Oil shock won't hit Philippines as hard as Covid-19, say ADB economists

Oil shock won't hit Philippines as hard as Covid-19, say ADB economists

Samarkand, UZBEKISTAN — Amid comparisons by some local firms claiming that the ongoing oil crisis triggered by the  conflict in the Middle East is hurting their business operations more severely than the Covid-19 pandemic, economists from the Asian Development Bank (ADB) said the broader Philippine economy is unlikely to suffer a shock as deep as the country’s worst post-war recession in 2020.ADB chief economist Albert F. Park told a media brief…