Philippines Morning News For June 1

Philippines manufacturing PMI rises to 54.3 in May
The Nikkei Philippines Manufacturing Purchasing Managers’ Index, or PMI, rose to 54.3 in May from 53.3 in April.
— Nikkei Asian Review

SEC doubles minimum public ownership to 20%
The Securities and Exchange Commission will require listed companies to keep a public ownership of at least 20 percent, doubling the existing minimum public float requirement, citing the need to deepen the domestic capital market and raise the bar for corporate governance.
— Philippine Daily Inquirer

Bank lending grows 19% to P6.22 T
Bank lending grew 19.2 percent in end-April despite the weaker-than-expected economic growth in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
— Philstar Global

BSP allows more micro-banking services
The Bangko Sentral ng Pilipinas (BSP) is further expanding the scope of allowable activities in micro-banking offices to further push financial inclusion.
— Philstar Global

Moody’s sees limited impact of martial law
Credit watchdog Moody’s Investors Service said the Marawi siege and the imposition of martial law in Mindanao will not have material impact on the Philippines’ robust economic outlook for the near term.
— The Manila Times

BIR off-track in P1.83-T collection goal
The Bureau of Internal Revenue (BIR) is currently off-track in achieving its P1.829-trillion revenue target for 2017 despite higher collections in the first four months, its chief said yesterday.
— Philstar Global

Eton to expand property footprint
Tycoon Lucio Tan group-led Eton Properties Philippines Inc. has unveiled plans to expand its footprint in the Philippine office, commercial and residential property leasing markets, with particular focus on leisure and lifestyle-oriented projects.
— Philippine Daily Inquirer

DA plans to lease out land for agro-forestry
Agriculture Secretary Emmanuel Piñol plans to lease out to private firms government-owned lands suitable for agro-forestry businesses.
— Philstar Global

Supply deal delays seen to hike power costs
Further delays in the approval of long-term power supply deals of power distribution giant Manila Electric Co. (Meralco) could translate to higher electricity costs and a tight supply situation in the long run, its top official said.
— Philstar Global

NFA OKs private rice imports
National Food Authority (NFA) Administrator Jason Y. Aquino has moved to allow the entry of private-sector rice imports until June 30, extending the previous deadline of Feb. 28 and ending a months-long squabble within the NFA Council.
— Philippine Daily Inquirer

Mining firm bags Sucat power plant
A mining firm emerged the highest bidder for the purchase of the decommissioned 850-megawatt (MW) Sucat thermal power plant (STPP) in Muntinlupa City, state-run Power Sector Assets and Liabilities Management Corp. (PSALM) said yesterday.
— Philstar Global

Mindanao ARCs receive P2.5B from Italian gov’t
Fifty-three thousand households in 35 agrarian reform communities (ARCs) in Mindanao were recipients of P2.5 billion worth of projects from Italian government, according to the Department of Agrarian Reform (DAR)-Sarangani.
— Philippine Information Agency

Home Credit sees 3-fold increase in receivables
Home Credit Consumer Finance Philippines Inc., provider of alternative installment financing for gadget and home appliances, said yesterday it is targeting to reach P11 billion in total receivables by end-2017, up by almost three-fold from the P3.87 billion recorded in 2016.
— Philstar Global

Term deposit rates ease further
MATerm deposit rates continued to decline as investors ignore the political risk brought about by the decision of President Duterte to declare martial law in Mindanao
— Philstar Global

Philippines senator seeks probe into garlic cartel
Senator Cynthia Villar on Tuesday asked the Senate to look into a reported resurgence of a garlic cartel as supposedly indicated by a sudden rise in garlic prices in the local market.
– Fresh Plaza

MBC cites winners, losers in tax reform
The Makati Business Club (MBC) remains supportive of the first package of the government’s Comprehensive Tax Reform Program despite observations there is a need to recalibrate some of its provisions.
— Philstar Global

Money supply, bank lending slower in April
THE amount of money circulating in the financial system (M3), as well as bank lending, grew by double-digit rates in April from a year earlier, but moderated from March, as domestic claims and lending to productive sectors slowed, the central bank said.
— The Manila Times

Cutting BPO tax incentive ‘to hinder sector’s growth’
THE rationalization of fiscal incentives for business process outsourcing firms operating in the Philippines may broaden government’s revenue base, but it can diminish the country’s competitiveness as primary choice of BPO companies, according to a property consultancy firm.
— The Manila Times

DBM chief allays fears over stalled CTRP passage
Budget Sec. Benjamin Diokno countered yesterday the bleak assessment of Socio-Economic Planning Secretary Ernesto Pernia that the government’s ambitious infrastructure program may be in peril if Congress fails to pass the tax reform measure this year.
— Philstar Global

PCC chides telcos for asset buyout
The Philippine Competition Commission (PCC) has criticized industry giants Globe Telecom Inc. and PLDT Inc. for completing the last tranche of payment for their P69.1-billion joint acquisition of San Miguel Corp. (SMC)’s telco assets.
— Philstar Global

Feature photo Brian Evans
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