The tiff between the House and the Palace moves over to the controversial Road Board. Meanwhile, global markets took a tumble Tuesday and could drag the PSEi down further. These are the stories ANC will be covering today:
Road to nowhere
The squabble between the Palace and the House of Representatives has come a long way. Now the debate has shifted to the controversial Road Board and the Road Users’ tax which is allegedly being used as pork by legislators. Presidential Spokesperson Sal Panelo said President Duterte will sign the bill scrapping the controversial Road Board. A Senate resolution insists the House cannot withdraw a bill abolishing the Road Board. Panelo also said some House members are using “diversionary tactics” in their tiff over insertions in the budget. The President is also keeping Diokno around despite calls from legislators for his ouster.
Talk peace, carry a big stick
President Duterte said he wants to talk peace with the Abu Sayyaf Group. At the same time, the President was also in Sulu to welcome the formation of the new 11th Division to be stationed there to go after the ASG. He also said he supports the legalization of medical marijuana. But Senate President Tito Sotto said there was no need for the legalization since its already allowed.
Chinese President Xi Jinping said in a speech on Tuesday that China’s economy will produce “miracles.” But he did not give any specifics. What are the implications for the Philippines, the South China Sea dispute, and the Duterte administration’s pivot to China? ANC will try to tackle this with our international analysts and experts. In addition, the HBIS Group, China’s second-biggest steelmaker, has signed a memorandum of understanding on a $4.4 billion project in the Philippines.
Roiling the markets
World markets took a tumble on Tuesday tracking losses on Wall Street. Traders are bracing for an interest rate hike by the Fed. ANC’s Business group will keep an eye on the reaction of the local market as the negative sentiment could pervade the market until the close of the year.
The queen comes home
Catriona Gray is set to arrive back in Manila and will hold a press conference upon her arrival in the afternoon. Stay tuned to ANC for the latest on Gray’s homecoming.