Mayor says Russia-Ukraine conflict to impact country’s economy

Mayor Benjamin Magalong warned that Russia’s recent invasion of Ukraine will have a huge  impact on the Philippines, especially on its economy.     

“Although we are not directly affected, in terms of economic repercussions, we are going to feel the impact,” he said.      

The Mayor said the ongoing war between the two nations will drive inflation in the country because of high fuel cost.

He added that even the stock exchange and those who have invested in bitcoins will be adversely affected.      

The Mayor is confident, however, that the country’s economic managers are doing their very best in mitigating the impact of the war on the national economy.      

He said that the conflict will have little or no effect on the city’s 31 infrastructure flagship projects and is upbeat that these will proceed as scheduled.

“Tinitignan natin ang capacity ng mga project investors at very liquid naman sila,” the Mayor assured. – Gaby B. Keith