Philippine Chamber of Commerce: US attacks on Iran could have a significant impact on the Philippine economy

The Philippine Chamber of Commerce and Industry recently issued a statement saying that the US attacks on Iran have significantly escalated the geopolitical situation in the Middle East, which may have a major negative impact on Filipino overseas workers and the economy. The Chamber of Commerce and Industry in the Philippines stated in the declaration that there are currently more than 2 million Filipino overseas workers working and living in the Middle East, and urged relevant departments to immediately activate emergency plans, maintain close communication with overseas workers, and accelerate evacuation plans when necessary. The organization requested the Philippine government to ensure that overseas workers returning to the country receive livelihood support and reemployment assistance. The Chamber of Commerce and Industry said that the Philippines primarily imports crude oil from the Middle East, and given the market's concerns about the unstable situation, international oil prices have surged, prompting the Philippine government to actively seek alternative energy sources. The organization warned that the potential increase in fuel costs, disruptions in the supply chain, and potential decline in remittance income could again drive up inflation, weakening the purchasing power of the Filipino people.