Philippines and Indonesia forge stronger economic and defence alliances
The Philippines and Indonesia have agreed to strengthen cross-border economic cooperation, focusing heavily on trade and financial connectivity.
The commitment was made during the eighth Joint Commission for Bilateral Cooperation meeting in Jakarta, as reported by the Philippine News Agency.
Philippine Foreign Affairs Secretary Ma. Theresa Lazaro and Indonesian Foreign Minister Sugiono co-chaired the discussions.
While the talks covered multiple diplomatic fronts, advancing digital financial integration emerged as a mutual priority.
To support growing regional trade, the nations plan to improve the infrastructure for Philippines-Indonesia payments transactions.
This move aligns with ongoing ASEAN initiatives aimed at linking domestic real-time payment networks across borders.
Expanding the use of local currency settlements was also highlighted as a key goal during the summit.
By reducing reliance on third-party currencies, both countries aim to lower exchange costs for regional commerce and small businesses.
"We agreed on practical cooperation, including on defence, border management, maritime, trade, and legal cooperation," Lazaro noted following the dialogue.
The Philippines Department of Foreign Affairs has not yet outlined the specific regulatory or technological mechanisms that will be implemented to facilitate these economic upgrades.
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