Asean Morning News For July 5

Asean Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

PH to outperform growth in Asean — BMI Research
The Philippines, together with Myanmar and Vietnam, are expected to post the fastest economic growth in Asean mainly on the back of rosy domestic prospects, the research arm of the Fitch Group said Tuesday.
— Inquirer.net/Philippine Daily Inquirer

RCEP with ASEAN countries offers immense possibilities: Sushma Swaraj
India today said the proposed Regional Comprehensive Economic Partnership (RCEP) with ASEAN countries will offer immense possibilities, accounting for about 40 per cent of world trade.
— Economic Times

ASEAN and ADB hold Regional Consultation Workshop on Social Protection “Towards Developing Disaster – Responsive Social Protection in ASEAN”
The ASEAN Secretariat, the Canadian Government, and the Asian Development Bank (ADB) will be organizing the Regional Consultation Workshop on Social Protection “Towards Developing Disaster – Responsive Social Protection in ASEAN” from 4-5 July at Grand Center Point Hotel in Bangkok, to discuss disaster management and exchange protection mechanisms.
— NNT

Cops, rallyists face off at Asean meet
CLOSE to 30 members of a militant group rallied in front of the Radisson Blu Hotel yesterday to protest the ongoing meetings of the Association of Southeast Asian Nations (Asean) in Cebu.
— Sun Star

Indonesia gets serious about 2034 ASEAN World Cup hosting
The Indonesian Government through the Indonesian Football Association (PSSI) will be the consortium leader in discussing the possibility of the ASEAN submission as the joint host of the World Cup in 2034, according to comments made by Vice Chairman of the PSSI Joko Driyono.
— Inside World Football

The monarchies of ASEAN: Outdated relics of times gone by?
35 years in prison for insulting a monarch over Facebook. Last month Bangkok’s military court sentenced Vichai Thepwong to a 70-year sentence. He pleaded guilty to the charge, so the sentence was halved to 35 years. This is still the longest sentence ever handed down under the lèse-majesté laws.
— Asean Today

Asean summit to boost Clark’s economic image
PAMPANGA Chamber of Commerce and Industry Inc. vice chairman Rene Romero sees the upcoming Association of Southeast Asian Nations (Asean) Summit to further boost Clark Freeport’s economic image.
— Sun Star

Evolving with the AEC
A GREED among Asean member states in 2007, the 2015 Blueprint set out four key pillars, 17 core elements and 176 priority measures for the implementation of the Asean Economic Community (AEC). Broadly, the four key pillars are the creation of a single market and production base, a competitive economic region, equitable economic development and integration into the global economy.
— The Business Times

Youth engagement key to India-ASEAN ties
India is banking on the youth to secure the future of a centuries-old relationship with ASEAN member states, as both sides prepare to celebrate 25 years of the India-ASEAN dialogue partnership this year.
— The Jakarta Post

Uttama: Alibaba to build e-commerce park in EEC
Chinese e-commerce giant Alibaba Group has pledged to build an e-commerce park on 300 rai in Thailand’s Eastern Economic Corridor (EEC) to serve Asean’s burgeoning e-commerce market, says Industry Minister…
— Bangkok Post

MaGIC’s Programme To Help Start-Ups Break Into ASEAN Market
The Malaysian Global Innovation & Creativity Centre’s (MaGIC) signature Global Accelerator Programme (GAP) will help equip 56 local, regional and global start-ups with skills, knowledge and network to break into the Asean market.
— Malaysian Digest

P70-M patrol road in Clark for ASEAN Summit signed
The Armed Forces of the Philippines (AFP) has signed an agreement with Clark International Airport authorities for the immediate construction of an 11.8-kilometer patrol road leading to Clark Air Base at the cost of P70 million.
— Manila Bulletin

Cambodia to grow strongly with moderate inflation in short term: AMRO
Cambodia’s economic growth is expected to remain stable in 2017 and inflation will pick up due to increases in fuel and food prices, the Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) said in a press release on Tuesday.
— Xinhua

Dental professionals’ move in Asean difficult
THE implementation of the seamless flow of dental professionals in the Asean region may take some time as members of the economic bloc are still apprehensive about accepting foreign dental professionals to practice in their respective countries.
— Sun Star

Cambodia Morning News

Compiled by Leakhena Khat @leakhenakhat

MEF holds agricultural workshop
The Ministry of Economy and Finance (MEF) organised a consultation workshop yesterday to gather information and comments from agriculture sector stakeholders to assist in the preparation of a 2018 national budget that would better support to the sector.
— The Phnom Penh Post

Agro-processing SEZ moves closer to reality
A Chinese firm that plans to invest $2 billion into developing the Kingdom’s first special economic zone (SEZ) dedicated solely to agricultural processing and storage has signed on a new partner to help jumpstart the stalled project, a top agriculture official said yesterday.
— The Phnom Penh Post

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Indonesia Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Rp 810t in government debt to mature in 2018, 2019
Of the Rp 3.67 quadrillion (US$274.23 billion) in government debt in April, Rp 810 trillion will fall due in 2018 and 2019, Finance Ministry data show.
— The Jakarta Post

Indonesia sells 1.67 trln rupiah of Islamic bonds, below target
Indonesia’s finance ministry sold 1.67 trillion rupiah ($125 million) of Islamic bonds at an auction, below the indicative target of 5 trillion rupiah, its financing and risk management office said on Tuesday.
— Times of India

Indonesia police receive terror threat vowing to turn Jakarta into Marawi
A police post in a district of South Jakarta received a terror threat on Tuesday morning (Jul 4) in the form of a letter with a threatening message to the police, military and other agencies.
— Channel NewsAsia

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Lao PDR Morning News

Compiled by Cara Navarro @cara_nav

Korea Eyes Laos and Cambodia for E-commerce Opportunities
A Capacity Building Workshop for expanding business opportunities in e-commerce has been organized by the ASEAN-Korea Center in Vientiane for Wednesday, July 5, 2017.
– The Laotian Times

Laos graduates from the money laundering ‘grey’ list
Laos is continuing on its risk assessment path for money laundering and countering finance for terrorism after the country graduated from the ‘Grey’ list, which was approved by the Financial Action Task Force (FATF) last month.
– Vientiane Times

Laos, Vietnam Special Cooperation Plays Greatest Role to the Development of Businesses
Longstanding bilateral cooperation in the recent years between Laos and Vietnam is playing the greatest role in the development of businesses in the two countries, the Director General of Lao-Viet Bank, Mr Nguyan Van Bing said.
– Lao News Agency

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Malaysia Morning News

Compiled by Leakhena Khat @leakhenakhat

Malaysia: Lotte Chemical Titan raises $878m in country’s biggest IPO since 2012
Malaysia’s Lotte Chemical Titan Holding raised about 3.77 billion ringgit ($878 million) from an initial public offering (IPO) after pricing its shares at the bottom of an indicative range.
— Deal Street Asia

UEM Edgenta secures RM75.5 million Health Ministry’s job
UEM Edgenta Bhd has bagged a contract worth RM75.5 million from Health Ministry for the provision of hospital support services at the National Cancer Institute, Putrajaya.
— New Straits Times

Pahang Attracts RM56.9 Bln Investments, Create 53,565 Jobs
Pahang has attracted investments amounting to RM56.9 billion as of May 2017, creating 53,565 job opportunities, said the East Coast Economic Region Development Council (ECERDC).
— Malaysian Digest

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Myanmar Morning News

Compiled by Cara Navarro @cara_nav

UMFCCI to conduct business survey
THE UNION of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) will conduct a survey of Myanmar’s businesses development with assistance from foreign partners, according to a statement by U Zaw Min Win, the President of UMFCCI in yesterday’s Myawady Daily news.
– Global New Light of Myanmar

Thailand, Myanmar approve border road development project
Thailand and Myanmar have passed a project to develop a border road at the 8th meeting of Thailand-Myanmar Joint Coordination Committee (JCC) for the comprehensive development of Dawei Special Economic Zone and related projects.
– VietnamPlus

Myanmar eases rules to magnetize more investment
With its abundant natural resources and growing domestic market, Myanmar has become one of the most attractive investment destinations in the ASEAN
– Thailand Business News

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Philippines Morning News

Compiled by Stella-maris Ewudolu @stmarisewudolu

Duterte approves P3.767-T budget for 2018
President Rodrigo Duterte has approved the P3.767-trillion budget for 2018, as he prepared to implement a massive infrastructure overhaul, one of his economic managers said Tuesday.
— ABS-CBN

Duterte’s 14 foreign trips yieid $59.3 B in economic benefits
President Duterte’s visits to 14 countries during his first year in office have generated approximately $59.3 billion in economic benefits to the Philippines.
— Manila Bulletin

Peso to weaken further this yr and 2018 – ING
Dutch financial institution ING Bank expects the Philippine peso to weaken further this year from the current P50:$1 levels as the import season approaches, interest rates rise and the domestic political environment fails to impress foreign investors.
— The Manila Times

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Singapore Morning News

Compiled by Leakhena Khat @leakhenakhat

Singapore regulator urges law change for sound financial system
The Monetary Authority of Singapore (MAS) is calling for a second reading of a Bill that it says will ensure a sound and resilient financial system for the city-state.
— BankingTech

PM Lee hopes for reconciliation with siblings in wake of Oxley row
Prime Minister Lee Hsien Loong on Tuesday (Jul 4) welled up with emotion in Parliament as he expressed regret over a family spat which has gripped the nation in recent weeks.
— Channel NewsAsia

Economic costs of train breakdowns hard to add up but unlikely to be high: dons
THE cost of recent rail disruptions on the Singapore economy is not easy to quantify, and even if it were, may not amount to much, according to two dons.
— The Business Times

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Thailand Morning News

Compiled by John Le Fevre @photo_journ

‘Samui Times’ to be sued after Koh Tao death story
The death case of a Belgian tourist on Koh Tao took a twist on Tuesday as provincial authorities on Tuesday targeted a news website which ran the story before it went viral.
— Bangkok Post

12th National Economic and Social Development plan aims to double per capita income
Office of the National Economic and Social Development Board (NESDB) has expressed confidence that the 12th National Economic and Social Development Plan will lead to GDP growth as high as 5 percent, while this year’s GDP will only grow at 3.5 percent due to external global factors.
— NNT

Customs department lowers its revenue target
THE CUSTOMS Department has revised down the target of revenue it can collect in the 2017 fiscal year to just over Bt100 billion from the original target of Bt120 billion after revenue in the first eight months of the fiscal year fell short of the original target by Bt10 billion.
— The Nation

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Vietnam Morning News

Compiled by Cara Navarro @cara_nav

E-applications for immigration launched
The Department of Immigration has launched a website for enterprises, organizations, and agencies to complete immigration procedures online for foreign employees.
– Vietnam EconomicTimes

Unemployment dips slightly in second quarter
In the second quarter of this year, Vietnam recorded a labour force of 54.52 million, of which 53.4 million people aged 15 years or more found work, according to the General Statistics Office (GSO).
– VietnamPlus

Finance Ministry rejects LG Display’s plan to increase investment capital
The Ministry of Finance’s (MOF) move to reject LG Display’s plan to increase investment capital by $90 million to $1.59 billion shows state agencies’ concern about possible financial imbalance if foreign-invested enterprises rely heavily on loans.
– VietnamNet Bridge

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Asean Morning News is the most comprehensive selection of reports on what you need to know from around the Asean Economic Community (AEC) published. All articles are hand curated by the team at AEC News Today. It is published M-F by AEC News Today: Governance, not government; policies not politics.