News Report 26 June 2019 Local
1. PH exclusive economic zone open to Chinese fishermen - Duterte Manila Bulletin, 26 June 2019, p. 1, continued on p. 9
President Duterte has invoked the country’s friendly relations with China in allowing the Asian neighbor to fish in the country’s exclusive economic zone, including the West Philippine Sea, according to Presidential Spokesman Salvador Panelo. The Philippine government is inclined to
“tolerate” the fishing of Chinese vessels in the country’s territorial waters and does not consider such gesture as treason.
2. Duterte tells GMA: Pick your replacement as speaker The Philippine Star, 26 June 2019, p. 1, continued on p. 9
President Duterte revealed he had asked outgoing Speaker Gloria Macapagal-Arroyo to choose her successor because he does not want to hurt the feelings of his allies. The president has changed his mind anew and is leaving it to members of the House of Representatives to decide on who their next speaker should be, saying he does not want to experience the “agony” of choosing because all the contenders are his friends.
Korea
3. Bank creditors convert Hanjin exposure to equity The Philippine Star, 26 June 2019, p. C1, continued on p. C2
According to Rizal Commercial and Banking Corp. (RCBC) senior executive vice president John Thomas Deveras, concerned Philippine creditors have transferred $149 million out of their
$412 million loan exposure to get a 20-percent stake in South Korean firm Hanjin Heavy Industries
& Construction Co. Ltd.
Deveras said the conversion is part of the two-pronged approach that Philippine banks are exploring in order to recover their loan exposure to Hanjin. The other part of the plan, he said, is to sell Hanjin’s shipyard facility in Subic to interested firms.
Economic
4. Business outlook improves - BSP
Manila Bulletin, 26 June 2019, p. B1, continued on p. B3
Based on the latest Bangko Sentral ng Pilipinas (BSP) Business Expectations Survey (BES) for the second quarter, the business outlook improved with an overall confidence index (Cl) of 40.5 percent from the previous quarter’s 35.2 percent since it is expected that business operations will get better with “favorable macroeconomic conditions” and a decelerating inflation.
5. Dominguez: All tax reform packages in place by 2020 Philippine Daily Inquirer, 26 June 2019, p. B4
By 2020, the Department of Finance aims to have all tax reform packages in place, including the reduction of the corporate income tax from 30 percent to 20 percent and the reduction in the number of capital income tax rates from 80 to 42, according to Finance Secretary Carlos Dominguez III. The department is optimistic that all seven packages of the proposed comprehensive tax reform program will be approved by next year.
