The impact of the tensions between Israel and Iran has already reached the Philippines.
Michael Ricafort, chief economist of the Rizal Commercial Banking Corporation, said on Monday, April 22, that the recent actions of Iran and Israel caused fluctuations in global oil prices.
Ricafort mentioned that oil prices went up from US$ 83 per barrel to US$ 86 per barrel following reports that Israel carried out an attack on Iranian town Isfahan last Friday, April 19.
The attack came days after Iran launched a drone strike on Israel on April 13.
"Iyon ang importante from the point of view of the Philippines kasi yung epekto ng presyo ng langis," Ricafort said during DZRH's Magandang Umaga Pilipinas.
Ricafort added that the tensions also affected the stock market, as well as the exchange rate between Philippine peso and US dollars.
"Buong mundo, tumaas yung dolyar parang sa atin. Yung dollar-peso natin the highest in more than17 months, versus November 2022, Nagsarado sa (Php 57.65 per US dollar)," Ricafort explained.
Ricafort stressed that the Philippines feel the changes in the exchange rate between Philippine peso and US dollar since the country import many products, and goods, including oil.
"Since the start of the year, tumaas na yung dollar ng four dollars. Iyon yung mararamdaman natin lahat kasi marami tayong inaangakat, ini-import. Mas magiging mahal yung pag-import, since the start of the year, ng four percent," Ricafort said.
"Dadagdag din iyon sa ibang presyo ng mga bilihin lalo na ng mga imported pati some uptick in overall inflation," he added.
