MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Friday the Israel-Hamas war will likely have no major impact on the Philippine economy as long as it will not spill over to major oil-producing countries.
In a televised briefing at Malacañan Palace in Manila, Balisacan said he recently met with President Ferdinand R. Marcos Jr. to discuss the war's possible impact on the economy.
He said that so far, "there's hardly any impact because there has been no major disruptions in the supply chain."
"Oil has increased a bit but we don't know if that's just an initial reaction but the impact is so negligible," Balisacan said.
"I guess the question is whether the conflict will spread. Then that's another matter, if it gets into the supply chain affecting the global movements of trade then, the effects can be more substantial. But as of this date, we don't see any major impact on the economy," he added.
Balisacan said the Philippines has “very little” exposure to Israel and Palestine.
"We have very little exposure with both Israel and the Palestine in all dimensions –whether it's labor employment or trade and investment. Unless that spills into the other countries and it affects the supply of oil, we will feel the impact but as of now we are not seeing that," he said.
The government earlier assured that it is ready to repatriate overseas Filipino workers affected by the conflict in Israel.
The Department of Migrant Workers reported that as of Oct. 12, it has received 22 requests for repatriation. (PNA)
