MACTAN, Cebu — Trade Secretary Cristina Roque has urged economic ministers to take a timely and practical approach in the Middle East crisis, which has been crippling not just the Philippine economy but also the regional bloc.
Roque, who also sits as the chairperson of the Economic Ministers’ Meeting at the ongoing ASEAN Summit, said economic ministers are keen to hear how our foreign ministers assess the situation and how they see developments unfolding in the coming months.
“These perspectives are critical in helping us better anticipate risk and calibrate our economic responses. At the same time, this meeting is an opportunity to engage candidly to test our assumptions and to align our actions and plans where we can assist each other,” Roque said.
“Our chairship theme, ‘Navigating Our Future, Together,’ speaks directly to the moment. No member state can manage these challenges alone. Our responses must be coordinated, practical, and timely,” the Trade and Industry Secretary said in her opening statement during the Joint Foreign and Economic Ministers Meeting for the 40th ASEAN Summit here.
The speed by which external shocks reshape ASEAN
Roque added that developments in the Middle East have shown how quickly external shocks can reshape the ASEAN region. “What began as a distant crisis is now affecting energy prices, supply chains and economic conditions across ASEAN. These are not isolated effects. These are a reminder that our economies and our vulnerabilities are closely linked,” she noted.
Roque said the ASEAN member states are already seeing the consequences: higher fuel and food prices are straining households; businesses, especially micro, small and medium enterprises (MSMEs), are managing rising costs and uncertainties.
“The issues before us do not fall neatly into either foreign policy or economic policy; they span both. Energy security, trade flows and supply chain resilience are shaped by geopolitical developments just as they are economic decisions. Addressing them requires us to work across our pillars, not in parallel but together,” stressed Roque.
Focus on few clear priorities
She urged economic ministers to focus on a few clear priorities, strengthening coordination to stabilize energy supply and manage price pressures, as well as addressing risk to food security and supply chain disruptions early and ensuring that businesses, particularly MSMEs, are supported, so they can continue to operate and to grow.