deferring the ASEAN Summit would save the country P17.5 billion, the budget approved by Congress for the occasion, which the government could redirect to programs addressing inflation and other economic pressures triggered by the Mideast crisis.
MALAYSIAN Prime Minister Anwar Ibrahim passes the ASEAN chairmanship gavel to President Ferdinand R. Marcos Jr. (right) at the closing ceremony of the 47th ASEAN Summit and Related Summits in Kuala Lumpur, Malaysia on 28 October 2025. The Philippines will host the 2026 ASEAN Summit in Manila on 10-12 November 2026.
PHOTOGRAPH courtesy of bernama.com
Former Finance Secretary Gary Teves is proposing that the Philippines postpone its hosting of this year’s ASEAN Summit, saying the move could free up billions in public funds for more urgent domestic needs.
On DZRH radio interview on Saturday, Teves said deferring the summit could save around P17.5 billion, which the government could redirect toward programs addressing inflation and other economic pressures. He noted that major global events have been rescheduled before, citing the 2020 Tokyo Olympics as an example.
Consult ASEAN counterparts
“They have to look into the legality and diplomatic concerns of others. At least, they have a consensus by consulting their ASEAN counterparts if they would agree to reset this first,” Teves said in Filipino.
He stressed that any decision would require coordination with fellow members of the ASEAN Nations, noting that consensus is essential to maintain diplomatic ties. He added that other countries may also welcome the delay to focus on their own domestic priorities.
Teves also raised concerns over the weakening peso, which has hovered near P60 to the US dollar, warning that Filipino consumers are bearing the brunt of rising costs.
Average consumers are affected
“Consumers are the ones affected, the average consumer, because the prices of goods, particularly food, will increase,” he said in Filipino, pointing out that the country relies on imports for roughly a quarter of its food supply.
He said inflationary pressures are building, with rates approaching the upper end of the Bangko Sentral ng Pilipinas target range. While inflation had been relatively low in recent months, Teves warned it could climb significantly if current trends persist.
“Inflation refers to a basket of commodities, which includes oil and food. These two carry the biggest weight,” he said in Filipino.
Rising prices hitting households
He emphasized that rising prices are hitting households harder because wages are not keeping pace with the cost of living.
“It is magnified because wages are not increasing in proportion to the rise in prices of goods,” he added in Filipino
On proposals for wage hikes, Teves backed the role of regional wage boards, saying localized adjustments are more appropriate given varying economic conditions across the country.