Russian economic crisis won't hit PH - BSP exec


Posted at Dec 22 2014 09:40 AM | Updated as of Dec 22 2014 07:34 PM

MANILA, Philippines - A Bangko Sentral ng Pilipinas official said the economic woes besetting Russia won't affect the Philippine economy.

Rosabel Guerrero, director for BSP's Department of Economic Statistics, said the impact would be quite minimal, citing Russia's one percent contribution in the country's trade in goods.

"If you look at the different possible transmission channels (such as) direct investments and portfolio investments from Russia or going to Russia… It's less than one percent. Even with respect to trade in goods, it's very relatively small compared with other countries," she said.

She added tourist spending and arrivals coming from Russia are also "relatively small."

The Russian central bank last week surprised markets with a hike in key interest rates, as the ruble continued to weaken.

The move triggered a volatility in global financial markets, which currencies in other regions may have been affected by the sudden increase. - ANC