Philippines Morning News For August 31

Philippines Morning News For August 31

Philippines morning newsPH sustains lead manufacturing index, highest in ASEAN
The country has sustained its leading position in terms of Purchasing Managers’ Index (PMI) for the manufacturing sector at 53.9, the highest among ASEAN Member States.
— Philippine Information Agency

China exploits the Philippines’ soft-pedalling in South China Sea
Just days after the Association of Southeast Asian Nations ended a series of ministerial meetings in Manila in early August the Philippines faced a fresh and daunting challenge in the South China Sea.
— Nikkei Asian Review (paywall)

DoF uncovers P50-M ‘white elephant’ IT deal
THE Department of Finance (DoF) has uncovered a P50-million “white elephant” information technology (IT) project supposedly meant to support the Treasury’s operations in Manila from a remote location in the Visayas.
— The Manila Times

China’s $2 trillion of shadow lending turns focus on smaller banks
REGIONAL BANKS in China’s rust-belt provinces are driving the rapid expansion of shadow banking in the country, fueling a web of informal lending that poses wider risks to the financial system, according to a study by UBS Group AG.
— BusinessWorld Online

PAL offers to expand NAIA 2 for P20B
Philippine Airlines (PAL) is eyeing to expand the existing Terminal 2 of the Ninoy Aquino International Airport at a cost of P20 billion ($400 million) extending the existing terminal to include adjacent properties of the Philippine Village Hotel, formerly Nayong Pilipino, and the Philippine Amusement and Gaming Corp. (Pagcor).
— Malaya

AmCham wants Duterte, Trump to jump-start FTA
American businessmen are asking Manila and Washington to include a discussion on a “21st century free-trade agreement” (FTA) in the anticipated meeting between US President Donald J. Trump and President Duterte in Manila in November.
— Business Mirror

Ex-Palawan governor gets 6-8 years in prison
The Sandiganbayan on Wednesday has convicted Former Palawan governor Joel Reyes for graft and sentenced him from six to eight years in prison for issuing permits to an illegal small-scale mining in Puerto Princesa in 2006.
— Philippine Canadian Inquirer

Peso rate to stay at P51:$1 range
The peso is seen to keep within the P51 band versus the US dollar for some time with the central bank support and steady foreign exchange inflows from remittances.
— Manila Bulletin

PH shares close slightly higher after choppy session
Philippine shares manage modest gains Wednesday but value turnover fall once again as the local stock market went through another sluggish trading session.
— ABS-CBN (video)

Uber assures no pass on cost of fine to commuters: LTFRB
Uber has promised not to pass on to commuters the PHP190-million fine it paid to the Land Transportation Franchising and Regulatory Board (LTFRB) for its suspension to be lifted.
— Philippine News Agency

Theme park and waterpark approved for Subic Bay, Philippines
A $70 million leisure facility has been approved for Subic Bay, in the Philippines. Starting with a golf course, the development will lead to a theme park and waterpark in later phases.
— Blooloop

Artificial intelligence takes over some call center tasks in PH
The Philippine contact center industry expects to sustain an 8-percent annual growth over the coming years, despite the growing popularity of artificial intelligence that began to take over simple voice services.
— The Standard

Military opens Mapandi bridge to media amid heavy fighting in Marawi
The military allowed the media to cross the Mapandi Bridge in Marawi City on the 100th day of the conflict on Wednesday, August 30, symbolizing the gains of the military against local terror groups linked with the Islamic State (ISIS).
— Rappler

Bank deposits breach P11 T in H1
Bank deposits continued to register a double-digit growth in the first half, rising more than 14 percent to a record P11.01 trillion from P9.56 trillion in the same period last year, the Bangko Sentral ng Pilipinas (BSP) reported.
— The Philippine Star

DoubleDragon to spend over P4 billion for industrial hubs, hotels
DoubleDragon Properties Corporation plans to spend P4.8 billion to develop 100,000 square meters (sqm) of industrial leasing hubs and 5,000 hotel rooms across the Philippines by 2020.
— Rappler

House bill will allow foreigners to own public utilities – opposition solon
Opposition leader and Albay Rep. Edcel Lagman has assailed the leadership of the House of Representatives for prioritizing a bill that would provide a legal cover for foreigners to own public utilities in violation of the citizenship requirements provided in the Constitution.
— Manila Bulletin

MRT owners urge return of train maintenance to Japan’s Sumitomo
METRO Rail Transit Corp. (MRTC), the owner of the most congested train line in the Philippines, has taken its fight for its right to handle the maintenance of the Edsa line to President Duterte, proposing a $150-million offer to rehabilitate the rail facility.
— Business Mirror

A ‘crisis of conscience’ in the Philippines
The death toll from Philippine President Rodrigo Duterte’s war against drugs continues to mount. While the campaign — or at least the president — enjoys public support, there are growing signs of concern and unease, with prominent members of the Roman Catholic Church denouncing the policy.
— The Japan Times

PSE sells Ortigas offices to PhilRealty
THE Philippine Stock Exchange, Inc. (PSE) has sold its Ortigas offices to Philippine Realty and Holdings, Corp. (PhilRealty) for P257.18 million, as the bourse prepares its transfer to Bonifacio Global City (BGC) in 2018.
— BusinessWorld Online

Airbus offers latest choppers to AFP
Airbus is offering its new generation of helicopters to the Department of National Defense and the Armed Forces of the Philippines to help modernize the military and develop the country’s aerospace industry.
— Philippine Daily Inquirer

Philippine lawmakers endorse impeachment case against chief justice, a critic of Duterte’s war on drugs
Twenty-five lawmakers endorsed on Wednesday (Aug 30) an impeachment complaint against the chief justice of the Philippine Supreme Court, a critic of President Rodrigo Duterte’s bloody war on drugs and his decision to place the nation’s south under martial law.
— The Straits Times

France refutes Duterte’s claim on its criminal law
France yesterday rejected claims by Philippine President Rodrigo Duterte that people were guilty until proven innocent in its legal system.
— The NewPaper

P3.6-b golf course, park rising in Subic
The Subic Bay Metropolitan Authority has approved the proposal of a Korean-led company for the development of a P3.6-billion golf course and hotel and leisure facilities complex in the Freeport.
— Manilastandard.net

Duterte hits Lopez Holdings for ‘debt’ to government
President Rodrigo Duterte widened his net of companies to crack down on during a speech on Wednesday, August 30.
— Rappler

GNPower raises $800 M for refinancing of its debt
The corporate vehicle of the 690-megawatt GNPower Mariveles coal-fired power project had cash infusion of US$800 million, mainly for debt refinancing and the rest for general funding purposes.
— Manila Bulletin

Green finance facility eyed for Asia-Pacific
THE Asian Development Bank (ADB) has proposed the creation of national green financing vehicles to catalyze environmentally and financially sustainable infrastructure investments in Asia and the Pacific.
— The Manila Times

QC residents want house-to-house drug testing halted
Residents from two Quezon City barangays have asked a court to stop the house-to-house drug tests and surveys being conducted by the police in their communities.
— Philippine Daily Inquirer

Researcher seeks better promotion of goat industry
A RESEARCHER is pushing for the improvement and additional marketing of goat-raising industry in the country as it has a much bigger untapped market than cow-raising industry.
— Sun Star

 

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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