MANILA, Philippines — With oil prices soaring at over $100 per barrel and stock markets facing increased volatility due to the armed conflict in Ukraine, Partido Reporma standard-bearer Sen. Panfilo Lacson said Filipinos must anticipate the cost of living to become more expensive in the coming days.
Lacson, who chairs the Senate committee on national defense and security, said that if he were in President Duterte’s shoes, he would already be convening members of his economic cluster to discuss ways to cushion the indirect impact on the country of the war in eastern Europe.
“I think we can summon the members of our economic cluster, especially our economic managers, because we have to anticipate its potential effects on our economy, not to mention that we are still in the
middle of a pandemic, we have not yet fully recovered, especially our MSMEs (micro, small and medium enterprises),” Lacson told dzRH in Filipino over the weekend.
The presidential aspirant said Filipinos may feel the pain of the escalating conflict between Russia and Ukraine on the prices of basic commodities and services, which are always affected whenever oil prices are going up due to the costs of transportation.
“That’s where we would feel its impact on our ordinary citizens, not only on the transport sector, but also the commuters because right now there are petitions already for fare hikes. And then, of course, the prices of goods and services will be hit as well because they are using fuel. Those are (the unintended consequences). Although the effect is not direct, we will feel it, not only the Philippines but the entire world is already impacted by the ongoing invasion in Ukraine,” Lacson said.
He commended Foreign Affairs Secretary Teodoro Locsin for spearheading the efforts to move over 300 Filipino nationals out of harm’s way in Ukraine days after Russian President Vladimir Putin ordered military offensives in the former Soviet republic.
The Department of Foreign Affairs is trying to help Filipinos caught in the crossfire in the affected cities of Ukraine to get across the border into Poland, where their eventual repatriation will be arranged. This exit plan was drawn after Ukrainian airports were closed due to the ensuing conflict.
“I just hope no one gets hurt. Because even if we say we only have more or less 300 countrymen there, or even if we only have just one, it is our obligation to evacuate them to safer locations,” he said.