Philippine Chamber of Commerce: US and Israel's Attack on Iran Could Have a Major Impact on the Philippine Economy

The Philippine Chamber of Commerce and Industry recently issued a statement saying that the U.S. and Israel’s attack on Iran has significantly escalated the geopolitical situation in the Middle East, which could have a major negative impact on Filipino overseas workers and the country’s economy. The chamber stated that over 2 million Filipinos are working and living in the Middle East and called on relevant authorities to immediately activate emergency plans, maintain close communication with overseas workers, and accelerate evacuation plans if necessary. The organization urged the Philippine government to ensure that overseas workers returning home receive livelihood support and reemployment assistance. The Philippine Chamber of Commerce and Industry noted that the country’s crude oil imports mainly come from the Middle East, and with market concerns about instability causing international oil prices to soar, the government should actively seek alternative energy sources. The organization warned that rising fuel costs, disrupted supply chains, and potential declines in remittances could further push up inflation and weaken the purchasing power of the Filipino people. (Xinhua)