Philippines Morning News For August 11

Philippines Morning News For August 11
Estimated Reading Time: 7 minutes |

Philippines morning newsPaolo Duterte a ‘smuggler’? Trillanes releases documents anew
After presidential son and Davao City Vice Mayor Paolo Duterte was implicated in drug smuggling, opposition Senator Antonio Trillanes IV released documents anew linking the former to illegal shipments.
— Rappler

Foreign investments surge 57% in May
Foreign direct investment (FDI) inflows into the Philippines jumped 57 percent to $572 million in May from $364 milion a year ago as the country’s strong macroeconomic fundamentals continued to buoy investor confidence, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

Pomp and Ceremony at Asean’s 50th Anniversary (video)
Flags, musical horns, dancers and a grand parade were the order of the day on Tuesday, August 8, when Asean celebrated its golden jubilee.
— AEC News Today

BSP keeps policy rates unchanged
The Bangko Sentral ng Pilipinas (BSP) kept key rates steady on Thursday when the policy-setting Monetary Board met for the first time led by BSP Governor Nestor A. Espenilla Jr.
— GMA News

FlySpaces Raises $2.1 Million In Biggest Philippines-Based Pre-Series A Investment
In the land of the permanent office-based blind, the open-eyed flexible office is king… to bowdlerise a popular phrase.
— Forbes

Auto sales up 23.3% in July
Vehicle sales rose by 23.3 percent in July to 36,951 units from a year earlier and industry groups said they remained optimistic despite threats such as tax hikes sought by the government.
— The Manila Times

Philippine crackdown sought on illegal guns
A global peace network called on the Philippines to take advantage of martial law in Mindanao “to get rid of illegal guns” and reduce the possibility of them being recycled.
— UCA News

Condo rents to drop as supply expands
COLLIERS International expects rents to decline by 1 percent to 3 percent in the next few months until 2020, depressed by market competition as alternative locations become viable for condominium projects.
— The Manila Times

P1.5-million aid to Leyte barangays
The Leyte provincial government gave more than P1.5 million in assistance to projects in two towns of the province.
— Manila Bulletin

Total trade down, manufacturing sector growth slowed in June
Total trade declined while manufacturing growth slowed in June, prompting state planning agency National Economic and Development Authority (Neda) to push for further diversification of export markets.
— Philippine Daily Inquirer

PH stocks continue downturn, on 3-day slide
The local stock barometer slipped for the third straight session on Thursday after failing anew to stay above the 8,000 mark in intra-day trade.
— Philippine Daily Inquirer

Philippine bishops bristle at US Marawi intervention report
At least three Catholic bishops from the southern Philippines have voiced opposition to the United States conducting air strikes against terrorist targets in Mindanao.
— UCA News

Diokno: Free tuition to cost gov’t P50-B initial expenses
Initial expenses from the newly signed law granting free tuition for students enrolled in State Universities and Colleges (SUCs) will likely cost the government at least PHP50 billion in its first year of implementation, Budget and Management Secretary Benjamin Diokno said.
— Philippine News Agency

PH shares slip anew as trade dries up
Most markets closed lower for a second day as geopolitical tensions over North Korea again weighed on sentiment. But as Warren de Guzman tells us, Philippine shares are now down for a third straight day
— ABS-CBN (video)

Metro Retail profit up 53% at P401M
LISTED retailer Metro Retail Stores Group, Inc. said Thursday its net income for the first half of this year grew 53 percent on the back of its expanded market coverage, underpinned by strong domestic consumption amid a growing economy.
— The Manila Times

Gov’t assures full implementation of free tuition law by June 2018
Filipino students can now expect the full implementation of the recently signed law granting free tuition in all state-run universities and colleges in the country by June 2018, the Commission on Higher Education (CHED) assured on Thursday.
— Philippine Canadian Inquirer

PLDT’s net income soars 134% to 11.6b
PLDT Inc. said Thursday net profit soared 134 percent in the second quarter, on the back of a one-time gain from the sale of Manila Electric Co. shares and the absence of impairment losses from its investment in Rocket Internet of Germany.
— Manilastandard.net

Philippine growth slows below 6% in Q2 – Credit Suisse
The country’s gross domestic product (GDP) growth likely slowed to below six percent in the second quarter, according to Credit Suisse.
— The Philippine Star

Rice stocks down 14.08%–PSA
The country’s rice inventory as of July 1 declined by 14.08 percent to 2.347 million metric tons (MMT), from 2.732 MMT recorded a year ago, according to the latest report of the Philippine Statistics Authority (PSA).
— Business Mirror

Forex, telco assets drag San Miguel net income in 1st half of 2017
San Miguel Corporation (SMC) recorded P26.1 billion in net income for the 1st 6 months of the year, down 26% from the P35.3 billion recorded in the same period last year, due to foreign exchange effects and a one-time gain from the sale of its telecommunications assets in 2016.
— Rappler

RCBC reports P2.35-b income
Rizal Commercial Banking Corp., the ninth-largest lender in terms of assets, said Thursday net income in the first half reached P2.35 billion, down by 10 percent from P2.61 billion a year ago.
— Manilastandard.net

BPOs ‘safe’ from tax reform, sugar-sweetened milk under deliberation
Business process outsourcing (BPO) companies will be safe from the Duterte administration’s proposed tax reform package, while the fate of milk products, particularly flavored ones, will still be discussed, according to Finance Secretary Carlos Dominguez III.
— Rappler

Semirara power units boost profits to P7.86 billion
SEMIRARA Mining and Power Corp. (SMPC) posted a 24-percent increase in net income in the first half of the year to P7.86 billion, from P6.36 billion in the same period a year ago, mainly due to stronger contributions from its power units.
— Business Mirror

P30-B ‘patriotic’ bond mulled for Marawi rehab
A P30-BILLION “patriotic bond” is being mulled by the Department of Finance (DoF) for the rehabilitation of Marawi City, which has been ravaged by the still ongoing gun battle between government forces and the Islamic State-inspired Maute terror group.
— BusinessWorld Online

P100-million resort to rise in Mati City
A P100-MILLION inland resort and convention center will rise in Mati City, Davao Oriental, next year.
— Sun Star

Group urges DOLE to support bill granting sitting breaks for women workers
The Gabriela Women’s Party urged Labor Secretary Silvestre Bello III to support House Bill 1049 which mandates a regular sitting breaks for female employees in manufacturing and services sectors.
— Davao Today

New markets to help PH trade recovery – NEDA
The National Economic and Development Authority urges tapping of new markets for Philippine trade to bounce back from its slight decline in June 2017.
— Philippine Canadian Inquirer

Contingency plans readied for Filipinos in Guam – DFA
The Department of Foreign Affairs (DFA) on Thursday assured that contingency plans have been prepared to ensure the safety of overseas Filipino workers (OFWs) should North Korea (NoKor) launch a missile strike on Guam island.
— Update Philippines

PRDP earmarks P310-M for road projects in Zambo Sur
The Department of Agriculture embarks on a road network project in Zamboanga del Sur to connect remote barangays to bigger markets to raise income, productivity and competitiveness in targeted areas and spur economic growth.
— Philippine Information Agency

US, China vie for anti-terror influence in the Philippines
As the battle between Philippine troops and Islamic State-linked militants enters its third month in the besieged city of Marawi, it has become clear to many that Manila’s armed forces need a strategic course shift from jungle to urban warfare tactics to counter the new rising threat of global terrorism in its midst.
— Asia Times

Exclusive: Japan seeks Southeast Asia clout with chopper parts for Philippines military – sources
Japan’s army will give thousands of helicopter parts to keep Philippine military choppers airborne, helping Tokyo gain clout with Manila in a contest with China to secure influence over the strategic South China Sea nation, four sources said.
— Reuters

U.S. drone strikes in the Philippines would be a massive mistake
Erik Goepner commanded military units in Afghanistan and Iraq and is a visiting research fellow at the Cato Institute and doctoral candidate at George Mason University. A. Trevor Thrall is a senior fellow in defense and foreign policy at the Cato Institute and associate professor in the Schar School of Policy and Government at George Mason University.
— Washington Post

Thailand And Philippines Want No Part of Asia’s Dollar Bond Boom
Over in Asia’s booming dollar-bond market, there are two notable absentees: Thailand and the Philippines.
— Bloomberg

Peso sinks to three-week low on Fed bets
THE PESO continued to slump against the greenback on Thursday, hitting a three-week low, amid investor appetite for the dollar and stronger bets of further monetary tightening by the US Federal Reserve ahead of inflation data.
— BusinessWorld Online

Feature photo Asian Development Bank
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

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

Stella-maris Ewudolu

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005. Between November 2004 and February 2011 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. Since 2010 she has worked as a freelance screen writer for 'Nollywood', Nigeria.
Stella-maris Ewudolu

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