Concepcion urges reopening of economy to withstand impact of Ukraine-Russia conflict | Inquirer News
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Concepcion urges reopening of economy to withstand impact of Ukraine-Russia conflict

/ 01:27 PM February 25, 2022

MANILA, Philippines — The government should further reopen the economy “as soon as possible” in order to cushion the effects of the tension between Russia and Ukraine on the price of commodities, presidential adviser for entrepreneurship Joey Concepcion said Friday.

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Concepcion cited for instance that the price of wheat has already increased because of the tension since Ukraine is one of the biggest suppliers of the said product. He said this may affect the price of “pandesal” in the Philippines.

According to Concepcion, the price of oil, skim milk, sugar, and vegetable oil has also increased.

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“Sana huwag talagang lumala ang giyera dito sa Ukraine at Russia kasi baka mamaya talagang it will really cause more increases. ‘Yun ang isang importante kaya sinasabi namin dapat buksan talaga ang economy ng Pilipinas as soon as possible especially sa areas na pwede, about 80 percent vaccinated,” he said at the Laging Handa public briefing.

(I hope the tension between Ukraine and Russia will not further escalate because it may later cause more price increases. That is why we are urging the government to reopen the economy as soon as possible, especially in areas where about 80 percent of the population is vaccinated.)

“You need a strong economy to withstand any of these effects that the Ukraine and Russia conflict will bring about to the world in terms of increases in commodity prices,” he added.

Concepcion said businesses should be prepared for the possible economic impacts of the conflict between Ukraine and Russia.

A view shows the Ukrainian State Border Guard Service site damaged by shelling in Kyiv region, Ukraine, in this handout picture released February 24, 2022. Press service of the Ukrainian State Border Guard Service/Handout via REUTER

A view shows the Ukrainian State Border Guard Service site damaged by shelling in Kyiv region, Ukraine, in this handout picture released February 24, 2022. Press service of the Ukrainian State Border Guard Service/Handout via REUTERS

The country should also brace for higher inflation, said the presidential adviser.

“But what is important here is that as we open the economy to Alert Level 1, more businesses can resume so at least they can start earning money and better prepare themselves for whatever may happen as a result of this war,” he said.

“Whatever happens to the Ukraine-Russia crisis, a strong Philippine economy can weather that much better,” he pointed out.

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Metro Manila mayors have earlier recommended to the national government to place the region under Alert Level 1, which will allow 100 percent capacity in all establishments, by March 1.

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TAGS: Economy, Inflation, Joey Concepcion, Russian invasion, Ukraine crisis
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