Philippines Morning News For August 16

Philippines Morning News For August 16

Philippines morning newsRemittances hit 3-month high of $2.47B in June
Filipinos working and living abroad sent more money home in June, a three-month high of $2.47 billion, partly as the peso slid to nearly 11-year lows and in time for the opening of classes that month.
— Philippine Daily Inquirer

Philippines regulator denies Uber’s appeal on one-month suspension
The Philippines’ transport regulator on Tuesday denied an appeal by Uber Technologies Inc against its order suspending the ride-hailing firm’s services for a month in the Southeast Asian nation.
— Deal Street Asia

Economy likely grew 7-7.2% in Q2 — DOF
The economy likely expanded within the seven percent to 7.2 percent range in the second quarter on the back of strong exports and agricultural output, as well as improved public spending, the Department of Finance (DOF) reported yesterday.
— Philippine Star

BSP outlines new rules, penalties for money launderers
The Bangko Sentral ng Pilipinas (BSP) will impose stiffer penalties on individuals found to be guilty of money laundering.
— Rappler

Philippine fighters at risk in brain scan scam
A total of 150 professional boxers in the Philippines have been banned for falsifying brain scan results aimed at detecting serious head injuries in the sport, regulators said Tuesday.
— The News International

IGD: Philippines to become fifth-largest grocery retail market in Asia
The grocery retail market in the Philippines is forecast to grow on average 9.3% year-on-year between 2016 and 2021, which will make it the fifth-largest grocery retail market in Asia, according to new data released by IGD, the international grocery research organisation.
— Marketing Interactive

China barred PH ship from Pagasa Island – lawmaker
Magdalo party-list Rep. Gary Alejano on Tuesday claimed Chinese vessels barred a Philippine government ship from going to Pagasa Island and have deployed vessels one to three nautical miles north of the contested territory in the West Philippine Sea (South China Sea).
— The Manila Times

Uber defies suspension order in the Philippines
An ongoing dispute between Uber and Philippine regulators escalated yesterday with the app-based, ride-hailing service resuming its operation after halting it for half a day, in effect defying a one-month government suspension.
— The Straits Times

Agriculture growth picks up to 6% in Q2
Agriculture sector growth accelerated in the second quarter as favorable weather boosted harvests, the government reported on Tuesday.
— The Manila Times

PhilPlans losses pull STI into the red for P440 M
STI Holdings reported a P440-million net loss in the first three months of its fiscal year ending in March, 2018 compared to last year’s net income of P10.6 million due to losses of an affiliate.
— Manila Bulletin

PSEi back at 8,000 as missile fears ease
The stock market climbed back to 8,000 territory on Tuesday following reports that North Korea was holding off from firing missiles at Guam.
— The Manila Times

Peso sinks on Fed rate bets
THE PESO continued to drop against the greenback on Tuesday, hitting another near 11-year low, as investors flocked to the safe-haven dollar following hawkish remarks from a US Federal Reserve policy maker.
— BusinessWorld Online

Central bank likely to hike rates within 2017 as inflation picks up
THE Bangko Sentral ng Pilipinas (BSP) will still have to raise interest rates by yearend to keep up with faster inflation, analysts at BMI Research said, as they expect prices to rise by as much as 4% later this year.
— BusinessWorld Online

FLI 6-mo. net income rises 8% to P2.6B
Gotianun-led Filinvest Land Inc. grew its net profit in the first half by 8 percent year-on-year to P2.66 billion on higher earnings from residential development and leasing businesses.
— Philippine Daily Inquirer

Metro Pacific eyes PH, Southeast Asia expansion
Metro Pacific Investments Corporation is beefing up its water business as it pursues projects across the country. The Pangilinan-led firm is also setting its sights on expanding to Southeast Asia.
— ABS-CBN (video)

Philippine sugar production hits 2.5 MMT
The country’s sugar output has reached 2.5 million metric tons (MMT) as of August 6, surpassing the production target of the government for the current crop year, according to data from the Sugar Regulatory Administration (SRA).
— Business Mirror

Abra bans winged animals from Pampanga
Winged animals, poultry, day-old chicks, eggs and even chicken manure from Pampanga are now banned from entering this province.
— Philippine News Agency

Shell’s income dropped 16% to P4.2b in 1st half
Pilipinas Shell Petroleum Corp. said Tuesday net income fell 16 percent in the first half to P4.2 billion from P5 billion in the same period last year, on lower oil prices and following the maintenance shutdown of its oil refinery in Batangas province.
— Manilastandard.net

Maynilad spends P291 M for pipe replacement
West Zone concessionaire Maynilad Water Services Inc. has allocated P291 million for its pipe replacement project to improve water quality and pressure in Quezon City.
— Philippine Star

BOI registers CebPac’s P6.1-B aircraft acquisition
The Board of Investments (BOI) registered Cebu Air Inc.’s Php6.1-billion aircraft acquisition under public infrastructure and logistics activity of the 2017 Investment Priorities Plan (IPP).
— Philippine News Agency

Price of rice, corn grits stable
PRICES for commercial rice and corn grits remained the same with their last month’s prices based on the monitoring conducted by the National Food Authority-Davao Region.
— Sun Star

BIR exceeds collection goal for July 2017 by P3.66 Billion
For the month of July 2017, the BIR collected P138.38 Billion in tax revenues, P3.66 Billion or 2.72% more than the collection goal of P134.72 Billion. Compared to the July 2016 collection of P117.61 Billion, the BIR posted a growth rate of 17.66% or an increase of P20.77 Billion.
— Philippine Information Agency

Grab imposes price surge limit amid Uber suspension
A Transport Network Company (TNC) offers commuters a respite after the suspension of Uber.
— CNN Philippines

Military to be alerted should NK proceeds with missile launch
Pertinent Filipino military units will be alerted once North Korea decides to go ahead with its plan to launch four intermediate range missiles off Guam waters sometime this month.
— Philippine Canadian Inquirer

PNP Eastern Visayas set to receive hybrid cars from Japan
The Philippine National Police (PNP) in Eastern Visayas will receive 45 brand new Toyota Prius hybrid cars from the Department of Energy (DOE) on Wednesday. The cars were donated by the Japanese government to areas affected by super typhoon “Yolanda”.
— Update Philippines

PDIC digs into records of Hortaleza-led thrift bank
State-run Philippine Deposit Insurance Corp. said Tuesday it is digging into the records of the closed World Partners Bank, a Laguna-based thrift bank led by the founders of Splash Corp.
— Manilastandard.net

No ban on fowl exports — Lopez
Trade Secretary Ramon Lopez is ruling out the possibility of countries banning imports of poultry products from the Philippines following the government’s confirmation of an avian flu outbreak in Pampanga last week.
— Philippine Star

 

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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