The current global governance system arising from the Second World War is facing its most significant crisis since its establishment more than seven decades ago. This crisis is partially manifested by gridlocks in key multilateral processes and forums and an apparent inability to multilaterally address some of the most pressing challenges confronting humanity. The paper begins with the observation that the current crisis in multilateralism is the direct consequence of the increasing disconnect between contemporary realities and the conditions under which the system was created. In so doing, the discussion breaks down the crisis of multilateralism into three facets: the crises of relevance, legitimacy, and effectiveness. It proceeds to address some of the implications for the Global South, the Association of Southeast Asian Nations (ASEAN) region, and the Philippines, and concludes with some ideas on how to address the crisis in multilateralism as an opportunity.