Manila: Hosting the Association of Southeast Asian Nations (ASEAN) meetings is significant for both the Philippines and the region, as a landmark South China Sea code of conduct (COC) is currently in development, according to Foreign Affairs Secretary Ma. Theresa Lazaro. During the Kapihan sa Manila Hotel event on Wednesday, Lazaro emphasized the importance of ASEAN as the main anchor of the Philippines' foreign policy.

According to Philippines News Agency, Lazaro highlighted the unique opportunity the Philippines has as the chair, a role that occurs once every 11 years, to advance various regional aspects. The international community is closely observing how the Philippines will navigate the bloc amid complex challenges and global shocks affecting Southeast Asia.

Lazaro pointed out that economic and socio-cultural issues within ASEAN are also crucial topics under discussion. The Philippines, as chair, will play a significant role in deciding on these matters, in collaboration with other ASEAN countries. This underscores the importance of ASEAN to the Philippines.

The statements came after lawmakers suggested postponing the summit to reallocate its budget for economic subsidies amid the Middle East conflict. Former finance secretary Gary Teves noted that deferring the hosting duties could save approximately PHP17 billion. Lazaro, however, stated that the decision regarding the proposal rests with the Office of the President.

The Philippines has assumed its chairship of ASEAN this year, ready to host around 650 summits and meetings. Key events include the 48th ASEAN Leaders' Summit in Cebu on May 8-9, the 49th ASEAN Summit in Pasay City on November 10-12, and the 50th anniversary of the Treaty of Amity and Cooperation in Southeast Asia on July 24.