FORMER US Secretary of State Madeleine Albright flagged the Philippines’ crucial role in the South China Sea, amid its still pending maritime dispute with China and the Asian power’s buildup in the contested waters.

“The Philippines face a balancing act,” Ms. Albright said at ANC’s forum on Global Governance and World Economy in Pasay City on Wednesday. “We all recognize close ties with China and no one wants to see a military escalation or conflict.”

“The US has the responsibility to be internationally involved,” she added, regarding the US’ keen interest in this region.

Ms. Albright also emphasized the importance of US-Philippine relations. “The location of the Philippines is important,” she pointed out.

Another “equally daunting challenge here in Asia” is the possibility of a disastrous conflict that may result from North Korea’s recent pronouncements and actions. “Under the circumstances our leaders should pursue a diplomatic strategy that emphasizes cooperation not so much with North Korea as towards North Korea,” Ms. Albright said.

On economic matters, she said: “The greatest thing a country can have is not oil, minerals….It’s a combination of first class bankers, professional bureaucrats.”

“A country that runs its finances with transparency and accountability is going to attract investments,” she added. — Mario M. Banzon

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