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Ukraine-Russia conflict has little direct impact on PH trade: BSP - Vimarsana News

Ukraine-Russia conflict has little direct impact on PH trade: BSP

Published: March 19, 2022

MANILA - The Ukraine-Russia conflict is expected to have a limited direct impact on the Philippines' trade sector, a Bangko Sentral ng Pilipinas (BSP) official said Friday. The Philippines' total exports to Russia in 2021 amounted to about USD120 million, or about 0.2 percent of its total exports, while the country's exports to Ukraine totaled USD5 million, BSP Department of Economic Research Managing Director Zeno Ronald Abenoja said in a virtual briefing aired over the central bank's Facebook page. Philippine imports to Russia in the same year comprised 0.6 percent of its tot...

Source: philippinetimes.com
Related Topics:
Zeno Ronald AbenojaBangko SentralDepartment Of Economic ResearchEu European UnionEuropean UnionMonetary BoardManila The Ukraine Russia Conflict Is Expected To Havea Limited Direct Impact On Philippines 39 Trade SectorA Bangko Sentral Ng Pilipinas Bsp Official Said Friday The Philippines 39 Total Exports To Russia In 2021 Amounted About Usd120 MillionR About 0 2 Percent Of Its Total ExportsHile The Country 39s Exports To Ukraine Totaled Usd5 MillionSp Department Of Economic Research Managing Director Zeno Ronald Abenoja Said Ina Virtual Briefing Aired Over The Central Bank 39s Facebook Page Philippine Imports To Russia In Same Year Comprised 0 6 Percent Its TotalNd For Ukraine9 1 PercentBenoja Said Quot These Numbers Indicate That Direct Trade Linkages Are Quite VeryEry Low HoweverRobably The ImpactHe Possible Ramifications Of The Tensions In European RegionOuld Be Traced More On The Impact Of Escalation Our Major Trading PartnersNcluding Eu European Union And The UsUot He Said Abenoja The War 39s Bigger Impact On Country To Date Is Quot Probably Elevated Prices Of International CommoditiesArticularly Oil Quot He Explained That Jumps In Prices The International Market Affect Philippines 39 Import BillWhich In TurnOuld Result In Pressures On The Current Account And Balance Of Payments Bop Position For Year Abenoja Noted That Baseline Projections By Monetary Authorities Crude Oil Prices This Have Been Revised Up To An Average Usd100 Per Barrel RelativelyHe Central Bank 39s Policy Making Monetary Board Has Revised The Bsp Bop Position For This Year And NextIven The Impact Of Both Domestic And External Developments Bsp 39s Latest Bop Projection For Year Is Ata Deficit Usd4 3 Billion