Marcos orders 10% cut to Philippine government expenses to ease crisis

Nikkei Asia | May 18, 2026, 8:06 a.m. | Original

MANILA -- Philippine President Ferdinand Marcos Jr. said Monday that he has ordered government agencies to reduce expenses by at least 10%, or $4.8 billion, as he issued his starkest warning yet about the deepening impact of the Iran war on the domestic economy.

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