Leaders of the 11-member Association of Southeast Asian Nations (ASEAN) gathered in the central Philippines on Friday for their annual summit, as the bloc grapples with the impact of rising fuel prices and economic pressures linked to the conflict in the Middle East.
"The increasingly volatile situation in the Middle East has impacted our region, challenging us to remain agile in the face of uncertainties which threaten lifestyles, livelihoods and lives," Philippine President Ferdinand Marcos said in his opening remarks during the opening ceremony held in Cebu province.
ASEAN countries are heavily dependent on oil from the Middle East, with more than 55% of the region's crude imports coming from there, making them vulnerable to supply disruptions.
The closure of the Strait of Hormuz due to the ongoing conflict between the United States, Israel and Iran significantly impacts Southeast Asian energy security. Countries such as the Philippines and Vietnam are seeking alternative suppliers, including Russia.
"Over the past months, each of our countries has had to make adjustments, to modify our approaches. So we come together now to study those adjustments, to find the best approaches, to face the future, together," Marcos said.
As this year's ASEAN chair, Marcos said it was a challenge to recalibrate the agenda and scale down the gathering due to the crisis. He said the Philippines will stage "a bare bones ASEAN Summit."
Marcos has said he will lead discussions on "how the region can bolster regional preparedness and ensure stable energy supply and accelerate energy diversification to reduce vulnerability to external shocks."
He said the meeting will focus only on “bare-bones” topics: oil, food prices and migrant workers, as well as the protection of migrant workers and seafarers caught in the conflict zone.
The leaders are expected to issue a joint statement outlining a unified regional response to the current crisis and establishing a framework to bolster ASEAN's resilience against future global geopolitical disruptions.
