Philippines Morning News For April 24

IMF sees Phl GDP growth at close to 7%
The Philippine economy is capable of growing by around seven percent over the next two years on the back of robust domestic demand as well as a strong recovery in exports, according to the International Monetary Fund (IMF).
— The Philippine Star

Gov’t subsidies rise nearly threefold in Feb
State subsidies to government-owned and -controlled corporations (GOCCs) have risen by almost threefold in February due to the National Irrigation Administration (NIA), data from the Bureau of the Treasury showed.
— Manila Bulletin

Abu Sayyaf rebels behead soldier
Abu Sayyaf militants beheaded a soldier they captured in the southern Philippine province of Sulu where security forces are battling the notorious group linked to the Islamic State, intelligence reports said.
— The Manila Times

Rice imports deferred
The government has decided to formally defer the importation of 250,000 metric tons of rice despite the continued insistence of the National Food Authority (NFA) to buy from international sources.
— The Philippine Star

Cigarette firm’s closure to hurt thousands of tobacco farmers
Hundreds of thousands of Filipinos supposedly will be affected if the government makes good its threat to close down homegrown tobacco company Mighty Corp.
— The Manila Times

PE firm Altus Digital Capital launches digitalization platform in SEA
A new private equity platform Altus Digital Capital (ADC) formally made its debut in the Philippines focused on investing in native digital companies in emerging markets in Southeast Asia.
— Deal Street Asia

UK opens £4.5B export-import facility in PH
The United Kingdom has offered the Philippines a chance to tap its £4.5-billion export-import facility as a financing option for the Duterte Administration’s massive infrastructure program, the Department of Finance (DoF) said over the weekend.
— The Manila Times

OceanaGold fights against Philippine mine suspension
Australian company OceanaGold has appealed directly to Philippine president Rodrigo Duterte against the suspension of its gold and copper mine on Luzon island that employs 1800 workers, most of them Filipinos.
— The Sydney Morning Herald

BSP survey of economists bares expectation of above-3% inflation rate in next three years
BANK ECONOMISTS widely expect inflation to stay above three percent until 2019 on the back of higher oil prices, rising power rates and a weaker peso, according to results of a recent central bank survey.
— BusinessWorld Online

Palace welcomes LP’s rejection of impeachment bid vs Duterte
Malacañang on Sunday welcomed the stand of Liberal Party lawmakers from the House of Representatives not to support the impeachment proceedings against President Rodrigo Duterte.
— Inquirer.net

Experts say tax amnesty acceptable only if it improves compliance
A TAX AMNESTY the government is considering will make sense only if it brings more delinquents into the fold, experts said last week.
— BusinessWorld Online

DOJ files Money laundering raps filed vs Deguito, Bautistas
The Department of Justice (DOJ) has filed money laundering charges against officials of the Rizal Commercial Banking Corporation (RCBC) and remittance firm Philrem Service Corp. (Philrem) in connection with the entry of $81 million stolen from a Bangladesh bank.
— The Manila Times

Cameras to catch ‘colorum’ vehicles
The Metropolitan Manila Development Authority (MMDA) will go after “colorum” (without a valid franchise) vehicles by setting up cameras to capture license plates and match these against a list of vehicles operating legally, MMDA officer in charge Tim Orbos said.
— Inquirer.net

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Philippines Morning News For April 24 added by Stella-maris Ewudolu on April 24, 2017
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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.