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Brace for impact of Russia-Ukraine war, Tolentino tells gov't

Philippines | National

Brace for impact of Russia-Ukraine war, Tolentino tells gov't

By Joseph Pedrajas

Senator Francis Tolentino on Monday said the country must brace for the economic impact of the Ukraine-Russia crisis by beefing up current measures.

According to Tolentino, the National Economic and Development Authority (NEDA) and the National Security Council (NSC) should come up with a game plan to avert or lessen the possible effects of the ongoing war.

He believed that what is happening between the two countries could trigger higher global inflation in the coming weeks.

"Dapat pati ang Bangko Sentral at iba pang financial institutions ay paghandaan na ang posibleng epekto ng Ukraine Crisis sa system of banking. Nakita na natin grabe ang pagbaba ng stocks, siyempre sa buong mundo naman 'yan (The Bangko Sentral ng Pilipinas and other financial institutions should prepare for the possible effect of Ukrain crisis in the banking system. We've seen how it has affected the stocks, even worldwide)," he added.

Tolentino warned that the Philippines and other Southeast Asian countries will feel the imminent inflation possibly in two weeks, especially if the conflict will develop into a prolonged warfare. He based on the prices of gas that rose even further following Russia's attack on Ukraine.

The lawmaker also said the government must ensure that food and gasoline prices should remain affordable and accessible for the people despite several current issues on supply chain that are expected to worsen.

Related Tags

Ukraine Inflation war Francis Tolentino russia impact

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