Metro Manila (CNN Philippines, October 11) — The country’s central bank on Wednesday said it is closely watching the developments of the military conflict in the Middle East for potential effects on local inflation.
During a briefing, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona said the ongoing war between Israel and Palestinian militant group Hamas may have “spillover effects on global growth.”
But the BSP official said the increasing tension in the region has yet to trigger oil prices to soar and for the peso to further depreciate.
“So far so good, but we’re watching developments. It’s a global phenomenon. It’s not specific to us,” he said.
The Department of Agriculture on Tuesday also said that the conflict would only have “minimal” impact on the country’s food production.
The war, which began over the weekend, has yet to cool down with hundreds of people reportedly killed during the attacks.
On Wednesday, Foreign Affairs Secretary Enrique Manalo confirmed that two Filipinos perished due to the war.
READ: DFA: 2 Filipinos killed in Israel-Hamas war
About 70 Filipinos have already requested repatriation.
