War has no impact on Philippines economy… yet– NEDA
MANILA, Philippines — The ongoing war between Israel and Palestinian militant group Hamas is not seen to have a major impact on the Philippine economy, but the country may start feeling the effect should the conflict spread and affect the global supply chain, the National Economic and Development Authority (NEDA) said.
“As of this date, we don’t see any major impact on the economy,” NEDA Secretary Arsenio Balisacan told a press conference at Malacañang yesterday.
He said the ongoing conflict and its impact on the economy were discussed in a meeting with President Marcos last Thursday.
“So far, there is hardly any impact because there has been no major disruptions in the supply chain,” he said.
While oil prices increased slightly, he said this may just be an initial reaction. He also said the impact on oil prices is negligible.
“I guess the question is, whether will it spread. Will the conflict spread? That is another matter because then if it gets into the supply chain, affecting global movements of trade, the effects can be even more,” he said.
He said the country has very little exposure to both Israel and Palestine in all dimensions, may it be in terms of labor, trade or investment.
“Unless it will spill to other countries and it affects the supply of oil then, it may have an impact on us. But as of now, we are not seeing that,” he said.
Hamas launched a surprise attack on Israel last weekend, leaving thousands dead.
The Philippine government has said it is working closely with Israel to ensure the safety of Filipinos affected by the conflict.
The growth of the Philippine economy slowed to 4.3 percent in the second quarter of the year from 6.4 percent in the first quarter, according to the Philippine Statistics Authority.
The Department of Foreign Affairs on Friday confirmed the death of one more Filipino following the attack of Hamas militants in southern Israel on Oct. 7.
The third victim was a 49-year-old woman from Negros Occidental.
The Embassy of Israel identified earlier the two Filipino casualties in the Israel-Hamas conflict, a 36-year-old female from Pangasinan who had been working in Israel for six years and a 42-year-old male from Pampanga. On Thursday, Marcos instructed government agencies and the Philippine embassy in Israel to continue working for the repatriation of Filipinos there and to locate the three Filipinos who remain missing. — Helen Flores
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