PH should brace for inflation hit amid Russia-Ukraine crisis - Tolentino

MANILA - Senator Francis 'Tol' N. Tolentino urged the government's economic and security clusters to beef up measures in anticipation of the impending socioeconomic impact of the ongoing conflict between Russia and Ukraine.

In an interview with DZRH, Tolentino said that the National Economic and Development Authority (NEDA) as well as the National Security Council (NSC) should devise a game plan to somehow avert or lessen the forthcoming effects of the Russia-Ukraine crisis which could definitely 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," Tolentino explained.

According to Tolentino, the Philippines and other Southeast Asian neighbors will begin to feel the imminent inflation hit in the next two weeks, especially if the conflict between these two Eastern European nations should develop into a prolonged warfare.

Local pump prices are set for another massive surge for the ninth straight week, as trading in the global oil market ballooned to $105 per barrel last Friday following Russia's attack on Ukraine.

Meanwhile, the world trade in wheat spiked a nine-year high last week, at $9.32 per 60-pound bushel. Wheat is a primary ingredient in such foods as various bread products (including the locally-made pandesal), fermented alcoholic beverages, and other cereal commodities.

Tolentino stressed that the government must ensure food and gasoline prices should remain affordable and accessible for the common people despite several issues surrounding the supply chain that are expected to further intensify in the coming days ahead.

"Yung presyo ng pagkain, presyo ng gasoline, at presyo ng mga basic goods—yun siguro po ang matutukan. Dapat manatiling affordable pa 'yun," said Tolentino.