Philippines Morning News For August 24

Philippines Morning News For August 24
Estimated Reading Time: 7 minutes |

Philippines morning newsPhilippines’ 50 Richest 2017: Three Tycoons Whose Net Worths Soared
The gainers hailed from a wide range of sectors, from finance and media to food & beverage and logistics. But most represented were those whose interests relied heavily in property development and construction.
— Forbes

PH shares fall for 3rd day as foreign funds exit PSE
Philippine shares fall for a third day as foreign investors turn net sellers, snapping a 10-day streak of inflows.
— ABS-CBN (video)

Uber spends P100 million to assist drivers
UBER PHILIPPINES (Uber Systems, Inc.) said it has spent around P100 million for financial assistance to its over 36,000 drivers who have been affected by the month-long suspension of its operations by the government.
— BusinessWorld Online

PHL leads Asean in Gallup poll on people’s migrant acceptance
With millions of Filipinos being hosted in various parts of the globe, the Philippines is ready to return the favor by being the Southeast Asian country that is most accepting of migrants, according to the latest Gallup poll.
— Business Mirror

Tourism Industry in the Philippines: Part II
In the second part of this article, I will discuss the various sectors of the Philippine tourism industry. The first part of the article, covering the opportunities and incentives for foreign investors in the tourism industry, can be read here.
— Asean Briefing

JFC expresses support to Duterte programs
Foreign business chambers yesterday expressed their full confidence and support to President Duterte’s administration even as they highlighted peace and order of any country as critical factor in attracting and making investment decision.
— Manila Bulletin

Humanitarian catastrophe looms in Mindanao, aid groups warn
Fighting in the troubled southern Philippine region of Mindanao has combined with extreme weather events to create a “humanitarian catastrophe”, French aid groups said Wednesday.
— ABS-CBN

NGCP warns of higher electricity costs with removal of VAT exemption
The Senate continues to deliberate on government’s tax reform package 1. The Finance Department says government-owned and controlled corporations, whose VAT exemptions may soon be removed, can apply for subsidies. But other groups that stand to lose this benefit may be forced to pass on costs to consumers.
— ABS-CBN (video)

Beep card system expands reach to cover P2P bus service
The operator of the Beep card system, used in Metro Manila’s three elevated railway lines, expanded the service to a point-to-point (P2P) bus service linking Metro Manila to Sta. Rosa, Laguna.
— Philippine Daily Inquirer

Budget deficit narrows in July
The government’s budget deficit narrowed in July from a year earlier and the previous month with revenue growth outpacing a rise in expenditures.
— The Manila Times

Farmers get P6.9M rice processing center, thresher
The Department of Agriculture (DA) on Wednesday turned over to farmers in Barangay Cabano, San Lorenzo, Guimaras a rice processing center and one unit of rice thresher.
— Philippine News Agency

PH bank loans seen growing 15%-17% in next 2 years – S&P
Credit watcher S&P Global Ratings expect the Philippine banking sector to easily grow by as much as 17 percent this year and in 2018 on the strength of the economy, corporate earnings, low interest rates and decreasing bad loans.
— Manila Bulletin

DOH allots P65M for Bacolod City health building rehab
THE Department of Health (DOH) allocated P65 million for the construction and rehabilitation of the facilities of Bacolod City Health Office (CHO).
— Sun Star

ALI allots P46B for new projects
AYALA LAND, Inc. (ALI) is ramping up its expansion outside Metro Manila with the allocation of P46 billion to fund two estates in the Visayas and Mindanao regions.
— BusinessWorld Online

Capitol to spend P665-M for road infra projects in 2018
THE opening of new roads and concreting of existing roads will be prioritized in the list of projects to be funded by the Province’s P665-million Local Development Fund (LDF) for 2018, the Provincial Development Council (PDC) said.
— Sun Star

Peso continues to climb
THE PESO continued to strengthen against the dollar on Wednesday ahead of the Jackson Hole Economic Policy Symposium amid the absence of catalysts offshore and at home, as well as a rise in inflows brought by Japan Tobacco Inc.’s (JTI) acquisition of Mighty Corp.
— BusinessWorld Online

China Bank set to raise capital to P33 B
The Bangko Sentral ng Pilipinas (BSP) has given listed China Banking Corp. the green light to beef up its capital base by P8 billion to further strengthen its capital structure.
— The Philippine Star

July inflation rate stable at 2.8%
THE inflation rate of Davao Region in July remained stable at 2.8 percent, the same rate last June.
— Sun Star

DOT to expand visa upon approval for Indian tourists
he Department of Tourism (DOT) is eyeing to expand the Visa upon Approval (VUA) policy for Indian nationals as it seeks to further increase tourist arrivals in the country.
— Philippine News Agency

Tide turns on Duterte’s lethal drug war
“That’s beautiful,” declared Philippine President Rodrigo Duterte earlier this month after one of the bloodiest days in his year-old war on drugs campaign. “If we can only kill 32 every day, then maybe we can reduce what ails this country.”
— Asia Times

Japan Tobacco targets smoker-heavy zones
While most tobacco companies have embraced smokeless products to survive ever-tightening controls, the Japanese maker of Winston and Camel cigarettes is pressing ahead with a more low-tech strategy: selling smokes to emerging markets.
— Business Mirror

Ayala Land-Alcantara joint venture investing P20b in Davao
The joint venture company of property developer Ayala Land Inc. and the Alcantara group earmarked P20 billion to develop Azuela Cove, a mixed-use estate in Lanang, Davao City.
— Manilastandard.net

Smartphone shipments in PHL drop in second quarter — IDC
THE VOLUME of smartphones shipped to the Philippines declined in the second quarter as local vendors faced tougher competition from their Chinese counterparts, a report by research firm IDC showed.
— BusinessWorld Online

DOE eyes program to convert diesel jeepneys to e-jeeps
The Department of Energy (DOE) is planning to launch a program that will convert diesel-fed jeepneys into electric jeepneys (e-jeepney) once it irons out the hurdles in the delayed rollout of the 3,000 electric tricycles (e-trike) under the Asian Development Bank (ADB) grant, according to Energy Secretary Alfonso Cusi.
— The Philippine Star

Philippines’ biggest Muslim rebel group sounds IS alarm
The Philippines’ largest Muslim rebel group said on Wednesday it had lost 10 fighters in battles to stop a “growing force” of radical militants who support the Islamic State group.
— The News International

As anger simmers over killings, Philippine police do house-to-house drug tests
Philippine police were knocking on doors in one of Manila’s poorest neighbourhoods on Wednesday to encourage people to take on-the-spot drug tests, a campaign condemned by rights groups as harassment that could endanger lives.
— Channel NewsAsia

LIVE: Senate hearing on the death of Kian delos Santos
The Senate of the Philippines Public Order and Dangerous Drugs committee conducts a hearing on the death of Kian delos Santos on Thursday, August 24.
— Rappler (video)

Group claims dead in Duterte’s drug war now at 13,000
Human rights advocates demand the Duterte administration to end the spate of killings as the casualties of the bloody war on drugs now stood at 13,000.
— Davao Today

Comelec chief urged to show up in Senate probe or submit bank waiver
If Commission on Elections (Comelec) Andres Bautista cannot attend the next Senate panel hearing into his alleged ill-gotten wealth, he will have to execute a waiver to allow his bank to freely speak about his transactions, Senator Francis Escudero said Wednesday.
— Philippine Canadian Inquirer

Korean firms leave Philippines for Vietnam
Korean manufacturing companies in the Philippines are packing up and leaving the country for Vietnam where they see lower costs and an easier way of doing business.
— The Philippine Star

NBI: PCGG-seized firms made deposits in thrift bank tagged in Bautista wealth probe
Senators failed to get much information on the bank transactions of Commission on Elections (COMELEC) Chairman Andres Bautista because of the provisions of the bank secrecy law.
— CNN Philippines

Taiwan asks Philippines to extradite Chen Yu-hao
The government has asked Philippine authorities to arrest and extradite Chen Yu-hao (陳由豪), one of the nation’s most-wanted fugitives, Ministry of Foreign Affairs (MOFA) spokeswoman Eleanor Wang (王珮玲) said yesterday.
— Taipei Times

DILG to LGUs: Ensure public compliance to smoking ban
The Department of the Interior and Local Government (DILG) said local chief executives should undertake efforts to inform persons-in-charge of their key role in the implementation of Executive Order No. 26 as well as their duties and obligations under the said law.
— Philippine Information Agency

 

Feature photo ILO in Asia and the Pacific
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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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