In this Aug. 6, 2019, photo, a container ship is docked a port in Qingdao in eastern China’s Shandong province. The Philippines is adopting measures like the passage of the Corporate Income Tax Rationalization Act and the amendment of the Foreign Investment Act to counter the possible effects of the US-China trade war. (Chinatopix via AP)
President Rodrigo Duterte has given the go-signal to implement several recommendations made by his Cabinet to counter the possible effects of the trade dispute between the United States and China.
Among the proposed measures approved by the President were the passage of the Corporate Income Tax Rationalization Act and the amendment of the Foreign Investment Act.
The National Economic and Development Authority and the Department of Trade and Industry also pushed to intensify investment campaigns in East Asia, expedite the business process and reduce the processing time in exports here.
The proposed measures were tackled following China’s filing of a complaint against the United States with the World Trade Organization amid the new tariffs imposed by Washington. —JULIE M. AURELIO