Philippines Morning News For August 4

PH proposal on commercial use of SCS dropped from code framework
The Association of Southeast Asian Nations (ASEAN) and China omitted from the framework of a pending rules code on the South China Sea – a proposal by the Philippines to protect commercial and non-military activities in the disputed waters.
— CNN Philippines

Singaporean firm bullish on PH despite uncertainties
As ASEAN economies continue to integrate, Singaporean companies remain bullish over the Philippines, despite security concerns and corruption allegations in government agencies.
— ABS-CBN (video)

8 of 15 killed in Ozamiz raid test positive for gunpowder
Eight out of the 15 persons killed in the bloody anti-drug raid in Ozamiz City last July 30 were found positive for gunpowder nitrates in the PNP Region 10 Crime Laboratory paraffin test.
— Update Philippines

NFA awards 250K-MT rice imports
State-run National Food Authority (NFA) has officially awarded import rights to six Southeast Asian bidders for the 250,000 metric tons (MT) of rice to boost the country’s dwindling buffer stock.
— The Philippine Star

Duterte yet to issue formal document terminating talks with communists
Two weeks since President Rodrigo Duterte announced he does not want to talk to the communists anymore the National Democratic Front of the Philippines said it has not yet received a formal notice from the Philippine government.
— Davao Today

HIV rise being facilitated by technology
A young woman consulted a medical doctor to avoid getting pregnant as she got intimate with her boyfriend in the early 2000s. The first one she consulted – also a woman – would not give her birth control pills or any artificial means to prevent pregnancy.
— The Philippine Star

PHL bans Belgian poultry products over avian flu
The Philippine government has slapped a temporary ban on the importation of poultry meat and products from two municipalities in Belgium, where a lethal strain of the bird-flu virus has been detected.
— Business Mirror

Gov’t eyes additional P1B in ‘sin’ tax take a year
As a result of its tough stance against cigarette manufacturer Mighty Corp. for alleged tax evasion, the government would collect an additional P1 billion in “sin” taxes monthly, Finance Secretary Carlos G. Dominguez III said.
— Philippine Daily Inquirer

PhilHealth reiterates P3-B health benefits for poor Filipinos
The Philippine Health Insurance Corporation (PhilHealth) on Thursday reiterated that Congress has allotted PHP3-billion to cover the premium payments for non-member patients who are identified by the Department of Social Welfare and Development (DSWD) as indigents.
— Philippine News Agency

PH shares firm up; investors seek fresh catalysts
The local stock barometer firmed up slightly on Thursday as investors waited for fresh leads from the second quarter corporate earnings season.
— Philippine Daily Inquirer

President to decide on free tuition law before deadline
President Duterte said he will decide on Congress’ proposal to grant tuition-free education in all state universities and colleges (SUCs) before the deadline.
— Manila Bulletin

Philippines RE Holdings buying First Gen’s EDC stake for up to $1.2b
The Philippines Renewable Energy Holdings Corporation (PREHC) has offered to acquire First Gen Corporation’s stake in Energy Development Corp (EDC) pegged at $1.2 billion (P64.525 trillion).
— Deal Street Asia

BPI income drops in H1
Lower securities trading gains as well as the absence of one-off income pulled down the profit of Ayala-led Bank of the Philippine Islands (BPI) by 7.7 percent in the first half.
— The Philippine Star

Philex income as of June down 3% to P748M
Philex Mining Corp., the country’s biggest gold producer, reported a 3-percent drop in its net income as of June this year.
— Philippine Daily Inquirer

DBS: Peso to stay weak till 2018’s first half
A SUSTAINED DEFICIT in the country’s current account will put further pressure on the peso, analysts at a global bank said, noting that the currency is likely to trade weaker than the P50-per-dollar level at least until the second quarter of next year.
— BusinessWorld Online

Drop in number of mothers who complete exclusive breastfeeding to their infants alarming
A group of mothers expressed alarm over the decrease of the number of lactating mothers who complete exclusive breastfeeding to their infants, a situation that signals the increase of infants and babies being fed by substitute milk.
— Davao Today

China Bank income up 10% at P3.6B
China Banking Corp. said its lending business and core-recurring income translated to a double-digit rise in net profit during the first six month of the year.
— The Manila Online

Philippine PXP Energy Eager to Resume South China Sea Drilling
Philippine oil and gas firm PXP Energy Corp expressed eagerness on Thursday (03/08) to resume exploration in the disputed South China Sea and said any joint venture development would likely involve a Chinese company.
— Jakarta Globe

PSE targets P800-M profit on listing bonanza
The Philippine Stock Exchange (PSE) aims to chalk up P800 million in net profit this year, about 14 percent higher than last year’s level, on the back of robust listing- and trading-related income.
— Philippine Daily Inquirer

RPT-COLUMN-Nickel rallies but still seeking a coherent narrative: Andy Home
London Metal Exchange (LME) three-month nickel was trading below the $8,900-per tonne level on July 10. It has this morning recorded a five-month high of $10,445.
— Reuters

Davao City to adopt online payment system
AN ELECTRONIC or online payment system is being readied for implementation by the Davao City Treasurer’s Office (CTO) to improve the ease of doing business. “The implementation of this ordinance (approved on second reading by the city council) will help increase the city’s ranking in terms of ease in doing business,” Councilor Joanne Bonguyan-Quilos, chair of the committee on information technology, said in an interview.
— BusinessWorld Online

Agriculture department inks MOA with Ayala for rice supply
THE Department of Agriculture (DA) and Ayala Corporation signed on Wednesday, August 2, a memorandum of agreement in Iloilo City to be partners in the supply of rice.
— Sun Star

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.

Philippines Morning News For August 4 added by Stella-maris Ewudolu on August 4, 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.