MANILA -- Boosting trade between China and the Philippines and its neighboring countries may just be what is needed to defuse tensions concerning the West Philippine Sea.
“Through decisive maritime cooperation in the study for example conducted by Stanford University correlating economics and war data it contends that the more trading partners a country has, the less likely it will be engaged in a war,” Dr. Rommel Banlaoi said in his speech in an online forum Macro-Finance Salon on the topic "Philippines-China Relations in the New Era Under Marcos Jr. Administration" on Sunday.
The event was organized by the International Monetary Institute and the Department of Money and Banking of the School of Finance at Renmin University of China.
“The study also underscores that most countries tend not to go to war with trading partners… So it is very important for China, the Philippines and members of the association of Southeast Asian nations, to intensify their trade in order to lessen the prospects of war in the region,” he added.
He said this, weeks after reports by the Philippine Coast Guard vowed to expose reports of Chinese presence and disinformation of their incursions in the West Philippine Sea.
China remains to be one of the Philippines’ biggest trading partners, and one of largest export destinations.
Another expert is optimistic that the relations between China and the Philippines will continue to thrive under the current administration, given the Marcoses’ history with China.
“The presidency of Ferdinand Marcos senior the father of the current president, the official diplomatic ties between the Philippines and China were established on June 9 1975. In 1975 chairman Mao Zedong met with President Marcos senior and … signed the joint communique on the establishment of diplomatic relations between China and the Philippines. To note, the young Ferdinand Marcos junior then was witness to the historical and memorable event … this historic moment will be remembered forever in China,” Deputy Director of the Philippine Asia Century Strategic Studies and Institute Anna Malindog- Uy said, who was one of the panelists in the said online forum.
“(The) Chinese side will always give priority to the Philippines in its neighborhood diplomacy, maintain continuity and stability in its friendly policy toward the Philippines, and it will always provide active support and assistance to the Philippines,” she added.