BANGKOK — President Ferdinand Marcos Jr. on Thursday told Asia Pacific Economic Cooperation (APEC) leaders and the business sector that peace must be upheld in the Asia-Pacific region to resolve the supply chain issues that led to rising prices of commodities across the world.

In the Philippines, “it is survival for many of our people simply because prices of food and oil have risen to such an extent that they cannot provide without assistance from the government,” Marcos said in his keynote speech in one of the sessions of the APEC CEO Summit.

“Food security is a serious global problem. There is a steep decline in agricultural output as damage to farms and crops have been increasing and they are linked to climate change.

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“Rise in commodity prices, coupled with supply chain disruptions… and current conflict between two of the world’s largest agricultural producers have contributed to the lack of grains for fertilizers,” he said, referring to the ongoing Russo-Ukrainian conflict.

“These geopolitical currents that we must live with are still something that we must be concerned about… We as nations of the world cannot achieve our fullest potential unless we work together,” he said.

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Marcos noted that APEC’s ability to find “that very difficult balance of very healthy competition and yet very healthy cooperation” can help ease commodity woes in the region.

“That is what has driven the growth of the region. When we find opportunities where partnerships will be, we are willing to enter those partnerships as well,” he said.

“If we continue to do that and strengthen that, I think it will be of great benefit to the country,” he said.

“Whatever plans we have for our nations, those will come to naught unless they are in the context of peace,” he said.

Russia, a member economy of APEC, is facing economic sanctions after it launched attacks and invaded parts of Ukraine earlier this year.

The refusal of several countries to do business with Russia has tightened global supply of oil, grains, fertilizers and other commodities.

Marcos earlier said that he is willing to buy oil and fertilizers from Russia to pull down domestic prices of gasoline in the Philippines.

Marcos is in Thailand to take part in this year’s APEC.