Asean Tribune

MANILA– Philippine President, Rodrigo Duterte, whose single six-year term ends next year, has accepted the ruling political party’s endorsement, to run for vice president in the 2022 elections, Cabinet Secretary, Karlo Nograles, said today.

 

Duterte “agreed to make the sacrifice and heed to the clamour of the PDP-Laban party, for him to run as vice president in the 2022 national elections,” Nograles, the executive vice president of the governing PDP-Laban party, said in a statement.

 

Nograles said, Duterte accepted the endorsement “after (being) presented with popular calls” from PDP-Laban’s members, “aspiring for a transition of leadership that will guarantee continuity of the administration’s programme, during the past five years” of Duterte’s administration.

 

Nograles said, the party will discuss Duterte’s nomination during their national convention, next month.

 

Duterte, 76, was elected president in the May, 2016 elections. The constitution limits Philippine presidents to a single six-year term.

 

The vice president is elected separately from the president under the Philippine law. The vice president can be propelled to the presidency, if the president dies or is incapacitated.

 

Neither Duterte nor his spokesperson has yet to issue an official statement on the endorsement

 

 

Source: NAM NEWS NETWORK

KUALA LUMPUR— Malaysia’s largest electricity utility, Tenaga Nasional Bhd (TNB), via its wholly-owned subsidiary TNB Topaz Energy Sdn Bhd (TNBTE), has divested all of its 105.6 million units of Tranche 1 investment in the compulsorily convertible debentures (CCD) issued by GMR Bajoli Holi Hydropower Private Ltd (GBHH) of India for 1.176 billion Indian rupees (US$15.9 million).

 

TNB said the divestment of its CCD investment was driven by its strategy to streamline its international portfolio, defocusing on India, and shifting its efforts to pursue growth in TNB’s focus markets such as the United Kingdom, Europe and Southeast Asia.

 

“The divestment is also consistent with TNB’s initiatives to seek monetisation options for its assets in India and other non-focus markets,” the utility giant said in a filing with Bursa Malaysia Tuesday.

 

On Dec 10, 2018, TNBTE inked an agreement to subscribe to CCD issued by GBHH, a subsidiary of GMR Energy Ltd, for 2.256 billion rupees (about US$30.4 million). The CCD, with a tenure of 30 years, was to be converted into an equity stake of about 30 per cent before the end of tenure.

 

On April 5, 2019, TNBTE subscribed into Tranche 1 of the CCD investment for 1.056 billion rupees (US$14.2 million).

 

TNB said the project was expected to start commercial operations by October 2019, but its commissioning was delayed due to unforeseen circumstances.

 

Following the delay in project completion, TNBTE did not proceed with Tranche 2 of the CCD investment subscription of 1.2 billion rupees, originally scheduled by September 2019.

 

Subsequently, TNBTE and GMR Infrastructure Ltd, the parent company of GMR Energy, entered into the divestment.

 

TNB said the divestment would not have any effect on its share capital and substantial shareholders’ shareholdings, and was further not expected to have a material effect on the company’s net assets and gearing.

 

 

Source: NAM NEWS NETWORK

BANGKOK– Thailand’s cabinet has agreed to maintain the value-added tax (VAT) rate at seven per cent for another two fiscal years, in a bid to support the kingdom’s economic recovery.

 

The VAT rate has been at seven per cent since the 1997 Asian financial crisis.

 

Deputy government spokesperson Rachada Dhnadirek said Prime Minister Prayut Chan o-cha, who chaired a cabinet meeting Tuesday, has agreed to retain the VAT rate until Sept 30, 2023.

 

“The unchanged VAT rate will not affect the government’s revenue projection in the fiscal years 2021-2022 and 2022-2023 as the calculation is based on a seven per cent VAT rate,” she said at a press conference, here, Tuesday.

 

Thailand is facing an uphill battle to contains its worst COVID-19 outbreak as it recorded 1,055,088 COVID-19 patients and 9,788 fatalities since the start of the pandemic in January last year.

 

Last month, Thailand’s main economic planning body, the National Economic and Social Development Council (NESDC), slashed its 2021 economic growth forecast to 0.7-1.2 per cent from 1.5-2.5 per cent in the previous projection in May.

 

Thailand’s economy contracted by 6.1 per cent in 2020 due to a decline in external demand affecting trade and tourism, supply chain disruptions, and weakening domestic consumption.

 

 

 

Source: NAM NEWS NETWORK