South-east Asian nations are girding for a Middle East oil shock by telling citizens to work from home, implementing four-day weeks and promising increased spending on energy subsidies.
The sometimes drastic measures highlight deep concerns about the impact of the US and Israel’s war against Iran on economic growth and fiscal sustainability in a region of more than 700mn people that depends heavily on the Middle East for oil and gas.
Philippine government officials should “limit official travel to essential functions only, as part of efforts to conserve energy amid the crisis in the Middle East”, the presidential office announced on Tuesday, just days after ordering many offices to implement a four-day week.
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