News Report 07 February 2020 Local
1. Locsin says VFA needs ‘vigorous review’
The Philippine Star, 07 February 2020, p. 1, continued on p. 8
At a hearing by the Senate committee on foreign relations yesterday, Foreign Affairs Secretary Teodoro Locsin Jr. said the Department of Foreign Affairs (DFA) “at this point, proffers no preference” for either a review or termination of the VFA, and proposes that it be vigorously reviewed.
He further said that notice of termination had already been prepared it but it has not been sent upon the orders of the President.
Korea - Economic
2. ‘Virus outbreak to slash GDP growth by 0.3%’
The Philippine Star, 07 February 2020, p. B1
The outbreak of the 2019 novel coronavirus (nCoV) may cut the country’s gross domestic product (GDP) growth by 0.3 percentage point this year, according to the Bangko Sentral ng Pilipinas.
Governor Benjamin Diokno said the Philippines could be affected in terms of tourism receipts as well as remittances from overseas Filipino workers.
3. Gov’t hopeful on passage of 3 tax packages this year Philippine Daily Inquirer, 07 February 2020, p. B2-1
Three more packages of the Duterte administration’s comprehensive tax reform program, which are the Corporate Income Tax and Incentives Rationalization Act (Citira), the Passive Income and Financial Intermediary Taxation Act, and land valuation reform, are expected to be approved within this year.
4. Ayalas hand over control of Manila Water to Razon The Philippine Star, 07 February 2020, p. B1
Ayala Corporation is effectively ceding control of Manila Waterto ports tycoon Enrique Razon, allowing him to achieve a 51 percent voting interest in the company. Ayala’s effective voting
interest in Manila Water will be reduced to 31.6 percent of voting shares in the company from 65.95 percent.
5. Ex-MRT exec, in-law get 16 years for graft
The Philippine Star, 07 February 2020, p. 1, continued on p. 2
Former Metro Rail Transit Line 3 (MRT-3) general manager Al Vitangcol III and his uncle-in-law Arturo Soriano have been sentenced to up to 16 years in prison by the Sandiganbayan anti-graft court which found them guilty of purposely concealing their relationship in order to allow service provider Philippine Trans Rail Management and Services Corp. (PH Trams) to bag a multimillion- dollar deal for MRT-3 maintenance.
