The United States-Venezuela conflict will not have any tangible effect on the Philippine economy, according to Department of Economy, Planning and Development (DepDev) Secretary Arsenio Balisacan.

In a Monday morning press conference in Malacañang, Balisacan said the ongoing tension between the two nations across the Pacific will not have a substantial impact on the Philippines.

“With respect to the impact of Venezuela there is hardly nothing,” Balisacan told reporters in a Palace briefing.

Not strong

“I don’t think there’s going to be a perceptive effect on us,” he stressed. “As it is, our links- directly or indirectly - to Venezuela’s economy [are] not strong.”

On Saturday (Sunday morning in Manila), Donald J. Trump said the United States would take over Venezuela, following what he described as a “successful” overnight military operation that led to the arrest of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, in Caracas.

Maduro was brought to the United States to face various charges, including narco-terrorism conspiracy. The Venezuelan leader, however, denied the allegations, saying Washington was intent on taking control of his country’s oil reserves.

Oil prices fell on Monday following Maduro’s capture. According to Agence France-Presse, Brent crude declined 0.63 percent to $60.37 per barrel in early Asian trading, while West Texas Intermediate fell 0.70 percent to $56.92 per barrel. Trump said the United States would “run” Venezuela and tap its oil reserves, which are the world’s largest.

The Philippine Stock Exchange Index rose 0.48 percent on Monday, tracking the global decline in oil prices.