Philippines Morning News For April 20

Philippines Morning News For April 20

Philippines morning news

Surging imports drive March BoP to biggest deficit in four months
The Philippines’ external payments position stood at a $550-million deficit last month, the biggest seen since the $1.671-billion shortfall recorded in November last year.
— BusinessWorld Online

Philippines: CIP to divest 65% stake in LMG Chemicals
Chemical Industries of the Philippines Inc (CIP) on Wednesday said that it is divesting its 65.92 per cent stake in LMG Chemicals Corp.
— Deal Street Asia

Online gaming firms driving up office rent in Metro Manila
Coming from a seven-year boom, Philippine landlords would continue to enjoy higher office rental rates this year as business process outsourcing (BPO) remained robust and with online gaming, an emergent sector, also joining in the chase for fast-dwindling office inventory.

PSEi dips 0.86% as global uncertainty weighs
The bellwether Philippine Stock Exchange index (PSEi) retreated on Wednesday, losing 66 points following negative leads from Wall Street and other Asian markets, in light of geopolitical tensions and weak earnings of US companies.
— The Manila Times

PH balance of payments deficit widens to $550 million in March
The country posted a balance of payments (BOP) deficit of $550 million in March, the sixth straight month that the amount of dollars that left the economy was more than those that came in.

Philippine senator calls for probe into police cash-for-kill claim
A Philippine senator called for a probe on Wednesday into allegations by senior officers in a Reuters report that police received cash rewards for executing drug suspects, while a police spokesman challenged the claims but said they would be investigated.
— Channel NewsAsia

100 firms set to tap CIC pilot credit data system
ONLY 100 financial entities will be able to join the pilot phase of the country’s national credit information system next month, below the Credit Information Corp.’s (CIC) 170 to 200 anticipated submitting institutions, due to delays in the submission of documentary requirements of some corporates.
— BusinessWorld Online

Manila’s renovated Quinta Market boasts food court, 100-vehicle parking lot
Nearly two years after they were displaced by its closure, around 250 vendors reopened their stalls at the newly renovated Quinta Market and Fishport in Quiapo on Wednesday.

Focus on buying rice aggressively, NFA told
The time has come for the government to buy palay aggressively as farm gate prices have receded to P17 a kilo, which is within the National Food Authority’s support price, according to the Samahang Industriya ng Agrikultura (Sinag).

G7 urges compliance with UN ruling on sea row
Foreign ministers of the Group of Seven (G7) industrialized nations have issued a joint communiqué calling for the implementation of a ruling by a UN-backed arbitral court invalidating China’s expansive claims in the South China Sea.
— The Philippine Star

Banks swamped with P10T in deposits — PDIC
Banks are overflowing with cash with deposits breaching the P10-trillion mark last year and giving the economy enough credit to finance growth amid rising interest rates.
— The Philippine Star

Economy likely grew 7% in Quarter 1 – Pernia
The Philippine economy likely grew seven percent in the first quarter of the year, the middle point of the target range for 2017, Socioeconomic Planning Secretary Ernesto Pernia said.
— The Philippine Star

Rice prices may rise if imports halted: economist
The Department of Agriculture’s plan to stop rice importation in to favor local farmers could push up prices of the staple grain, an economist said Thursday.

Taiwan grants paid leaves to OFWs, migrant workers
Overseas Filipino workers who have worked in Taiwan for more than a year are now entitled to paid leaves credit, the Manila Economic Cultural Office (MECO) said Wednesday.

Mine review proceeds amid Cabinet row
THE NEW review of mining projects nationwide can now proceed unhindered as Environment Secretary Regina Paz L. Lopez yesterday signaled qualified support, even as she bared a spat over the issue with a fellow Cabinet member.
— BusinessWorld Online

Shoot ASG men, Duterte orders
President Duterte has encouraged the government forces as well as civilians to shoot members of the Abu Sayyaf Group (ASG) “dead or alive” following the attack in Inabanga, Bohol, during the Holy Week that left 10 people dead, four from the government forces.
— Manila Bulletin


Feature photo Danny O
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Philippines morning news by AEC News Today is your one stop source for Philippines news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.




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Stella-maris Ewudolu

Journalist at AEC News Today

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005.

Between November 2010 and February 2012 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.

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