CHINA'S DEFENCE MINISTRY SAYS ON SENDING ATTACHE TO ASEAN DEFENCE MINISTERS' SUMMIT IN PHILIPPINES: PHILIPPINES' ACTIONS IN SOUTH CHINA SEA SERIOUSLY UNDERMINED SPIRIT OF ASEAN; CHINA'S DEFENCE MINISTRY, ON SENDING ATTACHE TO ASEAN

China's Defence Ministry said it will send a defence attaché rather than a higher-level delegation to the ASEAN Defence Ministers' Summit in the Philippines, and accused Manila of seriously undermining the spirit of ASEAN through its actions in the South China Sea. The statement signals that maritime disputes remain a driver of diplomatic friction between Beijing and Manila, with the Philippines being the most direct claimant engaged in confrontations with Chinese vessels. Transmission to markets runs mainly through geopolitical risk premia and shipping-route concerns, since the South China Sea carries a substantial share of global seaborne trade, and such flare-ups can lift insurance costs and feed into safe-haven demand. The most exposed assets would be Philippine sovereign debt and the peso, along with regional equities and marine-insurance and shipping-linked names, while Chinese equities typically react less to rhetorical exchanges absent concrete economic measures. Traders should watch the follow-up ASEAN ministerial communiqué language and any Chinese or Philippine maritime incidents reported in the coming weeks, as escalation beyond statements would be the sign

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