RI, Philippines explore barter schemes amid weakening exchange rates

Jakarta (ANTARA) - Trade Minister Budi Santoso said Indonesia is preparing a trade cooperation with the Philippines through a barter scheme as an alternative transaction amid the exchange rate crisis faced by both countries.

This statement was made at the Ministry of Trade office, here on Wednesday, in response to the weakening of the rupiah against foreign trade.

"We have alternatives, such as barter. On June 12, we will meet with Philippine business people," the minister said.

He said the plan was a follow-up to his meeting with a Filipino businessman on the sidelines of the ASEAN Joint Foreign and Economic Ministers (AMM-AEM) meeting in Cebu, Philippines, some time ago.

He said the businessman had been importing Indonesian products and proposed using a barter mechanism to facilitate trade.

Indonesia and the Philippines have both experienced currency depreciation against the US dollar. This proposal emerged as a new alternative.

Meanwhile, the Ministry of Trade has also followed up on the proposal by finding a suitable buyer.

He said a buyer for this collaboration had been found, and the contract signing was planned for June 12.

Although he has not yet mentioned the commodities that will be traded under the scheme, the minister confirmed that details of the collaboration will be conveyed when the contract signing takes place.

Regarding the impact of the weakening exchange rate on the prices of food and imported raw materials, the minister said that the government continues to monitor distribution and supply to ensure that industrial and public needs are met.

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Translator: Maria Cicilia Galuh Prayudhia, Katriana

Editor: Azis Kurmala

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