Philippines Morning News For August 8

Philippines Morning News For August 8

Philippines morning newsForex reserves fall to $80.8 B in July
The foreign exchange buffer of the Philippines narrowed for the second straight month to hit a seven-month low of $80.78 billion in July, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
— The Philippine Star

PSEi rises 0.75%, mirroring US market
Investor interest buoyed share prices on Monday, with the Philippine Stock Exchange Index up 0.75 percent or 59.45 points to settle at 7,992.27. The wider All Shares grew 0.40 percent or 18.98 points to finish at 4,753.36.
— The Manila Times

Employers given 3 months to apply new minimum wage
THE Department of Labor and Employment in Northern Mindanao said it will give the business sector three months to implement the new wage order which raises the pay of minimum wage workers beginning last July 16, this year.
— Sun Star

MPIC readies bid for P60-B C5 Expressway
Metro Pacific Investments Corp. (MPIC) unit NLEX Corp. is planning to submit the complete proposal for the P60-billion C5 Expressway within the year.
— The Philippine Star

U.S. May Begin Airstrikes Against ISIS in Philippines
The Pentagon is considering a plan that allows the U.S. military to conduct airstrikes on ISIS in the Philippines, two defense officials told NBC News.
— NBC News

Japan investments plunge 57%
The flow of Japanese investments has started to slow down in the Philippines, blamed partly on certain policy changes such as the government’s pivot to China and Russia.
— The Philippine Star

PH rebuked by US, Australia, Japan on sea dispute ruling
The Philippines received a rebuke for the first time from its traditional allies — the United States, Australia and Japan — for not pressing its legal victory in its territorial dispute with China in the South China Sea.
— Philippine Daily Inquirer

SE Asia Stocks-Philippines extends rise; Indonesia gives up early gains
Philippine shares rose for a third straight session on Monday and outperformed other Southeast Asian markets, while Indonesian stocks reversed early gains to close lower following disappointing gross domestic product data.
— Reuters

Venture Fund to Support Sustainable Projects in Indonesia and Philippines
A fund set up to help coastal fisheries transition to more sustainable practices has launched. The Meloy Fund, a $20 million impact investment fund, will make debt and equity investments in “fishing-related enterprises that support the recovery of coastal fisheries in Indonesia and the Philippines.”
— Seafood News

PSEi rises 0.75%, mirroring US market
Investor interest buoyed share prices on Monday, with the Philippine Stock Exchange Index up 0.75 percent or 59.45 points to settle at 7,992.27. The wider All Shares grew 0.40 percent or 18.98 points to finish at 4,753.36.
— The Manila Times

South Korea reports 4th imported cholera case from the Philippines
In a follow-up on a report concerning imported cholera in South Korea, The Korea Centers for Disease Control and Prevention (KCDC) reported (computer translated) the fourth case in a traveler to the Philippines since February.
— Outbreak News Today

Duterte says no funds for free tuition law
President Rodrigo Duterte on Monday admitted that he signed the law granting free tuition in state-run universities, colleges, and technical-vocational schools while fully aware of funding concerns.

Cops who rejected P2.6-M bribe get commendations
Police officers of this Pampanga capital were commended on Monday for rejecting a P2.5-million bribe offered by three foreigners caught skimming cash from an automated teller machine (ATM) last month.
— Philippine Daily Inquirer

10.5M Pinoys jobless in 2nd quarter – SWS
About 10.5 million Filipinos were jobless in the second quarter of 2017, according to the latest Social Weather Stations (SWS) survey released on Monday.
— The Manila Times

$70-M power projects to benefit from new EO
Energy Secretary Alfonso Cusi expects at least $70 million worth of power projects to benefit from the recently signed executive order (EO) backing critical infrastructure.
— The Philippine Star

NBI to probe Comelec chair after wife’s exposé
THE National Bureau of Investigation (NBI) was ordered to look into the claims of the wife of Commission on Elections (Comelec) Chairman Andres Bautista that he amassed P1-billion worth of undeclared assets.
— Sun Star

URC Q2 profit falls amid challenges in PHL, Vietnam
UNIVERSAL ROBINA Corp. (URC) on Monday reported a 23% drop in net income attributable to the parent in the second quarter, amid continued challenges in its branded consumer foods business in the Philippines and Vietnam.
— BusinessWorld Online

1st half GOCC dividends fall 32% on absence of one-off items
DIVIDENDS remitted to the national government from state-run firms fell in the first half due to the base effects of one-off payments made a year earlier as well as one bank’s exemption from making payments in the current period, the Department of Finance said.
— BusinessWorld Online

WATCH: 700,000 school girls to get free anti-cervical cancer vaccine
The Department of Health is expanding its anti-human papillomavirus (HPV) school-based immunization program.
— Rappler (video)

First 250K income of compensation earners exempted from tax under TRAIN
The first P250,000 in taxable income of compensation earners will be exempted from the personal income tax (PIT) under the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN), with families receiving a combined monthly income of betweenP13,000 and P40,000 increasing their take-home pay between P1,100 and 3,500 per month –or P14,000 to P42,000 per year–according to the Department of Finance (DOF).
— Philippine News Agency

UCPB records P2.01-billion net income in 1st half of 2017
The United Coconut Planters Bank reported a 12 percent increase in income during the first month of 2017 due to the surging demand for loans.
— Davao Today

Singapore C-130 delivers aid to Philippines
A Singaporean Lockheed C-130 “Hercules” cargo plane, loaded with assorted relief supplies, has landed at the Laguindingan Airport, Misamis Oriental on Monday.
— Update Philippines

MEZ firm closes; 160 now jobless
A TOTAL of 160 employees will lose their jobs after the Cebu Nisico Corp. (CNC) announced its closure effective Aug. 5, 2017 allegedly due to bankruptcy.
— Sun Star

Feature photo Asian Development Bank
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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