Challenge to global dominance of the US dollar
However, BRICS — an acronym for an intergovernmental organization of major emerging economies, originally standing for Brazil, Russia, India, China and South Africa — while officially not an anti-US alliance, pushes for a new global financial and political order seriously frowned upon by Washington which sees BRICS as pushing for alternative financial systems, and a challenge to the global dominance of the US dollar, according to a Reuters report.
“Our relationship with the United States is currently at its strongest post-Cold War peak. However, an independent and pragmatic foreign policy means the Philippines must also actively engage with China and other emerging global economies,” said Professor Dennis Coronacion, the head of the University of Sto. Tomas’ Political Science Department.
“So, participation in platforms like the BRICS summit allows the Philippines to diversify our economic partnerships and broaden our diplomatic horizons,” he underlined.
Attending as ASEAN chair
Ratonel said President Marcos will attend the summit in his capacity as current chair of the Association of Southeast Asian Nations (ASEAN). “Through this visit, the President seeks to ensure that our modern partnerships remain open, resilient, and capable of delivering prosperity to our people,” Ratonel explained.
Ratonel said the summit will provide President Marcos an opportunity to present the Philippines’ key priorities as ASEAN Chair, particularly in the areas of peace and security, people empowerment and prosperity.
She said the President’s participation is also a strategic opportunity for the Philippines and ASEAN to engage major emerging economies and explore greater cooperation in trade, investment, regional security and climate resilience.
“Creating synergies doon sa priorities ng ASEAN and BRICS can lead to economic opportunities, trade diversification, regional security, and support for climate resilience,” Ratonel said.
Anchored in Phl’s commitment to ASEAN centrality
Ratonel stressed that the Philippines’ engagement with BRICS remains anchored in its commitment to ASEAN centrality, while recognizing the value of working with international partners to address pressing global issues and challenges.
She noted that BRICS economies account for a significant share of global economic output and trade and nearly half of the world’s population.
This year’s BRICS Summit carries the theme, “Building for Resilience,Innovation, Cooperation and Sustainability,” focusing on global economic uncertainties, digital public infrastructure, innovation, and collective climate action.
Phl-India Strategic Partnership
On the sidelines of the summit, President Marcos is expected to meet with Prime Minister Modi to discuss progress on the Philippines-India Strategic Partnership and review implementation of the five-year Plan of Action for 2025 to 2029.
The two leaders are also expected to exchange views on economic issues affecting their respective countries and peoples.
President Marcos will also meet with Indian business leaders to strengthen trade and investment ties and follow up on pledges and commitments made during his state visit to India in August 2025.
Investment pledges worth $5.8 billion
During that visit, Indian companies made investment pledges and commitments worth $5.8 billion covering various sectors, including technology, health, energy, and infrastructure.
Ratonel said President Marcos will also have opportunities to engage with other participating leaders representing some of the world’s largest and fastest-growing economies.
