DOF Secretary Dominguez assures that the Duterte Administration is closely monitoring developments and is doing its utmost to mitigate the impact of oil and food price increases amidst the ongoing Ukraine-Russia conflict.

During the 2022 Philippine Economic Briefing (PEB), Sec. Dominguez reported the Duterte Administration’s socio-economic reforms over the past six years, including the government’s effort to accelerate economic recovery amid the COVID-19 pandemic. He said that “Optimism is tempered by the uncertainties introduced by the Ukraine-Russia conflict.” Countries are facing a situation that will almost certainly raise inflation due to the spike in oil and commodity prices.

The mitigation of the impacts is done through cash grants for the bottom 50% of the population, fuel subsidies, and fuel discount programs for the transportation sector and small farmers and fisherfolks.KJDA