Inquirer
Duterte economic team to discuss possible relief amid high oil prices
Economic managers will convene on Monday to address the impact of escalating oil prices, driven by the Russia-Ukraine conflict, on domestic commodity prices.
The meeting aims to develop immediate solutions to mitigate the adverse economic effects of the oil price surge, with participants including NEDA, DOF, and BSP.
NEDA Undersecretary Rosemund Edillon confirmed the meeting, stating that the economic managers will analyze and estimate the potential impact on inflation for the current month.
While inflation was steady in February, households' electricity, gas and other fuels, and private transport costs have already seen significant price hikes.
High oil prices are also expected to spill over to electricity costs.
Edillon suggested that further reopening of economic sectors to generate jobs by moving to Alert Level 1 restrictions could cushion spillover effects on the domestic economy.
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