NATIONAL SECURITY POLICY 5. Other Regional Players Other extra-regional powers such as South Korea, Australia, Russia, and India as members of the East Asia Summit (EAS) are also crucial in contributing to the peace, stability, and prosperity of the East Asian region. Being bound to the Philippines and ASEAN, these countries through the EAS aim to promote community building in the region consistent with and to reinforce the realization of the ASEAN Community, and will form an integral part of the evolving regional security architecture. The Philippines will need to closely work with these powers bilaterally and through the EAS on vital economic and security issues. GLOBAL UNCERTAINTIES AND PROLIFERATION OF WEAPONS OF MASS DESTRUCTION INCREASED GLOBAL ECONOMIC UNCERTAINTIES While the world has so far averted a full-blown economic crisis, the present trends show that the potential for global economic recessions has increased significantly. The slowdown in major economies of the world such as the US, China and the European Union will have an impact on virtually every country in the world including the Philippines. Economic downturns abroad could temper demand for Philippine exports, slow down foreign investments and hurt the overall business climate in the country. The Philippines has so far remained resilient to these challenges, even managing to remain as one of the fastest growing economies in Asia over the past several years. Much of this was due to the country’s sound and stable economic fundamentals as well as the overall fiscal health of the national economy. face of a volatile global economy. The Government must stay vigilant and proactive in the GLOBAL SECURITY ISSUES AND THE WELFARE OF OF Ws Conflicts abroad and other emerging global security threats pose a direct danger to overseas Filipino workers (OFWs), who contribute significantly to the national economy, accounting for most of the country’s net factor income from abroad (NFIA) through their remittances. The Government must exert continuing effort to promote and protect the rights and welfare of our OFWs, particularly victims of illegal recruitment, human trafficking, illtreatment and unfair labor practices, among others. Global disruptions resulting from armed conflicts, political or social instabilities, economic or financial crisis, pandemics and other health emergencies or natural or man-made disasters can bring significant harm to our fellow Filipinos abroad. The Government must extend all possible assistance to distressed OFWs, including their repatriation or evacuation 15|Page