Philippines Morning News For August 22

Credit Suisse upgrades Philippine GDP 2017 outlook on Q2 results
Credit Suisse upgraded its 2017 economic growth forecast for the Philippines on the back of stronger-than-expected gross domestic product (GDP) expansion in the 2nd quarter of the year.
— Rappler

New radar system to boost PH navy’s ability to detect intrusions
The Philippine Navy’s (PN) capability to detect unauthorized entries in the country’s vast maritime domains will be greatly boosted by the American-donated tethered aerostat radar system (TARS) that will be turned over on August 22.
— Update Philippines

Stocks to dip on thin trade as ‘ghost month’ starts
LOCAL EQUITIES will likely dip this week as investors maintain a cautious stance at the official start of the so-called “ghost month.”
— BusinessWorld Online

Mineral production value rose 4.3% in first half
The value of Philippine mineral production grew 4.3 percent in the first half from a year ago on higher metal prices, despite the restriction on production and exploration imposed by former Environment secretary Regina Lopez.
— Manilastandard.net

Slain Maute members now 583: AFP
As the fighting in Marawi is now on its 91st day, military units have so far killed and neutralized 583 Maute Group terrorists in the ongoing clearing operations.
— Philippine News Agency

Russian food retailers to import Philippine fruit & veg
The leading company in the Russian food retail market expressed interest in exploring cooperation with Philippine businesses that are ready to bring their fruits and vegetable products to Russia.
— Fresh Plaza

POOR REGULATION, SECURITY HINDER PHILIPPINE GAMING GROWTH
Poor regulation and security in the Philippine casino market are preventing the country from becoming one of Asia’s top gambling destinations.
— Macau Daily Times

Bird flu-infected towns in Nueva Ecija under state of calamity
Two towns in Nueva Ecija were placed under a state of calamity due to the spread of avian influenza in poultry farms.
— GMA News

Deadliest week yet in Philippines drug and crime suspect killings
It was thought it couldn’t get any worse, but in the Philippines the killing spree of drug and crime suspects has intensified.
— ABC Online (video)

Philippines: PawnHero bags $9.7m financing, partners PLDT fintech arm
Southeast Asia’s first digital pawn shop PawnHero has closed a $9.7 million (P500 million) financing deal with a Philippine investment bank even as it signed a partnership agreement with the fintech arm of telco giant PLDT.
— Deal Street Asia

Senator wants cops to wear body cameras during drug raids
Sen. Sherwin Gatchalian wants the Philippine National Police (PNP) to reconsider requiring its operatives to wear body cameras during drug raids.
— Inquirer.net

Gov’t debt-to-GDP ratio improves in H1
Despite weaker peso, the share of debt to the country’s economy improved in the first semester of the year following a series of liability management measures implemented by the Department of Finance (DOF).
— Manila Bulletin

Metro Manila condominium rents fall, selling prices plateau
Condominium vacancy rates across Metro Manila’s central business districts rose in the second quarter and will likely pick up further in the next 12 months with new supply — mainly in Manila Bay Area and Fort Bonifacio — still outpacing demand, according to the latest report by property consultant Colliers International.
— Manila Bulletin

P21.8M raised for CCMC project
THE Cebu City Government has some P21.8 million generated from the “Piso Mo, Hospital Ko Program” deposited in one of its depository banks, according to the City Accounting Office.
— Sun Star

Peso seen regaining stability vs US dollar
After bouts of record lows hitting the P51 territory in its value against the US dollar in previous weeks, the local currency is seen stabilizing in the weeks ahead, Bangko Sentral ng Pilipinas (BSP) chief Nestor A. Espenilla Jr. said.
— Business Mirror

155,634 birds culled in Pampanga
Aided by Philippine Army soldiers, the Bureau of Animal Industry (BAI) has destroyed 155,634 chickens, ducks and quails which were sick or exposed to the H5 strain of the avian flu inside a one-kilometer quarantine zone at San Luis town in Pampanga province as of Sunday.
— Philippine Daily Inquirer

Thai firm buying 10% of Maynilad
Metro Pacific Investments Corp. is in talks with a Bangkok-based water company to sell a 10-percent stake in water utility unit Maynilad Water Services Inc. for P12 billion, sources said Monday.
— Manilastandard.net

Philippines’ Duterte says there could have been abuses in war on drugs
Philippine President Rodrigo Duterte on Monday said there could have been abuses in his government’s war on drugs and ordered the police to take custody of officers who were involved in the killing of a high school student last week.
— Channel NewsAsia

Investment houses to be removed from FINL
Foreigners will be allowed full ownership of investment houses under planned changes to the Philippines’ Foreign Investment Negative List (FINL), a socio-economic planning official said.
— The Manila Times

Watch set on crowdfunding, P2P lending
The Bango Sentral ng Pilipinas (BSP) is keeping an eye on activities such crowdfunding and peer-to-peer (P2P) lending and could issue regulations governing such if needed.
— The Manila Times

MVP urges government to lift ban on West Philippine Sea exploration
Tycoon Manuel Pangilinan wants the government to lift the moratorium on drilling and exploration in the disputed West Philippine Sea amid warming relations between Manila and Beijing.
— The Philippine Star

Australian BPO firm investing P1.6b
OOSM Solutions, an Australian business process outsourcing company, is investing P1.6 billion over the next four years to expand operations in four provinces in the Philippines.
— Manilastandard.net

PHL mango output down 10% in H1
Mango production in the first half of the year declined by nearly 10 percent to 654,100 metric tons (MT), from 724,870 MT posted a year ago, according to data from the Philippine Statistics Authority (PSA).
— Business Mirror

Thailand, PH ink TOR for joint committee on military cooperation
The Philippines and Thailand has signed the terms of reference (TOR) for the Joint Committee on Military Cooperation (JCMC) last August 17.
— Update Philippines

Philippines Central Bank Approves Licenses For Two Cryptocurrency Exchanges
The Philippines Central Bank has issued licenses for two companies to provide bitcoin exchange services.
— ETH News

Feature photo ILO in Asia and the Pacific
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 22 added by Stella-maris Ewudolu on August 22, 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.