MANILA (Xinhua): The Philippine Chamber of Commerce and Industry (PCCI) on Monday expressed "grave concern" over the escalating military tensions in the Middle East, warning of serious repercussions for the Philippine economy, particularly on oil prices and remittance inflows from overseas Filipino workers (OFWs) in the region.
In a statement posted on its social media account, the country's largest business group said it joins the international community in calling for an immediate ceasefire and a return to diplomatic dialogue, stressing that "we wish to sound the alarm on the serious economic consequences this crisis poses on our economy and the Filipino people".
