Duterte approves recommendations on U.S.-China trade conflict
By Prince Golez
President Rodrigo Duterte gives a thumbs up to the recommendations of the National Economic and Development Authority (NEDA) and the Department of Trade and Industry (DTI) to counter any negative impact from the trade war between the United States (U.S.) and China.
Duterte made the approval at a Cabinet meeting Wednesday, according to Presidential Spokesperson Salvador Panelo.
“While the Philippines is not as vulnerable in the trade war; in the long run, any prolonged trade war will have negative effects,” Panelo said.
The following measures were recommended to avoid or minimize potential adverse events:
*the passage of the Corporate Income Tax Rationalization Act;
*amendment of the Foreign Investment Act;
*intensifying investment campaigns in East Asia;
*expediting business process; and
*reducing processing time in exports, among others.