Austerity measures in RP

Austerity measures in RP

MANILA (AFP): President Fidel Ramos yesterday ordered government agencies to implement austerity measures to help the Philippines weather the Asian financial crisis, the presidential palace said.

The measures include the suspension of "new capital/infrastructure projects, except those which have already been contracted out," and halts to tax subsidies to government- controlled corporations and local government units, Ramos said in an administrative order.