Donald Trump will travel to Asia from November 3 to 14, where he will meet his Philippine soulmate, Rodrigo Duterte, amid rising tensions with North Korea.
Trump arrives in Manila after visiting Japan, South Korea, China and Vietnam to attend the Asean leaders’ summit.
He will meet Duterte but avoid the larger meeting in Manila with leaders from China, South Korea, Japan, India, Australia and New Zealand.
Duterte said he predicted Trump’s crackdown on medical opioids before he declared it a “national health emergency” last week.
Trump declared the opioid epidemic a national public health emergency and called for the liberation of communities from the “scourge of drug addiction”.
Opioids refer to both legal and illegal painkillers that have an effect similar to opium. They include the powerful painkiller fentanyl, which Duterte has admitted using.
Duterte is known for his foul-mouthed attacks against the US, saying it treats the Philippines “like a dog”.
Duterte announced his “separation” from Washington during a visit to Beijing a year ago, saying that China was a more reliable ally, as he agreed to resolve the South China Sea dispute through talks.
Duterte raged at the Obama administration after its comments about the thousands being killed in the Philippines.
But Trump, in a phone call to Duterte in May, praised the Philippine president’s “unbelievable job on the drug problem” despite the international condemnation of Duterte’s drug crackdown.
On the fiscal front, the Philippine central bank has ordered lenders to enhance management of their liquidity risks, giving them 10 months to develop procedures based on updated regulations.
The Bangko Sentral ng Pilipinas said the new rules emphasised the responsibility of a bank’s board of directors to define the tolerance for liquidity risk, which came from the inability of a particular bank to meet its obligations. Meanwhile, management must develop funding strategies that were risk-assessed, the central bank said.
Smaller banks could use static cashflow projections to determine funding gaps but it said more complex institutions were expected to employ dynamic approaches that factor in future changes in their activities and their impact on balance sheets.
The new regulations will be enforced from next September.
Will Duterte make Trump do the fist pump? Picture credit: Wikimedia