MANILA, Philippines — Malacañang stressed the need for stronger fiscal discipline after the Philippine peso slid to another record low against the United States dollar.
The statement comes after the peso closed at P62.565 against the dollar on Wednesday, the lowest closing rate in history.
In a press briefing on Thursday, Palace Press Officer Claire Castro said the government was committed to prioritizing high-impact government programs while eliminating non-essential spending.
"The administration's approach is focused on fiscal discipline and more efficient use of public funds," Castro said.
"This means reviewing spending proposals carefully and prioritizing programs that have high economic and social returns,” she added.
