THE administration’s economic team has given a more elaborate explanation on President Rodrigo Duterte's announcement in Beijing that he is severing military and economic ties with Washington, clarifying that the Chief Executive merely meant “rebalancing for closer integration in Asia.”
"We will maintain relations with the West, but we desire stronger integration with our neighbors. We share the oriental culture conducive to better understanding with our regional partners,” the economic team said in a statement released by the National Economic and Development Authority (Neda).
According to the team, this realigning strategy was the reason why Duterte’s first overseas trips were concentrated in the Asia-Pacific region as "Asean economies have [also] expressed interest in such integration."
"This is why the President prioritized foreign trips to the Asean and Asia. As a result, the Philippines has now opened more widely its opportunities for trade and investment to a market of 1.8 billion people across the region,” the team said.
The statement was jointly issued by Neda Director General Ernesto Pernia and Department of Finance Secretary Carlos Dominguez III, following Duterte’s surprising announcement on Thursday, October 20, that he is “separating” the Philippines from its military and economic relations with the US.
"In this venue, I announce my separation from the United States both in the military [and] economics," Duterte said.
Duterte cited the alleged asymmetrical alliance of the country with the US, saying the relationship is only beneficial for the latter.
The President is set to bring home more than a dozen of multi-billion dollar deals from his state visit in China, having signed several agreements intended to mend years of discord caused by the dispute in the South China Sea. (Sunnex)