BSP supports fiscal interventions amid Russia-Ukraine conflict

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 expects inflation to rise due to disruptions in global trade and soaring oil prices.

Dubai crude prices have increased from USD110 to over USD122 per barrel, while wheat prices have risen by 60 percent globally.

The BSP warns that the conflict could slow down global trade and investments, leading to higher volatility and weaker market confidence in financial markets.