Live Breaking News & Updates on Ould 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 Relatively

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 total imports, and for Ukraine, 0.1 percent, Abenoja said. "These numbers indicate that direct trade linkages are quite very, very low. However, probably the impact, the possible ramifications of the tensions in the European region, could be traced more on the impact of the escalation on our major trading partners, including EU (European Union) and the US," he said. Abenoja said the war' ....

Zeno Ronald Abenoja , Bangko Sentral , Department Of Economic Research , Eu European Union , European Union , Monetary Board , Manila The Ukraine Russia Conflict Is Expected To Havea Limited Direct Impact On Philippines 39 Trade Sector , A Bangko Sentral Ng Pilipinas Bsp Official Said Friday The Philippines 39 Total Exports To Russia In 2021 Amounted About Usd120 Million , R About 0 2 Percent Of Its Total Exports , Hile The Country 39s Exports To Ukraine Totaled Usd5 Million , Sp 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 Total , Nd For Ukraine , 9 1 Percent , Benoja Said Quot These Numbers Indicate That Direct Trade Linkages Are Quite Very , Ery Low However , Robably The Impact , He Possible Ramifications Of The Tensions In European Region , Ould Be Traced More On The Impact Of Escalation Our Major Trading Partners , Ncluding Eu European Union And The Us , Uot He Said Abenoja The War 39s Bigger Impact On Country To Date Is Quot Probably Elevated Prices Of International Commodities , Articularly Oil Quot He Explained That Jumps In Prices The International Market Affect Philippines 39 Import Bill , Which In Turn , Ould 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 Relatively , He Central Bank 39s Policy Making Monetary Board Has Revised The Bsp Bop Position For This Year And Next , Iven The Impact Of Both Domestic And External Developments Bsp 39s Latest Bop Projection For Year Is Ata Deficit Usd4 3 Billion , Hich Is About 1 Percent Of The Gross Domestic Product Gdp ,