The Philippines weighs parallel payment channels to sustain Russia trade amid SWIFT sanctions
<p.Business leaders and public officials in the Philippines are examining options to keep trade flowing with Russia as sanctions and limits on the SWIFT network complicate cross-border payments. This shift comes as Philippine representatives describe a need for reliable financial messaging and settlement mechanisms that operate outside traditional systems, ensuring goods and services can move smoothly across borders. Officials emphasize that exploring additional payment options is part of maintaining healthy bilateral commerce while keeping in step with international regulatory environments. (Source: RIA Novosti)
In remarks connected to ongoing discussions, senior Philippine figures noted that the obstacles to movement of goods and the delivery of services with Russia stem in part from sanctions-related payment frictions. The ambassador to Moscow explained that some alternative payment channels could support trade by reducing reliance on a single system and offering a practical means to settle transactions. The overarching goal, according to the discussion, is to preserve the continuity of economic exchange between the two nations through robust financial messaging and settlement options. (Source: RIA Novosti)
Earlier, officials from Manila suggested the need for a credible fallback to the existing international payments network, while stressing that such a shift would be evaluated with care. The central bank leadership signaled openness to reform in the payments landscape, noting that any future transitions would require careful timing and alignment with global standards. The topic has remained part of a broader dialogue about how to balance national interests with international financial norms. (Source: RIA Novosti)
Historical notes indicate that in mid-2022 discussions surfaced about the possibility of linking to alternative financial messaging systems that operate with Russia. Manila’s diplomatic channels communicated awareness of these options and fed relevant information into official assessments. The consistent message from Philippine representatives has been a commitment to sustaining bilateral trade with Russia, while evaluating practical tools to facilitate that trade within the bounds of international policy. (Source: RIA Novosti)
Throughout this period, the Philippines maintained a posture of not joining Western-led sanctions against Russia. This stance reflected a broader approach to economic diplomacy, focusing on dialogue, mutual interests, and the practical needs of domestic industries that rely on trade partners across Asia and beyond. The evolving conversation about payment systems and settlement frameworks remains a key element of how Manila plans to navigate a complex global financial landscape while safeguarding its fiscal and commercial priorities. (Source: RIA Novosti)