Philippines Morning News For August 30

Philippines Morning News For August 30

Philippines morning newsPH outsourcing services to hit $500M by 2021
The digital transformation journey of companies in the country will lead to spending on outsourcing totaling $500 million (P25.5 billion) by 2021, data from research firm International Data Corporation (IDC) showed.
— The Manila Times

Philippines condemned to worst SEA Games finish in 18 years after one-gold haul on Tuesday
The Philippines settled for one gold medal on the penultimate day of the 29th Southeast Asian Games, assuring the country of its worst finish in 18 years in the biennial showpiece.
— Sports Interactive Network Philippines

Uber back on the road after paying hefty fine
Good news for commuters and tens of thousands of Uber drivers: the app-based company is back on the road. It paid a hefty amount to lift a month-long suspension imposed by transport regulators.
— CNN Philippines

Investment pledges at PEZA surge 89% at end-July ‘17
Investment pledges at the Philippine Economic Zone Authority (PEZA) surged by 89.43 percent to PHP132.66 billion in January to July 2017, from PHP70.03 billion in the same period in 2016.
— Philippine Canadian Inquirer

MCIA passenger traffic hits 5.17 million in first half
PASSENGER TRAFFIC at the Mactan-Cebu International Airport (MCIA), the country’s second-busiest airport, reached 5.17 million from January to June this year, 16% higher than the same period in 2016 and hitting half of the airport’s 10 million target for 2017, based on data from the MCIA Authority. During the six-month period, international passengers increased 40% to 1.59 million from 1.14 million year on year, while domestic passengers reached 3.58 million, up 8% from 3.32 million.
— BusinessWorld Online

Peso weakens on risk aversion
THE PESO went down against the dollar on Tuesday due to lack of fresh leads and demand for the safe-haven greenback amid rising geopolitical tensions offshore.
— BusinessWorld Online

Phinma invests P210M in new cement firm
LISTED holding firm Phinma Corp. said on Tuesday it is investing P210 million for a 60 percent stake in a new cement company that has yet to be incorporated.
— The Manila Times

Faeldon may be sued for planting evidence
RESIGNED Customs commissioner Nicanor Faeldon could be charged with planting evidence for allowing the unauthorized “controlled delivery” of 100 kilos of shabu to a warehouse in Valenzuela City, a crime punishable by death under the Comprehensive Dangerous Drugs Act of 2002, Surigao del Norte Rep. Robert Ace Barbers said Tuesday.
— Manilastandard.net

PH shares slump on latest North Korea missile launch
The Philippines Stock Exchange index falls below the 8,000 level in step with a regional sell-off sparked by North Korea’s latest provocation. Warren de Guzman reports.
— ABS-CBN (video)

Maynilad allots P7b for upgrade
Maynilad Water Services Inc., the utility that distributes water in the west zone of Metro Manila, is investing P7 billion to upgrade its La Mesa Water Treatment Plants 1 and 2 in Quezon City.
— Manilastandard.net

PhilRice touts benefits of genetically modified Golden Rice in fighting Vitamin-A deficiency
THE Philippine Rice Research Institute (PhilRice) said it is counting on field trials for genetically modified Golden Rice to demonstrate the benefits of delivering Vitamin A through the staple grain.
— BusinessWorld Online

All-female contingent deployed to Marawi City
The Armed Forces of the Philippines (AFP) and Philippine National Police (PNP) today sent-off an all-female civil relations company (CRC) composed of 60 AFP enlisted personnel and 40 non-commissioned officers of the PNP to Marawi City.
— Update Philippines

DTI says PH experiencing manufacturing resurgence
Trade Secretary Ramon Lopez said the Philippines sees a resurgence of its manufacturing sector, putting the country on track with its goal to becoming industrialized.
— Malaya

PSE buys IHAP’s stake in PDS Holdings
The Philippine Stock Exchange (PSE) on Tuesday, August 29 said it has signed a deal to acquire the stake of the Investment Houses Association of the Philippines (IHAP) in PDS Holdings Corporation for P11.66 million.
— Rappler

PHL cacao beans chosen among world’s best in 2017
THE Cocoa of Excellence Program has selected cacao-bean samples sent by Charita Puentespina of Puentespina Farms in Davao as part of the best 50 samples from a total of 166 samples received from 40 countries for the 2017 edition.
— Business Mirror

The Philippines Launches Visas on Arrival Program for Chinese Nationals
The Philippines Bureau of Immigration (BI) has launched a Visa Upon Arrival (VUA) program for Chinese nationals. As part of the program, the BI will issue “landing visas” to Chinese travelers upon their arrival at the airport of their destination. The program will be implemented in the capital Manila’s Ninoy Aquino International Airport (NAIA) as well as Clark International Airport, Mactan-Cebu International Airport and at Kalibo International Airport.
— Asean Briefing

Security Bank to raise funds via LTNCDs
SECURITY Bank Corp. said on Tuesday it will be raising as much as P20 billion in fresh funds through the issuance of long-term negotiable certificates of time deposit (LTNCD) to fund its asset growth and lengthen the maturity profile of its liabilities.
— The Manila Times

SM purchase of Goldilocks awaiting PCC approval
SM Investments Corp. confirmed yesterday ongoing discussions to acquire a 51-year-old restaurant chain run by Goldilocks Bakeshop Inc.
— Philippine Daily Inquirer

Grab wants better data on traffic
RIDE-SHARING company Grab Philippines is willing to sponsor a third-party study that will weigh the impact of disruptive technologies on the country’s traffic situation, following observations that traffic in Metro Manila remained bad during the suspension of rival Uber Systems Inc.
— Sun Star

China aid sought on PH probe of P6.4-B shabu shipment
China must be willing to cooperate with the Philippines in investigating the PHP6.4 billion worth of shabu shipment from China that slipped through the Bureau of Customs (BOC), a senator said Tuesday.
— Philippine News Agency

Semirara Mining more than tripling capital base to P10 B
Semirara Mining and Power Corp. (SMPC) is preparing itself for future investments after it secured regulatory approval to more than triple its authorized capital stock.
— The Philippine Star

DOE gets go-signal on P50-M budget for nuclear study
The Department of Energy (DOE) has secured the go-signal of Senate Committee on Finance for P50 million allocation on its planned study that shall cement the country’s nuclear power program.
— Manila Bulletin

Century Properties net income down 11%
Century Properties Group Inc. (CPG) said profits fell by 11 percent to P446 million in the first half of the year compared with P502 million in the same period last year, as real estate sales declined.
— The Manila Times

90% of TB patients cured
Medical officers of the Baguio General Hospital and Medical Center (BGHMC) disclosed that 90 percent of patients undergoing the stringent 6-month tuberculosis (TB) treatment have been declared as cured and completed.
— Philippine Information Agency

Aust offers Philippines training in IS battle
Australia has offered to help train the Philippine military for its fight against Islamic extremists.
— Sky News Australia (video)

Japan, UN group to work to combat pirates in Philippines
Japan is set to join hands with a U.N. organization in combatting pirates belonging to an Islamic extremist group in the Philippines, it has been learned.
— Hellenic Shipping News

PCC approves JTI-Mighty deal
The Philippine Competition Commission (PCC), the government’s anti-trust body has approved Japan Tobacco Inc. (JTI)’s acquisition of Mighty Corp. from the Wongchuking family.
— The Philippine Star

The Philippines: Cathedral held by extremists in Philippines liberated
AFTER more than three months in the hands of Islamist extremists, St Mary’s Cathedral in Marawi City has been retaken by the Armed Forces of the Philippines (AFP).
— ACN Australia (media release)

Davao water district hit over unstable supply
Councilors here hit anew utility firm Davao City Water District (DCWD) for its alleged failure to address the water supply shortage felt by its customers in the northern part of the city.
— Davao Today

 

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.

 

 

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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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