Lacson Calls for Economic Safety Nets from Potential Russian Invasion of Ukraine

The Philippine government should lose no time in preparing safety nets to protect Filipinos from a possible economic fallout caused by Russia’s “imminent” invasion of Ukraine, Sen. Panfilo “Ping” M. Lacson said.

Lacson, who chairs the Senate Committee on National Defense and Security, said that while Ukraine is far from the Philippines, an invasion there may have adverse effects worldwide.

“We might think that Ukraine is far away, and that there is no danger for the Philippines. We are all living in a global village. An invasion of Ukraine may adversely affect the stock markets all over the world. Prices of basic commodities and fuel may increase. We need to be prepared for this, not to mention that we are still suffering from the pandemic and are far from economic recovery,” Lacson said.

Related: Ping: Safety Nets Kailangan vs Epekto ng Posibleng Pagsakop ng Russia sa Ukraine

“We hope that there are contingency plans for increases in prices, disruptions in supply chains and possible repatriation of Filipinos not just in Ukraine but in neighboring countries,” he added.

Earlier reports indicated the United States had escalated its warnings about a possible Russian invasion of Ukraine, adding it may even take place within days.

Meanwhile, Lacson inquired if the government is making preparations for Filipinos in Ukraine, noting that the United States, United Kingdom and other countries like Estonia are asking their citizens to leave Ukraine within the next 48 hours.

Citing figures from the Department of Foreign Affairs, he said there are some 380 Filipinos in Ukraine.

“I would like to know what preparations are being made for them in the event that war breaks out,” he said. “What is happening in Ukraine may create instability in other potential flashpoints in the world including that of our Region.”