PH among 'biggest losers' in Ukraine war

by Mayvelin U. Caraballo - Francis Earl Cueto - Javier Joe Ismael

Feb 26, 2022 12:18 am

A STEEP rise in oil and food prices triggered by the war in Ukraine could hit Asian economies hard, with the Philippines among the biggest losers, the Japan-based global investment firm Nomura predicted.

'Although ongoing geopolitical tensions between Russia-Ukraine can hurt Asia through multiple channels, such as tighter global financial conditions, elevated uncertainty and the risk of weaker global demand, higher commodity prices are the most important transmission channel,' Nomura said in a report released on Friday.

Ukrainian servicemen ride on tanks towards the front line with Russian forces in the Lugansk region of Ukraine on February 25, 2022. Ukrainian forces fought off Russian troops in the capital Kyiv on the second day of a conflict that has claimed dozens of lives, as the EU approved sanctions targeting President Vladimir Putin. . Anatolii STEPANOV / AFP

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