Economics

Philippines’ Diokno Says Oil Is Key Risk From Russia-Ukraine War

Oil at $120-$140 may send average inflation to as fast as 4.7%
Philippine peso drops to weakest since 2019 amid crude spike

Benjamin Diokno
Photographer: Geric Cruz/Bloomberg

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By Siegfrid Alegado and Clarissa Batino

March 7, 2022 at 3:44 AM UTC

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The impact of Russia’s invasion of Ukraine on the Philippines will be mainly through higher oil prices, the Southeast Asian nation’s central bank Governor Benjamin Diokno said.