Philippines Morning News For August 3

Philippines Morning News For August 3

Philippines morning news

Auto sector to get ‘triple whammy’ from tax plan
On top of increasing excise tax on petroleum products and automobiles, the Duterte administration is also poised to impose higher registration fees for all motor vehicles, Senate President Pro Tempore Ralph G. Recto reported on Wednesday.
— Business Mirror

Government subsidies to GOCCs double to P32.31 B in June
Government subsidies to state-owned corporations amounted to P32.31 billion in in June, double the P16.05 billion recorded in June last year, data from the Bureau of the Treasury (BTr) showed.
— The Philippine Star

BIR tax take in Duterte’s first year up to P1.643 trillion
The taxes collected by the Bureau of Internal Revenue in the first year of the Duterte administration reached P1.643 trillion on the back of tax administration reforms introduced by the country’s biggest revenue agency.
— Philippine Daily Inquirer

Stock selloff stretches for 3rd straight day
The stock market witnessed another round of selloff yesterday as investors continued to pocket gains from the recent run-up.
— The Philippine Star

Duterte signs law giving free internet access in public places
President Rodrigo Duterte signed into law on Wednesday the Free Internet Access in Public Places Act (Republic Act 10929).

Duterte signs into law extension of passport validity to 10 years
President Rodrigo Duterte on Wednesday signed into law the measure that extends the validity of Philippine passports from five to 10 years, except for those of minors which would only have a five-year validity.

PH shares extend losses for 3rd straight day
Philippine shares were left out of a rally in Asia with the Philippine Stock Exchage (PSE) index falling for a third straight day.
— ABS-CBN (video)

Taxmen told to run after more ‘big fish’
THE BUREAUs of the Internal Revenue (BIR) and of Customs (BoC) have received marching orders to nab and build cases against more big-time tax cheats that could each add P20-30 billion to state coffers as part of government efforts to boost revenue collection, the Department of Finance (DoF) said in a press statement yesterday.
— BusinessWorld Online

PHL to benefit from Belt-and-Road, chairmanship of ASEAN — HSBC
THE PHILIPPINES is to benefit from China’s multi-billion dollar Belt and Road Initiative, particularly in terms of financial and technical support, the Hongkong and Shanghai Banking Corp. Ltd. (HSBC) said.
— BusinessWorld Online

SSS allots P74 million for calamity loan assistance
State-run Social Security System (SSS) has allotted around P74 million for its calamity loan assistance program (CLAP) for its active members and pensioners in conflict-hit Marawi City in Lanao del Sur and earthquake-stricken Ormoc province in Leyte.
— Manila Bulletin

San Miguel unit eyes 500-MW hydro plant in Tarlac
A unit of listed conglomerate San Miguel Corporation (SMC) plans to build a 500-megawatt pumped storage hydro project in Tarlac province, once regulators approve its application for a service contract.
— Rappler

Metrobank trims PH growth forecast
Local lender Metropolitan Bank & Trust Co. (Metrobank) has revised its 2017 Philippine growth forecast to 6.6 percent, down from the previous projection of above 7 percent, but said the economy remained on solid footing despite a first quarter slowdown.
— The Manila Times

Peso slips ahead of US jobs data
THE PESO finished almost flat versus the dollar on Wednesday amid consolidation and profit taking, with investors on a wait-and-see mode ahead of key US labor data due on Friday.
— BusinessWorld Online

Southern Leyte farmers receive P33.4-M road project from DAR
The Department of Agrarian Reform (DAR) yesterday turned over to the Silago local government unit (LGU) the remaining farm-to-market road project to improve the lives of the agrarian reform beneficiaries (ARBs) in Katipunan Agrarian Reform Community (ARC), Silago, Leyte.
— Philippine Information Agency

EastWest Bank exec eyes ’17 net income of at least P4.8B
An official of Gotianun-led EastWest Bank is optimistic that the bank’s net income this year will increase by 25 percent to at least PHP4.8 billion.
— Philippine News Agency

DTI Cebu gets P2.5 million for mentorship
THE Department of Trade and Industry (DTI)-Cebu has booked a total of P2.5 million for mentorship programs intended for Cebu-based micro, small, and medium entrepreneurs (MSMEs) this year.
— Sun Star

23 centenarians in Cordillera receive P100,000 incentive
THE Department of Social Welfare and Development (DSWD) in the Cordillera Administrative Region recently released P1.3 million to 23 centenarians from the provinces of Abra, Apayao, Kalinga and Mountain Province.
— Sun Star

Diokno advised Duterte to veto bill on free tuition
Insisting that the government could not afford to provide free tuition for state universities and colleges (SUCs), Budget and Management Secretary Benjamin Diokno has advised President Rodrigo Duterte to veto the Congress’ Universal Access to Quality Tertiary Education Act.
— Update Philippines

AEV registers net profit of P10.3b
Aboitiz Equity Ventures Inc., the holding company of the Aboitiz Group, reported a 2-percent decline in first-half net income to P10.3 billion from P10.5 billion in the same period last year.

Decline in Davao City crime rate recorded
The Davao City Police Office (DCPO) has recorded a significant decrease in the overall crime rate in the city.
— Davao Today


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.



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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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