By Junex Doronio
SHRUGGING OFF UNFOUNDED FEARS, Socioeconomic Planning Secretary Arsenio Balisacan said the ongoing war between Israel and Hamas is unlikely to have a significant impact on the country’s economy.
He said the matter was already discussed during the meeting with President Ferdinand “Bongbong” Marcos Jr. on Thursday, October 12.
“Yes, there was a meeting yesterday (Thursday), and we did look at [it], and discussed the impact on the economy. But so far, there is hardly any impact, because there have been no major disruptions in the supply chain,” Balisacan said on Friday, October 13.
The Philippines has had “very little exposure to both Israel and Palestine” in terms of labor employment, trade, and investment, Balisacan explained.
He added that although the price of oil has “increased a bit, we don’t know if that is just an initial reaction. But the impact is so negligible.”
“If it gets into the supply chain, affects global movements of trade… the effects can be even more. But as of this date, we don’t see any major impact on the economy,” Balicasan stressed.
However, it will be another story if the Israel-Hamas war directly involves other countries.
“If that spills into the other countries and it affects the supply of oil, then magkakaroon ng impact sa atin. But as of now, we are not seeing that,” he said.
(ai/mnm)