Israel-Hamas conflict won’t affect prices of commodities —Concepcion

The ongoing conflict in Israel will not affect the prices of commodities, Go Negosyo founder Joey Concepcion said Thursday.

“Sa tingin ko naman we don’t import much from Israel. It may have influence on oil prices because of the conflict because medyo malapit ‘yung Israel sa mga lugar ng oil-producing countries. But I am confident that the rest of commodities halos pareho pa rin ang presyo,” Concepcion said at a public briefing.

(We don't import much from Israel. It may influence oil prices because Israel is relatively close to the areas of oil-producing countries. But I am confident the prices of commodities will remain the same.)

He added that the government has sufficient supply of raw materials up to the second quarter of 2024.

"I'm confident that commodity prices will continue to be where it is today. We are not increasing prices since we have sufficiently covered our raw materials until  first quarter, second quarter next year," he said.

Concepcion, who also sits as the Private Sector Advisory Council Jobs Committee head, said, "we should not worry too much" about trading and economic side effects of the war.

He said the government must focus on protecting and repatriating the overseas Filipino workers in Israel.

"We should be fine... The problem we foresee are our OFWs who are stuck and can't move home. Those are most of the issues that may concern the government, but as to inflationary pressures, hopefully, oil doesn't go back to the hundreds," he said.

Jobs

Meanwhile, the employment rate in the country is expected to rise continuously especially during the Christmas season, noting this would help improve the Philippine economy.

"Ang tingin ko dito, papasok tayo sa Christmas (season), a lot of people may be rehired, mostly contractual, and the consumer spending will go up, especially in services like restaurants," he said.

(I think, as we enter the Christmas season, many people may be rehired, mostly contractual, and consumer spending will go up, especially in services like restaurants.)

"In 2024, I think the economy will start to improve," Concepcion added.—LDF, GMA Integrated News