The country's national interest overrides potential concerns over the war in Ukraine, he says. Read more at straitstimes.com.
NEW YORK - The Philippines is talking to Russia about buying fuel and other key commodities because the country's national interest overrides potential concerns overNoting that the Philippines can't be complacent in relying on traditional suppliers, Mr Marcos said the South-east Asian nation was having conversations with Russia and other countries to diversify its supply chain for food stuffs and agricultural necessities like fertiliser to keep prices down.
"The political side of it has been a little tricky, but nonetheless, the national interest comes first," he said, when asked about US-led sanctions against Russia"We need to find those new sources of fuel. But that applies not only to fuel, it applies to things like feed, fertiliser, other inputs that are just critical for us."
The comments from Mr Marcos, who met with Mr Biden this week, reflect the difficult choices facing leaders in many developing nations that are facing potential political fallout as rising prices drive people into poverty. Still, the new government is facing economic challenges, with the surge in global commodity prices pushing inflation above target in a nation that imports goods from oil to wheat. That's further aggravated by the peso's slump to a record low. The central bank has raised interest rates by 225 basis points so far this year to tame inflation.
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