When Rodrigo Duterte was elected president of the Philippines last May, he promised a war on drugs. His crackdown "has seen more than 7,000 drug suspects killed by police, vigilantes and rivals (the three categories overlap)", says The Economist. It has overshadowed his tenure so far, which is a pity: there are other policies he heralded that could improve the economic outlook.
A tax-reform bill before the legislature proposes lowering the top personal income-tax rate from 32% to 25% and raising the tax-free income threshold while increasing indirect taxation. A second would trim corporation tax from 30% to 25%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, the worry now is that he has become so distracted by his drug war he now plans to reinstate the death penalty that he won't get round to crucial reforms. Investors will be keeping a wary eye on him this year.
-
Circle sets a new gold standard for cryptocurrenciesCryptocurrencies have existed in a kind of financial Wild West. No longer – they are entering the mainstream, and US-listed Circle is ideally placed to benefit
-
8 of the best converted industrial properties for saleThe best converted industrial properties for sale – from a Victorian railway station in Norfolk to a Grade II-listed former water tower with views of the River Alde
