Philippines Morning News For August 2

PHL enters $3-trillion global halal market
THE Philippines is now ready to join the $3.2-trillion global halal market after the Philippine Halal Export and Development Promotion Board, led by the Department of Trade and Industry (DTI), adopted on July 26 the implementing rules and regulations (IRR) of Republic Act 10817, or the Philippine Halal Export Development and Promotion Act of 2016.
— Business Mirror

Philippines has highest HIV infection growth rate in Asia-Pacific: UN
The Philippines has registered the fastest-growing HIV/AIDS epidemic in the Asia-Pacific in the past six years with a 140-percent increase in the number of new infections, the health ministry and the United Nations said on Tuesday.
— Channel NewsAsia

BPO automation may displace 40,000, add 700,000 jobs
The shift to automation can displace 40,000 low-skilled workers in the business process outsourcing industry, but will open up job opportunities for nearly 700,000 higher-skilled counterparts, an industry official said Tuesday.
— ABS-CBN

BOI-listed investments up 40% in 7 months
New investments registered at the Board of Investments (BOI) reached P294.8 billion in the first seven months of the year, up 40 percent from P210.4 billion in the same period in 2016 amid “strong macroeconomic fundamentals and support” for government’s socioeconomic agenda.
— Philippine Daily Inquirer

Philippine infrastructure open to foreign companies though risks weigh — BMI
FOREIGN FIRMS looking for good infrastructure deals will find the Philippines attractive, Fitch Group’s BMI Research said in a note, even as it flagged operating and political risks as key dampers.
— BusinessWorld Online

House panel OKs bill requiring hospitals to release cadavers within 24 hours
The House committee on Muslim affairs approved a measure that would require hospitals, medical clinics, and other similar facilities to release the deceased within 24 hours from the time of death.
— Rappler

PH production PMI eases in July ‘17
IHS Markit’s Nikkei Manufacturing Purchasing Managers’ Index (PMI) for July this year eased to 52.8 from 53.9 in June.
— Philippine News Agency

PHL seeks more elbow room in setting rice tariffs
The Philippines could set the maximum tariff rate on rice at a range of 50 percent to 700 percent, reflecting the government’s intent to have a wide policy space in balancing the interest of farmers and consumers.
— Business Mirror

DTI to intensify crackdown against substandard products
The trade and industry department is joining forces with other government agencies to crack down on unscrupulous businessmen.
— ABS-CBN (video)

Inflation likely dips anew in July
Prices of widely-used goods and services likely dipped anew last month owing to stable food prices and lower electricity rates, the latest estimate of the Department of Finance (DOF) revealed.
— Philippine Information Agency

Security Bank net income up 8% to P15.2B
SECURITY Bank Corp. posted P5.2 billion in net income in the first half of 2017, up eight percent from the year-ago level, driven by a 26 percent increase in net interest income to P9.3 billion.
— Sun Star

Uber may lose accreditation for getting new drivers – LTFRB
Uber risks losing its accreditation after it defied a Land Transportation Franchising and Regulatory Board (LTFRB) order to halt accrediting new drivers, the agency said Tuesday, August 1.
— Rappler

BSP to demonetize P100,000 and P2,000 commemorative bills
The Bangko Sentral ng Pilipinas (BSP) on Tuesday, August 1, announced that the P100,000 and P2,000 centennial commemorative banknotes issued during the term of former president Joseph Estrada in 1998 would be demonetized.
— Rappler

PH, Czech Republic ink economic cooperation deal
The Philippines and the Czech Republic target to enhance bilateral trade and investments as the two countries inked an economic cooperation deal.
— Philippine News Agency

Tillerson to travel to Philippines, Thailand, Malaysia
US Secretary of State Rex Tillerson will travel to the Philippines, Thailand and Malaysia from Aug 5 to Aug 9, the State Department said on Tuesday (Aug 1).
— Channel NewsAsia

Peso climbs to five-week high
THE PESO continued to gain against the greenback on Tuesday to hit its strongest level in more than a month on the back of bets of hawkish pronouncements from the European Central Bank (ECB) and amid a weak dollar across a basket of currencies caused by political noise in the US.
— BusinessWorld Online

PH to tap China for P146-B ODA
The Department of Finance (DOF) said yesterday the government will tap China for P146 billion worth of loans and grants to finance some of the Duterte administration’s infrastructure projects.
—Manila Bulletin

Proposed joint venture with China may violate Constitution – SC justice
President Rodrigo Duterte will be violating the Constitution if he pushes through with his plan of going into a “joint venture” with China in the West Philippine Sea, Senior Associate Justice Antonio Carpio of the Supreme Court warned Tuesday.
— Inquirer.net

PSALM to recover P3.69-B losses from IPP contracts
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is seeking regulatory approval to recover another P3.69 billion from end-users to recoup losses incurred from contracts with independent power producers (IPPs).
— The Philippine Star

Government to lose P1 B if barangay polls postponed — Comelec
At least P1 billion in government funds will be wasted if Congress will postpone the barangay and Sangguniang Kabataan (SK) elections on Oct. 23, an official of the Commission on Elections (Comelec) said yesterday.
— The Philippine Star

Gov’t spending to drive 6.6% 2017 GDP rise — Metrobank
GROSS DOMESTIC product (GDP) is expected to grow 6.6% this year, analysts at Metropolitan Bank & Trust Co. (Metrobank) said, driven by the government’s aggressive infrastructure spending.
— BusinessWorld Online

StanChart cuts 2017 PH growth forecast
Banking giant Standard Chartered Bank has trimmed its 2017 growth forecast for the Philippines to 6.5 percent from 6.8 percent on account of a first-quarter slowdown.
— The Manila Times

MMDA to auction off impounded vehicles on Aug. 29
Owners of vehicles impounded by the Metropolitan Manila Development Authority (MMDA) have until Aug. 29 to settle their fines.
— Philippine Daily Inquirer

PH shares fall for 2nd day, drop back back to 7,900
The Philippine Stock Exchange (PSE) index suffered its biggest one-day drop in nearly four months Tuesday, kicking off what is historically known as the weakest month of the local market.
— ABS-CBN (video)

PH, French shipbuilder agree to enhance Philippines’ shipbuilding capacity
Philippine Department of Transportatio (DOTr) and French shipbuilder OCEA Shipbuilding Corp. signed last week a Memorandum of Understanding (MOU) that will enhance Philippines’ shipbuilding capacity.
— Update Philippines

8990 registers 44% profit drop to P1.2b
Mass housing developer 8990 Holdings Inc. said Tuesday net income in the first half fell 44 percent to P1.22 billion from P2.18 billion a year ago, following the delayed launching of new projects, shortage of construction finishings and momentum build-up from newly launched projects.
— Manilastandard.net

Online payment system for Davao biz owners, taxpayers pushed
The long struggle of business owners and taxpayers for waiting in long lines while transacting in the City Treasurer’s Office would soon be over if the online payment system pushes through.
— Davao Today

BDO earned P13.3b in first half
BDO Unibank Inc., the country’s biggest lender controlled by tycoon Henry Sy, said net income in the first half rose slightly to P13.3 billion from P13.2 billion a year ago.
— Manilastandard.net

UN: Philippines must address human rights violations
A group of UN experts for the Office of the High Commissioner for Human Rights (OHCHR) [official website] urged [press release] the government of the Philippines on Monday to address reports of human rights violations that include threats against indigenous people, murder and the summary execution of children.
— Jurist

Feature photo Ilocos Norte
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.

Philippines Morning News For August 2 added by Stella-maris Ewudolu on August 2, 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.