00:00A wonderful Wednesday evening to all. Gabrielle Lopez here, homegrown and pleased to bring you PTV News Now.
00:08And let's get to the stories people are buzzing about.
00:11Efforts by trade and industry officials and technocrats in government since late July to trim the 19% tariff on Philippine exports to the United States have finally paid off.
00:22This after trade and industry chief secretary Christina Roque, along with the newly anointed finance secretary Frederick Goh, announced in a presser yesterday the U.S. government's exemption of certain Philippine agricultural exports in the amount of 1 billion U.S. dollars.
00:39This welcome development comes at the heels of U.S. President Donald Trump's order to spare certain Philippine agricultural exports to the United States.
00:47From the 19% existing tariff rate, he announced after President Ferdinand R. Marcos Jr. came calling on him at the Oval Office late July this year.
00:57Prior to the president's Washington trip, Trump ordered a 17% tariff for the Philippines in the fateful spring day in April he dubbed America's Liberation Day.
01:07Even more, Philippine experts to America for years before April 2025 were tariff-free.
01:13Amid mounting complaints from student commuters over refusal by jeepney drivers to honor 20% student discounts on long holiday weekends and days of class suspensions.
01:26The LTFRB warned PUV drivers and operators of monetary fines or license suspensions if reports persist and documented complaints are filed against them.
01:36LTFRB Chief Vigor Mendoza II, in a statement earlier today, issued this stern message to drivers and operators who charge student commuters regular fare on core holidays and suspended class days.
01:49Mendoza cited the clear provisions in Section 4 of Republic Act 11314 granting currently registered or enrolled students a 20% reduction transport fare during holidays.
02:02Public transfer drivers or operators who refuse to comply shall have their licenses suspended for three months and fined 1,000 pesos for each recorded offense.
02:12On the other hand, PUV operators in violation of Republic Act 11314 face a maximum fine of 15,000 pesos and a revocation of their certificates of public convenience or franchises.
02:25Students who wish to file complaints on earring drivers can do so through LTFRB's social media accounts or by way of their hotline seen on your screen.
02:34The British royal family headed by King Charles III is composed of Queen Camilla, Prince William, his wife, sons and daughter, Charles' siblings Anne and Edward and their families, among others, and not limited to those of the Windsor family.
02:53And they are rich, their financial health drawn from what is called a sovereign grant, which this VOA dwells on this feature report.
03:00Where does the British monarchy get its money?
03:06The royal family's funding comes from the sovereign grant, which is based on the profits of the crown estate, a property business that belongs to the monarch for the duration of his or her reign.
03:17It's independently run.
03:19The size of the sovereign grant each year is determined by the crown estate's profits.
03:24Typically, the royal family receives 15% of the profits, with the remainder going to the government.
03:32Recently, that amount has risen to 25% in order to cover the cost of refurbishing Buckingham Palace.
03:39Some of the property owned by the crown estate can be traced to Edward the Confessor, who ruled from 1042 to 1066.
03:48But the estate as a whole is from the time of the Norman conquest.
03:51In 1760, King George III agreed to surrender his income from the crown estate to the government
03:59in exchange for a fixed annual payment originally known as the civil list, and later replaced by the sovereign grant in 2010.
04:08The funds from the sovereign grant cover royal duties, including receptions, travel costs, garden parties, and school visits.
04:17But most of the funds are spent on maintaining royal palaces and covering staff salaries.
04:24But the sovereign grant isn't the only source of income for the royal family.
04:29The Duchy of Lancaster, a private estate that covers more than 18,000 hectares of land throughout Lancashire, Yorkshire, and central London,
04:38creates some $23 million in profits each year.
04:42There is also the privately owned Duchy of Cornwall, which covers land in southwest England and also generates about $23 million per year for whomever holds the title of the Duke of Cornwall.
04:53How money is spent from the Duchies of Lancaster and Cornwall is not shared with the public.
04:58Additionally, the king earns income from large estate homes that he personally owns, such as Balmoral Castle in Scotland, as well as through private art, jewelry, and other collections.
05:09The British monarchy is not legally liable for income taxes, capital gains taxes, or inheritance taxes, although Queen Elizabeth II and King Charles III have voluntarily paid taxes on the profits from their respective duchies.
05:27Some say the costs of the royal family are much higher than reported because security is covered by the Metropolitan Police.
05:34But others argue that those costs are outweighed by the monarchy's other contributions to the economy, such as driving tourism.
05:42So that's a wrap for tonight's show. Join us anew tomorrow for another set of major stories here and abroad, breaking at the hour.
05:53Likewise, stay connected by catching the news right here.
05:56Gabrielle Lopez here wishing you another restful night ahead, and thank you for watching PPV News Now.
