The Philippines is looking for opportunities to trade with Russia amid the challenges posed by using the SWIFT international payment system due to sanctions. About this RIA Novosti knowledgeable Philippine Ambassador to Moscow Igor Bailen.
“The difficulties that exist in the movement of goods and the provision of services between Russia and the Philippines today are part of the problems with SWIFT, as there are problems with payments due to sanctions … The Philippines is looking for opportunities to use some of them. It’s a kind of payment system to support trade between countries,” said the Ambassador.
Prior to that, Felipe Medalla, head of the Central Bank of the Philippines, told RIA Novosti that there should be an alternative to SWIFT, but not now.
June 2022 reportedThat the Philippine authorities are considering the possibility of connecting to the Russian financial messaging system (SPFS). The country’s Ambassador to the Russian Federation, Igor Bailen, said that the government heard about SPFS and conveyed all necessary information to Manila. The Ambassador said that the Philippines wants to continue trade with Russia.
The Philippines did not participate in the anti-Russian sanctions imposed by the West.