News Report 07 August 2019 Local
1. Duterte OKs ₱4.1-trillion budget for 2020
Manila Bulletin, 07 August 2019, p. 1, continued on p. 11
The proposed P4.1-trillion national budget for 2020 has been approved by President Duterte to sustain the government’s programs on infrastructure development, poverty alleviation, and social services, among others.
2. Rody to invoke SCS ruling during China trip The Philippine Star, 07 August 2019, p. 4
President Duterte confirmed last night he would bring up the arbitral ruling favoring the Philippine position on the South China Sea issue when he meets with his Chinese President Xi Jinping in Beijing this month.
Earlier yesterday, presidential spokesman Salvador Panelo stressed Duterte has always been for asserting the country’s rights in the West Philippines but is just waiting for the right time.
Korea
3. PN receives ‘most powerful ship’
Manila Bulletin, 07 August 2019, p. 11
BRP Conrado Yap (PS-39), an ex-Pohang-class Corvette (a small warship) from South Korea was officially received by Philippine Navy (PN) officials and commissioned into service in a hand-over ceremony at Jinhae Naval Base in Changwon, South Korea. Navy spokesperson Captain Jonathan Zata described BRP Conrado Yap as the “most powerful ship” in the Navy’s current fleet inventory and the first corvette of the Navy.
Economic
4. Tax perks to select firms hit ₱1.12 trillion Manila Bulletin, 07 August 2019, p. B1
The Department of Finance (DOF) is pushing for the rationalization of tax incentives to investors as it had resulted in a total of P1.12 trillion in foregone revenues for the government between 2015 and 2017.
The Department of Finance is pushing for the Tax Reform for Attracting Better and High-Quality Opportunities bill, which will reduce the incentives being enjoyed by investors while also gradually slashing the corporate income tax rate to 20 percent from 30 percent at present—the highest in Asean.
5. CEZA, SBMA: Still no deal to let Sinos develop PH islands Philippine Daily Inquirer, 07 August 2019, p. A2
The Cagayan Economic Zone Authority (Ceza) and the Subic Bay Metropolitan Authority (SBMA), two agencies which earlier entertained Chinese-led projects on three strategic islands in northern Philippines, have begun to distance themselves from the big-ticket investments after concerns about national security were raised.
