PHL implements measures to mitigate Russia-Ukraine crisis impact

Economic managers approved measures to mitigate the impact of the Russia-Ukraine crisis on the Philippine economy.

These measures include temporarily allowing more imports of rice, pork, fish, and increasing coal supply, along with raising fuel subsidies for public transport drivers.

Finance Secretary Carlos Dominguez assured that despite rising oil and food prices, inflation will be kept within the target range of 2 to 4% and economic growth between 7 to 9% this year.

Dominguez emphasized that previous crises like the Gulf War in 1990 and the 2008 financial crisis had more severe impacts on the Philippines, yet it managed to overcome them.