Furthermore, Malacañang said the conflict between Russia and Ukraine posed economic, trade, and
human resource implications to the country and the Filipino people. The impact of the war started
creeping in other countries across the globe as prices of oil shot up as a result of the attacks amid
financial sanctions imposed by US and Western allies."An invasion of Ukraine may adversely affect the
stock markets all over the world. Prices of basic commodities and fuel may increase.” Lacson said in a
statement. Prior to Russia’s announcement of the invasion of Ukraine, Trade and Industry Secretary
Ramon Lopez emphasized growing tension between Russia and Ukraine will cause disruptions in global
supply and prices of oil. One of the immediate impacts of war in Ukraine was on pump prices of
petroleum products in the Philippines. High pump prices caused by increasing global oil prices could also
impact transport fare, according to the Bangko Sentral ng Pilipinas (BSP). Moreover, during the initial
onslaught of the Russian invasion, the Philippine Stock Exchange index (PSEi) had traded down.
Philippine shares fell with the heightened geopolitical tensions in Eastern Europe, which could go down
further depending on the possible impact of tighter monetary policy and potentially aggressive United
States (US) Federal Reserve rate hikes. Additionally, the Department of Foreign Affairs (DFA) has
estimated more than 350 Filipinos living in Ukraine, and the war of aggression can ugely affect those
Filipinos.
True, the Philippines is a long way from Ukraine; however, what happens in that part of the world
affects both the country and the rest of the world. The potential escalation of the Ukraine crisis
threatens not only Europe's economic and financial stability, but also the global economy. Without a
doubt, the Ukraine crisis and its economic impact are a double hit for developing countries like the
Philippines, which are still trying to recover from the detrimental economic effects of the COVID-19
pandemic. The Philippines should avoid Ukraine's fate. The country should start refusing and avoid being
used as a proxy or puppet in any superpower's proxy wars at all costs. Russia should face appropriate
punishments and let them bear the cost of their hostile actions towards Ukraine. Likewise, the only way
to end the Ukraine crisis is for the US and NATO to stop ignoring Russia's security demands and concerns,
for Ukraine to remain neutral, and for negotiations, dialogues, and diplomacy to resume before it's too
late. For the sake of their peoples and the rest of the world, Ukraine and Russia must return to the
negotiations. The world cannot manage one more world war while still dealing with the aftermath of the
COVID-19 pandemic.