Partido Reporma standard-bearer Ping Lacson said the Philippines must prepare for the economic impact of the crisis in Ukraine, with oil prices already breaching the $100 per barrel mark.
Lacson, during “The Filipino Votes: Presidential Debate 2022” hosted by CNN Philippines and University of Santo Tomas (UST) Sunday, said there is no such thing as the conflict being too far from the Philippines.
“We can already feel the sudden spike in oil prices which hit more than $100 per barrel,” Lacson said.
He cited a special provision in the 2022 national budget that the government can give a P2.5 billion subsidy to the transport sector if the oil price reaches $80 on the average for three months.
He said the Department of Agriculture also has a P500 billion subsidy fund.
Russia, Lacson said, is the largest exporter of wheat.
“We will also be affected although we are not a direct importer, but we are a trading partner of the European Union,” he said.
Asked whether the Philippines should remain neutral on the Russian invasion of Ukraine, Lacson said the country should join peace-loving nations in condemning the aggression.
Lacson, who arrived at the venue clad in the traditional Barong Tagalog, discussed his six-year plan to address the problems facing the nation today, especially in the areas of economy, public health, education, and national security.