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Manila Bulletin devider Business devider Recto: DOF considers joining BRICS bloc

Recto: DOF considers joining BRICS bloc

Published Aug 14, 2024 05:00 am

The Department of Finance (DOF) is exploring the possibility of the Philippines joining the BRICS bloc, a coalition of emerging economies, including China and Russia, that seeks to counterbalance the influence of the United States and the West.

During the Senate Finance Committee hearing on the proposed 2025 national budget on Wednesday, Aug. 14, Finance Secretary Ralph G. Recto indicated that the DOF is considering this option.

However, Recto clarified that there have been no formal discussions within President Marcos' Cabinet or the economic cluster regarding BRICS, which comprises Brazil, Russia, India, China, and South Africa.

“There have been no formal discussions in the cabinet or with the economic managers, but this is something that we are looking into in the DOF,” Recto said when Senator Imee R. Marcos asked about his stand on BRICS.

In January, the BRICS bloc expanded its membership to include Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia. Additionally, over 30 countries, including Indonesia, Vietnam, Venezuela, and Kazakhstan, have submitted applications to join.

Recently, two more ASEAN economies expressed interest in joining the bloc. Thailand submitted a membership request last June, and Malaysia announced plans to initiate formal procedures soon.

The expanded BRICS group now has a combined population of approximately 3.5 billion people, representing 45 percent of the world's population. Collectively, their economies are valued at over $28.5 trillion, accounting for about 28 percent of the global economy.

The BRICS nations are also exploring the establishment of a new reserve currency, backed by a basket of their respective currencies, to challenge the US dollar's dominance in the international financial system.

If the BRICS nations successfully create a new reserve currency, it could significantly impact the US dollar, potentially leading to a decline in demand, a phenomenon known as de-dollarization.

Currently, the US dollar accounts for 90 percent of all international currency trading. However, after nearly 100 percent of oil trading was conducted in US dollars, this figure has decreased in 2023, with reports indicating that one-fifth of oil trades are now being settled in non-US dollar currencies.

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Department of Finance (DOF) ralph recto Finance Secretary Philippines joins BRICS bloc
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