PH economy can weather Russia-Ukraine crisis, says Finance Sec

Finance Secretary Carlos Dominguez III assured President Rodrigo Duterte that the Philippines can weather the economic impact of the Russia-Ukraine crisis.

He expressed confidence that inflation will remain within the target range of 2 to 4 percent and economic growth will reach 7 to 9 percent this year, despite the crisis causing price increases in energy and food.

The Philippine economy will likely be "collateral damage" from the crisis, similar to being "hit by a ricocheting bullet," according to Dominguez.

Economic managers approved 14 measures to cushion the impact, including temporarily allowing more imports of rice, pork, and fish, increasing coal supply, and raising fuel subsidies for public transport drivers.

The conflict's impact on the Philippine economy is expected to be indirect, primarily affecting the commodities market, financial market, investments, and fiscal health.

The primary concern is the rise in fuel and food prices due to Russia's significant role as an exporter of natural gas and wheat, and Ukraine's substantial exports of corn.