THE Philippines has urged the World Bank (WB) and the International Monetary Fund (IMF) to lead discussions on trade concerns that could spur a global recession, the Finance department said on Tuesday.

In a statement, the department said the country was deeply concerned over the consequences of an escalating trade spat between the United States and China, and rising crude prices and interest rates, as these could curtail Philippine growth, as well as choke the flow of investments necessary to sustain economic expansion.