Philippines Morning News For August 15

Philippines Morning News For August 15

Philippines morning newsWorld Bank arranges $206m catastrophe swap for the Philippines
The World Bank has been involved in another risk-linked transaction with the completion of a catastrophe swap transaction that benefits the Philippines, providing the government with a source of parametric risk transfer against losses caused by typhoons or earthquakes.
— (blog)

Peso pierces 51:$1, ends at 11-year low
The peso weakened anew against the dollar yesterday to close at its lowest in 11 years amid the threat of war between the US and North Korea.
— The Philippine Star

Brief: Philippine government suspends Uber for a month
The Philippines’ Land Transportation Franchising and Regulatory Board (LTFRB) has suspended the operations of ride-hailing company Uber for a month and urged it to compensate affected drivers.
— Tech in Asia

MPIC claims for overdue toll adjustments bloat to P7.5 B
Metro Pacific Investments Corp.’s claims for overdue toll adjustments for the North Luzon Expressway (NLEX) and Manila-Cavite Toll Expressway (CAVITEX) have reached P7.5 billion as of June, NLEX Corp. president and chief executive officer Rodrigo Franco told reporters, yesterday.
— The Philippine Star

AUB books P1.3-B earnings in first half
ASIA UNITED Bank Corp. (AUB) saw its bottom line reach P1.3 billion in the first six months of the year, fuelled by an expansion in its core business during the period.
— BusinessWorld Online

P50m to tide over poultry growers
THE government has allotted P50 million as initial funding for a loan program which aims to help poultry raisers affected by the recent outbreak of bird flu in Pampanga, Agriculture Secretary Emmanuel Piñol said Monday.

DA allots P50 M to help farmers affected by bird flu outbreak
The Department of Agriculture (DA) has allotted an initial budget of P50 million to assist farmers affected by the bird flu outbreak in Pampanga.
— Manila Bulletin

DoTr allots P213M for Ormoc City airport
THE DEPARTMENT of Transportation (DoTr) has earmarked P213 million for the improvement of the Ormoc City airport so that it can accommodate bigger planes, according to undersecretary for aviation and airports Manuel Antonio L. Tamayo. At present, only a 72-seater turbo prop plane of Cebu Pacific commercially flies to the airport from Cebu and back.
— BusinessWorld Online

Senate OKs bill prohibiting gift check expiry dates
The Senate passed on third and final reading on Monday a bill prohibiting expiry dates on gift checks.
— CNN Philippines

UAE restricts Philippine poultry imports
The UAE is restricting imports from an affected province of Philippines which has been hit with its first outbreak of avian flu, said the Ministry of Climate Change and Environment on Monday.
— Gulf News

Quarrying frenzy threatens 3 bridges, dam in Iloilo
A construction boom in the province of Iloilo is driving a frenzy of sand and gravel quarrying that is already weakening the foundations of at least three bridges and a dam.
— Philippine Daily Inquirer

Senate to get Chinese execs’ side on P6.4-B shabu
The Senate Blue Ribbon committee will try to secure the testimonies of the customs officials in Xiamen, China who tipped off their Philippine counterparts on the smuggling of P6.4 billion in methamphetamine hydrochloride or shabu in May, Sen. Richard Gordon said yesterday.
— The Philippine Star

PH peso to remain region’s worst performer until yearend—ANZ
The peso on Monday shed 10 centavos to finally breach the 51:$1 level and close at 51.08:$1.
— Philippine Daily Inquirer

Resorts World Manila operator reports P312-M net loss in Q2 after attack
Travellers International Hotel Group Incorporated, owner and operator of Resorts World Manila, saw a net loss of P312.09 million in the 2nd quarter of 2017, after it closed gaming doors in June due to an arson attack that claimed 38 lives.
— Rappler

Alliance Global net income drops to P10.1 billion in 1st half of 2017
Alliance Global Incorporated, tycoon Andrew Tan’s holding firm, saw its net income drop in the 1st half of 2017 following the attack on Resorts World Manila.
— Rappler

Insurers post H1 premium income of P117.29B, up 11%
THE insurance industry saw premium income grow by 11.1 in the first semester with all sectors posting expansions, regulators reported on Monday.
— The Manila Times

PSEi snaps losing streak, gains 0.43%
INVESTORS went bargain-hunting on Monday, lifting the benchmark index despite continued US-North Korea tensions.
— The Manila Times

Palace denounces Maute’s plan to strap IEDs to hostages
Malacañang on Monday, August 14, condemned the ISIS-linked Maute group’s plan to use hostages as “human bombs” to attack government forces in war-torn Marawi.
— Davao Today

EDC recurring income up 11% to P5.2 billion
With higher capacity sales from its Bacon-Manito and Unified Leyte geothermal plants, the consolidated recurring net income of Lopez-held Energy Development Corporation (EDC) had climbed 11 percent to P5.2 billion in the first half from P4.68 billion in the same period last year.
— Manila Bulletin

Ironman challenge raises P413-million tourism receipts for PHL
LOCAL tourism stakeholders were estimated to have earned at least $8.1 million (P413 million) in visitor receipts from the recent Cobra Energy Drink Ironman 70.3, one of largest and most competitive triathlon events in the Asia-Pacific region.
— Business Mirror

Binay urges national, LGUs to implement biosecurity measures amid bird flu outbreak
Senator Nancy Binay on Monday called on national and local government units (LGUs), including poultry and gamefowl farm owners, to conduct biosecurity measures amid avian influenza outbreak in Pampanga.
— Philippine Canadian Inquirer

PH, ASEAN ready to play part in dealing with NoKor nuke issue — DFA
The Philippines, as chair of this year’s Association of Southeast Asian Nations (ASEAN) Summits, is focusing on decisive diplomatic approach for a peaceful resolution of the North Korean nuclear issue, said Foreign Affairs Secretary Alan Peter Cayetano.
— Philippine News Agency

Gasoline continues rise; diesel, kerosene step back
AFTER RISING for three straight weeks, diesel and kerosene prices will decrease this week, both by P0.10 per liter (/L) to reflect the movement of prices in the international market. Gasoline, on the other hand, will maintain its upward movement, although this week’s price increase of P0.45/L is softer than the previous week’s P1.00/L climb.
— BusinessWorld Online

Puregold, S&R owner sees income rise 7%
COSCO Capital Inc., the retail holding firm of Lucio Co, reported consolidated net income growth of seven percent to P3.45 billion in the first half of 2017.
— Sun Star

BOI approves Php6.1 B air transport project
he Philippine Board of Investments (BOI) recently approved Cebu Air Incorporated’s Php6.1 billion air transport project under the public infrastructure and logistics activity of the 2017 Investment Priorities Plan (IPP).
— Philippine Information Agency

Jollibee bottomline grows 10% on higher foreign contribution
LOCAL fast-food giant Jollibee Foods Corp. (JFC) said its net income grew 10 percent during the first half of the year to P3.37 billion, from last year’s P3.06 billion, driven mainly by the acceleration of profit growth in foreign businesses, lower losses in joint ventures.
— Business Mirror

468 Youth formally enter Air Force training
468 Candidate Soldiers who are part of Class of 2017 Charlie formally entered the Philippine Air Force Air Education and Doctrine Command (AETDC) through the Basic Military Training School (BMTS) on August 8.
— Update Philippines


Feature photo Stephanie Azarias & Alexander Olpindo
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

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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