THE RUSSIA-UKRAINE crisis may have a less severe impact on the local economy due to the country’s limited exposure to both countries, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said. READ:
A motorist gets his tank filled at a gas station in Marikina, March 14. — PHILIPPINE STAR/ WALTER BOLLOZOSmay have a less severe impact on the local economy due to the country’s limited exposure to both countries, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.
Based on data from the BSP, cash remittances from Russia and Ukraine in 2021 amounted to $2.261 million and $121,000, respectively. Both are relatively small compared with the $3.745 billion worth of inHowever, Mr. Diokno acknowledged the con“I think the impact of this Russian invasion of Ukraine is number one, it will slow global growth. It will raise the price of oil and other commodities, like for example, wheat and metals.
“Doing sensitivity analysis, we arrived at the following forecasts: if average world price of oil is $95 per barrel, domestic ination will be 4%; if $120 per barrel, it will be 4.4 %; and if $140 per barrel, it will be 4.7%,” Mr. Diokno said. Mr. Diokno said they will consider the impact of longer-term price movements for possible adjustments in its monetary policy settings.
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