Philippines Morning News For April 5

Philippines Morning News For April 5

Philippines morning news

Philippines, Malaysia, Indonesia join forces to take on pirates
The three Southeast Asian island nations of the Philippines, Malaysia and Indonesia are preparing for a joint naval operation to protect regional trade routes from piracy and terrorist threats.
— Asia Times

AUB earnings jump to P2.3 billion
Earnings of listed Asia United Bank Corp. (AUB) jumped 52 percent amid strong lending to companies as well as small and medium sized enterprises (SMEs).
— Phil Star

Western Visayas targets up to 11% GRDP growth
The National Economic and Development Authority (NEDA) regional office here reported a steady rise in the economy of Western Visayas, and is targeting a gross regional domestic product (GRDP) growth rate of 9.8% to 11% by 2022.
— BusinessWorld Online

China, Japan compete for $2bn Philippine gas project
China and Japan are competing for a $2-billion liquefied natural gas (LNG) project in the Philippines, Energy Secretary Alfonso Cusi told the Nikkei Asian Review.
— Nikkei Asian Review

SMC to list power unit in Q3
SAN MIGUEL Corp. (SMC) will list its power development arm SMC Global Power Holdings Corp. in the third quarter of 2017 at “whatever price or whatever outlook,” its president said.
— BusinessWorld Online

PH 7-Eleven operator nets P1.18B
The country’s leading convenience store operator Philippine Seven Corp. (PSC) booked a 16.6 percent growth in net profit last year to P1.18 billion as retail sales were boosted by the opening of new stores and a modest growth in same store sales.
— Inquirer.Net

Philippines Struggle To Stop Taiwan And Vietnam From Entering A Disputed Sea
China has earned a dubious name in the Philippines for asserting a claim to parts of a vast sea that Manila sees as its own. Chinese vessels bar Philippine fishing boats from entering a 150-square-km shoal where fishermen in the Southeast Asian country say the good hauls come from. But now not-so-friendly vessels from Taiwan and Vietnam are also turning up off Luzon Island in the Philippine exclusive economic zone, according to fishermen and local officials in a city on the South China Sea.
— Forbes

Revolutionary tax derails truce between govt, Reds
The much anticipated signing of a supposed joint ceasefire agreement between the government and the National Democratic Front (NDF) did not materialize Tuesday night.

PHL usage of military equipment, troops in HADR missions unique in ASEAN
The Philippine experience using military equipment and units in humanitarian assistance and disaster relief (HADR) is being viewed as unique by other ASEAN members.
— Philippine Canadian Inquirer

PH, Asean to pursue single mart
In light of a sluggish global economic recovery, Asean finance ministers will keep tabs of progress made thus far since the Asean Economic Community (AEC)—aimed at making the region a single market and production base—went in full swing two years ago.
— Inquirer.Net

China exploring more investment opportunities in ASEAN
Ninety-five Chinese investors will attend the 12th ASEAN FINANCE Ministers’ Investors Seminar (AFMIS)in Cebu on Thursday to explore more business opportunities in Southeast Asia, particularly in the Philipines.
— Philippine Canadian Inquirer

Manila Water completes project in Myanmar
Manila Water announced that it has completed its pilot project in Yangon City in Myanmar.

Philippines: Sierra Madre hits first close of maiden fund at $50m
Sierra Madre Philippines, a new private equity group, has completed the initial closing of its SME-focused Sierra Madre Philippines I LP Fund at $50 million.
— Deal Street Asia

Kadamay members get Bulacan houses
Members of urban poor group Kalipunan ng Damayang Mahihirap (Kadamay) can have the housing units in Pandi, Bulacan that they illegally occupied.
— The Manila Times

Firearm registration, licensing go online
IN am effort to eliminate corruption and do away with “fixers,” the Philippine National Police (PNP) has introduced the online processing of registration and licensing of firearms.
— The Manila Times

China, ASEAN make progress on framework on disputed sea: DFA
China and Southeast Asian countries have made progress in talks on a code of conduct for the disputed South China Sea, the Philippine acting foreign minister said on Tuesday.

Philippines’ March inflation rises at fastest pace in more than two years
Philippine consumer prices rose in March at their fastest pace in more than two years with seven of 11 commodity groups posting higher upticks, including energy prices, the statistics agency said on Wednesday.
— The Business Times

DOJ to probe DAP misuse
The Department of Justice (DOJ) will investigate the alleged misuse of the Disbursement Acceleration Program (DAP) during the previous administration.
— Phil Star

Food processors back deregulation of SRP
A group of food manufacturers has expressed support for the Department of Trade and Industry (DTI)’s plan to remove its approval process in setting the suggested retail prices (SRP) of basic necessities and prime commodities to reduce bureaucratic procedures.
— Phil Star

SMC Global revives IPO bid
SMC Global Power Holdings Corp., the power arm of conglomerate San Miguel Corp., is eyeing to list on the stock exchange in the third quarter of 2017, according its top official.
— Phil Star

BuCor-Tadeco deal under review – Palace
Malacañang is awaiting the results of a probe being done by the Department of Justice (DOJ) on the alleged anomalous contract between the Bureau of Corrections (BuCor) and Tagum Agricultural Development Co. (Tadeco) owned by Davao del Norte 2nd district Rep. Antonio Floirendo Jr.
— Phil Star

US Destroyer Makes Port Call in Philippines’ Subic Bay
Move indicates continuing military links between the two allies in spite of what the rhetoric may suggest.
— The Diplomat

No DAP cases involving loss of funds to this day
Two government spending programs were declared unconstitutional by the Supreme Court – the Priority Development Assistance Fund (PDAF) on November 19, 2013, and the Disbursement Acceleration Program (DAP) on July 1, 2014.
— Manila Bulletin

PEZA head supports expansion of Hermosa ecozone
The Philippine Economic Zone Authority (PEZA) is pushing investors to invest in the strategically-located Hermosa economic zone in Northern Bataan.
— Manila Bulletin

Logistics: conglomerates’ next arena
LOGISTICS has emerged as the next growth area for the country’s biggest conglomerates, as they hope to find opportunities in the highly fragmented sector that continues to suffer from longstanding inefficiencies.
— BusinessWorld Online

House targets approval of first tax reform package next month
THE FIRST PACKAGE of the government’s tax reform program could bag committee and plenary approval in the House of Representatives next month, according to the head of the chamber’s Ways and Means committee, even as the Department of Finance (DoF) had hoped to get the Senate’s green light as well by June.
— BusinessWorld Online

Returning IS fighters to regroup in Philippines: experts
Battle-hardened Southeast Asian Islamic State (IS) fighters returning from the Middle East following the group’s setbacks are expected to rebase in the southern Philippines, a security conference heard yesterday.
— The Daily Star


Feature photo Brian Evans
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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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