National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the ongoing military conflict in the Middle East has yet to hit the Philippine economy as it has “very little exposure” with both Israel and Palestine.
If the war between Israel and the militant group Hamas affects the global supply chain and oil prices, the local economy may feel a pinch, the official said.
“I think the question is whether will it spread. And that’s another matter because if it gets into the supply chain, affecting global movements of trade, the effects can even be more substantial,” Balisacan said when asked during a Palace briefing on Friday. “As of this date, we don’t see a major impact in the economy… There’s hardly any impact,” the official said.
He said that while there was an uptick in fuel prices, economic managers are not sure yet “if that’s an initial reaction.” In a separate briefing, the Department of Foreign Affairs said that the number of Filipinos killed in the war has already risen to three.Meanwhile, a total of 92 Filipinos have already requested repatriation from Gaza.
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