News Report 19 February 2019 Local
1. Senators set to refile vetoed amnesty bill Business Mirror, 19 February 2019, p. A1
President Duterte signed the Tax Amnesty Act of 2019 but vetoed two provisions for a general tax amnesty, saying that without the lifting of bank secrecy, this would only create an environment conducive to tax evasion. He retained only the provisions on estate tax amnesty and the amnesty on delinquency taxes.
Senate leaders lamented the presidential veto but signalled their determination to refile the vetoed legislation, this time with a clearer understanding of what the Executive really wants.
2. Palace defends DBM amid corruption allegations The Philippine Star, 19 February 2019, p. 8
Despite the corruption allegations made by House appropriations committee chairman and
Camarines Sur Rep. Rolando Andaya Jr., Malacañang defended yesterday the Department of Budget and Management (DBM).
Presidential spokesman Salvador Panelo further said that he could not understand the connection between unsettled obligations and corruption.
Korea -
Economic
3. House primed for final OK of retail trade bill Business World, 19 February 2019, p. S1/1
The bill seeking to reduce the required minimum paid-up capital for foreign entrants to the country’s retail sector is likely to secure third and final-reading approval at the House of Representatives, according to Deputy Speaker Arthur C. Yap of Bohol’s 3rd district.
The bill will amend Republic Act No. 8762, or the Retail Trade Liberalization Act, by setting the minimum paid up capital to $200,000 and scrap the minimum investment requirement of $830,000 per store. Currently, the law provides a $2.5 million capital requirement for entrants that are wholly owned by foreign entities.
4. Italy extends PH dev’t loan for another 2 years Manila Bulletin, 19 February 2019, p. B-2
The government of Italy has agreed to extend its development assistance for the Philippines for another two years, according to the Department of Finance (DOF). In a statement, the DOF said that the Philippines and Italy sealed through an exchange of letter the two-year extension of the European nation’s development program for Manila after seven out of the nine projects under the loan assistance are still unfinished.
