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Manila Bulletin devider Philippines devider National devider NEDA explains how Israel-Hamas war affects PH inflation

NEDA explains how Israel-Hamas war affects PH inflation

Published Nov 7, 2023 07:03 am

The Philippines has “clear priorities” and plans in place to contain the impact of the Israel-Hamas conflict on the country’s inflation rate, National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon said on Tuesday, Nov. 7.

Israel_Hamas2.jpgSmoke billows from the Gaza's Rafah border crossing Egypt during an Israel airstrike on Oct. 10, 2023. (Photo by SAID KHATIB / AFP)

During a Palace press briefing after a sectoral meeting with President Marcos, Edillon remarked that even the World Bank has already done its calculations in terms of the economic impact of the month-long war between Israel and Palestinian militant group Hamas.

“We have actually done several scenarios with respect to this Israel-Hamas war. And actually, even the World Bank has also done their calculations. Right now, the consensus is that it will be contained--that’s the general consensus,” she said.

The NEDA official assured that the Philippines’ priorities are “very clear” in case the conflict between Israel and Hamas escalates.

“Number one is to make sure that our OFWs there are safe, that we can bring them back safely,” Edillon said, although the Department of Foreign Affairs (DFA) lamented earlier that Filipinos have yet to cross the Rafah Crossing border as it remains closed.

“And then, number two, kaya pinag-uusapan na rin, kailangan natin ng mga (that’s why we’re also talking about our need for) energy conservation measures, beginning with those in government,” the official added.

She explained that an escalation of the conflict in the Middle East would impact the fuel and energy prices immediately, though she expressed confidence that several of the energy power plants and transmission projects scheduled to be completed this year or early next year would provide a buffer.

Edillon said that the “instruction” is to ensure that the power plants and transmission projects would be completed as scheduled.

“So, if that’s the case, mami-maintain natin na limited iyong magiging impact sa atin (the impact on us will be limited). But, like I said, priority pa rin talaga natin iyong safety ng mga OFWs natin (the priority is the safety of our OFWs),” she stressed.

With the sixth batch of Filipino returnees expected to arrive from Israel today, Nov. 7, the Department of Migrant Workers (DMW) said that would bring the total number of repatriated Filipinos from the Middle East country to 184.

However, Filipinos from war-torn Gaza, where more than 10,000 have already died, have yet to cross the border to Egypt since the Rafah Crossing remains closed following another attack near it.

Related Tags

National Economic and Development Authority (NEDA) Israel-Hamas war sectoral meeting PH inflation President Marcos
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