In the wake of the ongoing Russia-Ukraine war, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said the local economy may be insulated from the conflict’s effects on inflation and trade.
“BSP carefully monitors the pass through of international prices to domestic inflation to calibrate appropriate actions. That said, initial conditions matter,” he said. Last year, exports to Russia was at $120 million which was only 0.2 percent of the country’s total exports. “For Ukraine, total exports was a measly $5 million. Other economic linkages through investments, remittances, and tourism were also limited,” said Diokno.
Source: Financial Digest (financialdigest.net)
Every time I go to the gas station, it does not feel like the country is insulated from the crisis. Am preparing for significant price hikes for basic items.
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