While the mention of war can be scary as it connotes deaths and other hardships, life will still go on. We will have to eat and sleep and earn a living.
In a day or two, the effects of higher petroleum prices will be upon us. What will be the effects? Higher prices of everything.
As the war rages, there will be scarcity of some manufactured goods. Remember that we import all our industrial needs including what makes machines humming from the fuel they use to their maintenance requirements, our industries can practically grind to a halt if importation processes are stopped. While that might be putting things to the extreme, everything will slow down, including the flow of your income.
As it was in the beginning of this pandemic, many more businesses will close shop. Say goodbye to those businesses that are already gasping for breath but are still clinging to life.
If you need capital, grab whatever is available at whatever rate of interest. Much later, it will be very difficult to access any as interests will sky rocket. When our economy was writhing in pain during the waning years of the Marcos regime in the early 1980s, interest rates being offered by banks reached as high as 36% per annum. That was jaw dropping compared to the 6% per annum banks can offer now to favored customers. This possibility will not strike us like lightning, but we are already in the process of going there.
The last entity to get bankrupt will surely be the government. So if you are working for it, stick to that job. As workers get laid off by closing businesses, crowds of jobless will be jostling for the few vacancies that would be available.
There are two very important things to remember in difficult situations like this. Tighten your belt and live on less, roll your sleeves even higher to maximize your earning potential.**