A STEEP rise in oil and food prices triggered by the war in Ukraine could hit Asian economies hard, with the Philippines among the biggest losers, the Japan-based global investment firm Nomura predicted.

"Although ongoing geopolitical tensions between Russia-Ukraine can hurt Asia through multiple channels, such as tighter global financial conditions, elevated uncertainty and the risk of weaker global demand, higher commodity prices are the most important transmission channel," Nomura said in a report released on Friday.

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