PHL could lose billions of dollars over Duterte shift in foreign policy — ex-DFA chief

The Philippines is at risk of losing billions of dollars in foreign assistance should the government push through with its latest foreign policy move, former Secretary of Foreign Affairs Albert del Rosario said Wednesday.

"I'd like to think that the foreign relations or foreign affairs strategy may have been driven off-track a bit and perhaps we can persuade this government to revisit the off-track direction that is driving the so-called new foreign policy," Del Rosario said in an impromptu speech before a forum in Makati City.

President Rodrigo R. Duterte has said his administration will pursue an independent foreign policy.

The President also on Monday hinted that he's about to go past the point of no return in terms of the relationship with the United States, and that he has sought help from Russia regarding the matter.

"I have been asked by several members of the foreign diplomatic community this particular question: 'Why is the Philippines distancing itself from its one treaty ally who had worked specifically on promoting the rule of law which is to the advantage of the Philippines?'  Vis-a-vis 'Why is the Philippines suddenly embracing a country that has been blatantly violating the rule of law to its disadvantage?'" Del Rosario said.

"We must revisit this ... I think it's been demonstrated that we can't do this on our own. We need to have friends in this village we belong to," Del Rosario noted.

"In foreign affairs you try to get as many friends as possible. You don't get one friend at the expense of another. I think this is illogical," he added.

Should the foreign policy shift push through, Del Rosario said the gains in recent years could be erased.

"In the last three years alone, we had a development assistance that we were able to raise to over $4 billion. We will lose that," he said.

"We had foreign military finance ... These [have] conditionalities, respect for human rights is one, we will lose that. Your GSP (Generalized System of Preferences) ... People who are traders utilize something like $800 million from the GSP with the US. We will lose that," he added.

The country is also at risk of losing one of the biggest gains during the administration of President Benigno S.C Aquino III – investor confidence.

"The question I'd like to ask is if I were to ask you what the most important thing the past admin had left the Filipino people, what would your response be?" he said.

"Confidence. Confidence has been restored in our country in an intense amount. Let's not lose it," he added.

Standard and Poor's (S&P) Global Ratings last week said sociopolitical concerns are starting to dent the confidence of international investors. — VDS/JST, GMA News