The Philippines may need to buckle up as the Ukraine-Russia crisis could take longer than expected and more needs to be done to cushion the impact of the war on various countries, according to the Department of Finance (DOF).
THE Philippines may need to buckle up as the Ukraine-Russia crisis could take longer than expected and more needs to be done to cushion the impact of the war on various countries, according to the Department of Finance .
“I’ve also started discussions with the ADB and the World Bank. I said they came together very well in the financing of the vaccines for the pandemic. I said, you know, this is another opportunity for you guys to work together and work together with the finance ministers involved. To see what kind of rescue packages that can be done particularly for the less developed countries,” Dominguez said.
Ukraine and Russia are key suppliers of commodities such as wheat which the Philippines does not grow. Other commodities such as soybean and potash, one of the key ingredients in the manufacture of fertilizers, have also sent food prices soaring. Dominguez said that while the country’s debts have terms of up to 40 years and were negotiated on “very favorable” terms, the Philippines can only outgrow its debts by posting a growth of at least 6 percent in the next five to six years.
Diokno added that this year, the economy is expected to grow 7 to 9 percent, outpacing the growth of its debts. He said debt is expected to grow by around 2 percent this year.
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