Philippine News Agency
BSP backs gov't fiscal interventions amid Ukraine-Russia war
The Bangko Sentral ng Pilipinas (BSP) supports the national government's fiscal interventions to mitigate the economic impact of the Russia-Ukraine conflict.
The central bank anticipates the conflict will further increase global commodity prices, particularly oil and wheat.
Industry data shows Dubai crude traded between USD110 to USD122 per barrel this week, and wheat prices have increased by 60% globally.
The BSP acknowledges that the war could slow down global trade and investments, leading to market uncertainty.
The central bank supports initiatives like fuel subsidies for public transport drivers and the agriculture and fisheries sectors to cushion the economy.
These measures aim to reduce the impact of rising pump prices, which have already increased for 10 consecutive weeks.
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