News Report 05 October 2018 Local
1. Phl Navy tours Russian sub
The Philippine Star, 05 October 2018, p. 1, continued on p. 3
The visiting Philippine Navy contingent got to see the inside of the vaunted Russian Kilo Class submarine yesterday during their trip to Russia. The Philippine government has been scouting for big-ticket defense items in line with the modernization program of the Armed Forces of the Philippines (AFP) and Russia is among the countries that have expressed readiness to supply the Philippines with needed military equipment, and has even offered the Philippine government a soft loan for its planned submarine procurement.
2. House OKs ₱3.75-trillion budget
Manila Bulletin, 05 October 2018, p. 1, continued on p. 11
The proposed P3.757-trillion national budget for 2019 was unanimously passed on second reading by the House of Representatives, ending two weeks of extended plenary deliberations. Education remains on top of government’s budgetary priorities, with P659.3 billion allocated for the education sector. The DPWH will receive the second highest allocation with P555.7 billion.
Korea
3. PHL, South Korea firms ink arms manufacturing tie-up Business Mirror, 05 October 2018, p. A3
S&T Motiv has partnered with the Philippines’s top rifle manufacturer United Defense Manufacturing Corp. (UDMC) as part of the strengthened South Korea-Philippines defense cooperation. UDMC Chairman and Chief Executive Officer Gene Cariño said the objective of the deal is to produce for the Philippine military and police force arms that are of “high quality, accuracy and price-
competitiveness with the vision of eventually expanding to other markets in the long term.”
The Korean Ministry of National Defense and S&T Motiv have presented their line of defense technology products to President Duterte during his official visit to South Korea in June.
Economic
4. Lawmakers set review of higher fuel, coal tax
Business Mirror, 05 October 2018, p. A1, continued on p. A2
Lawmakers are considering the suspension of two taxes embraced by the Tax Reform for
Acceleration and Inclusion (TRAIN) law, seen to spur inflation by swelling prices on fuel and power rates, which both cut across key economic sectors.
Senator Sherwin T. Gatchalian, Energy Committee chairman, confirmed that “members of the Committee will review it,” referring to the scheduled imposition of the higher coal tax in 2019. The TRAIN law, imposed sequential increases on fuel excise taxes and the coal tax. It has been widely blamed for largely fueling the record inflation from which most sectors are now reeling from.
