Economic shocks caused by Russia’s attack on Ukraine and the ensuing global sanctions could impact growth in Southeast Asia, including the Philippines, latest analysis of the World Bank showed. READ:
published on Tuesday, April 5, the multilateral lender said that while the region’s dependence on Russia and Ukraine in terms of goods, services, and capital is limited, the sanctions related to the invasion would push up international prices of food and fuel, hurting consumers and economic growth.
In the case of the Philippines, the World Bank estimated that poverty incidence could increase by one percentage point, equivalent to 1.1 million people, should cereal prices rise an average of 10% over the year. These are people who live with a daily budget of $3.20 or lower. The poverty incidence among Filipinos rose to 23.7% in the first half of 2021, equivalent to 26.1 million Filipinos, based on the official poverty statistics of the Philippine Statistics Authority . This is higher than what was recorded inThis translates to 3.9 million more Filipinos living in poverty amid the coronavirus pandemic.The World Bank also noted that spikes in fuel prices impact people’s real income.
“As we would expect, relatively import dependent Philippines, China, and Thailand, see a contraction in real income – of between 0.5% and 1.5% – while the net exporter, Malaysia, sees an increase in real income of 0.3%.” The PSA earlier said a family of five now needs at least P12,082 to meet the most basic food and non-food needs, 14.7% higher than the monthly average of P10,532 in 2018.jumped to 4% in March, driven mainly by faster upward movements of fuel and food costs.
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