MANILA, Philippines — Business groups expressed concerns over the conflict in the Middle East, citing its impact on the country's market and commodities.
The Foreign Buyers Association of the Philippines (Fobap) President Robert Young told The Manila Times in a phone patch interview on Monday that the ongoing conflict would have a "wide devastating effect such as destruction of markets and increase in cost of commodities as well as business uncertainties, especially the supply chain in the export industry."
"Some of the Fobap raw materials are form Middle East and Arab States. Delays or cancellations of shipments are expected due to imposition of embargoes and blockages. This is unfortunately would hamper the Philippines export production," Young added.
The Philippine Chamber of Commerce and Industry (PCCI) President Perry Ferrer told The Manila Times via text message that the Middle East conflict would "certainly impact the Philippines directly," citing, "increased fuel prices that will also trigger increased commodity and all imported items unless agreement is reached within the week."
In a statement on Sunday, the Philippine Exporters Confederation Inc (Philexport) said higher oil prices disruptions to air and shipping routes are among the immediate risks facing exporters as hostilities involving the United States, Israel, and Iran intensify.
“Past tensions in the region have already led to higher freight and security surcharges and could again constrain trade flows and tourism, further dampening demand in major export destinations,” Philexport said.
