Manila — The International Chamber of Commerce's Philippines chapter expressed its support on Sunday for the United Nations General Assembly's resolution advocating for a 'humanitarian ceasefire' in the Gaza Strip. The statement comes amid rising international concern over the humanitarian crisis resulting from three weeks of intense conflict between Israel and Hamas.
According to a news release by Philippines News Agency, director general of ICC Philippines, the multinational business organization stands firmly behind the UN resolution, which calls for an immediate cessation of hostilities. Varela noted that aside from causing civilian suffering in the Gaza Strip, the ongoing conflict has created market instability, citing the uptick in international oil prices as an example.
The UN General Assembly adopted the non-binding resolution on Friday by a vote of 120-14, with 45 abstentions. The resolution marked the UN's first official response to the ongoing war between Israel and Hamas. The ICC, which has observer status at the UN and membership spanning over 100 countries, focuses on facilitating international trade.
Despite the conflict, Varela agreed with Illan Fluss, the Israeli ambassador to Manila, who earlier stated that the crisis would have a minimal impact on the growing bilateral trade between Israel and the Philippines. The Israeli diplomat confirmed that the movement of goods and people into and out of Israel remains uninterrupted. However, Varela emphasized that a prolonged conflict could ultimately harm the broader economy.
"I think that it is time for sobriety to return. Israel has already proven its military superiority, and it has successfully avenged its citizens who were killed in the Hamas attack on Oct. 7. Peace is the best course of action at this point," said Varela.
Varela also expressed optimism regarding the future of Israel's role in the Philippine economy, particularly in the information and communications technology (ICT) sector. The trade relationship between Israel and the Philippines has reached a record high, with bilateral trade exceeding USD 534 million in 2022. Israel's economic and commercial mission to the Philippines projects that bilateral trade will reach USD 1 billion by 2024, driven by investments in agriculture, water management, and tourism.