Philippines Morning News For August 9

Philippines Morning News For August 9

Philippines morning newsIMF cuts Philippines GDP forecast to 6.6%
The International Monetary Fund (IMF) slashed anew its economic growth forecasts for the Philippines after weak private consumption pulled down gross domestic product (GDP) expansion in the first quarter.
— The Philippine Star

Tourist arrivals in the city up by 3.6 percent in first half of 2017
The City Tourism Office ​said it ​recorded an increase of tourist arrivals in the first half of the year compared to 2016 data, an official said.
— Davao Today

Philippine fruit export to China up 50%
Philippine fruit exports to China have increased by 50 percent ever since the ban was lifted in 2016, according to an official from China’s Ministry of Commerce.
— Fresh Plaza

BSP tightens grip on remittance firms, money changers
The Bangko Sentral ng Pilipinas (BSP) has issued tighter guidelines on internal control standards and records maintenance for remittance and transfer companies, money changers as well as foreign exchange dealers.
— The Philippine Star

Philippines: Ag dept to suspend 55 garlic importers
Agriculture Secretary Emmanuel Piñol has said he will order a temporary ban on the 55 garlic importers who were named by the Department of Justice (DOJ) as having links to the garlic cartel operating in the country.
— Fresh Plaza

PH shares down, fail to close above 8,000 barrier
The local stock barometer attempted but failed anew to stay above the 8,000 mark on Tuesday due to profit-taking pressures as the index neared recent highs.
— Philippine Daily Inquirer

GOCC subsidies to take up P162.55 B of 2018 budget
The national government has proposed to set aside P162.55 billion in subsidies for government-owned and -controlled corporations (GOCCs) in 2018, data from the Department of Budget and Management (DBM) showed.
— The Philippine Star

Philippines’ LNG imports seen rising as maritime dispute thwarts exploration
THE PHILIPPINES’ reliance on imported liquefied natural gas (LNG) will rise in the coming decade as its sole source in the Malampaya gas field “nears the end of its production cycle” and a maritime dispute prevents the country from tapping other sites in the South China Sea, Fitch Group’s BMI research said in an Aug. 7 note released on Tuesday.
— BusinessWorld Online

Philippines: Chelsea Logistics raises $100.8m via IPO
Chelsea Logistics Holding Inc on Tuesday said it has raised over $100.8 million (P5.84 billion) in its initial public offering (IPO) debut on the Philippine Stock Exchange (PSE).
— Deal Street Asia

Meralco power rates up P01338/kWh this August
An array of factors that included regulator-approved recovery of stranded liabilities has pulled up the rates billed by Manila Electric Company (Meralco) in the August billing cycle by P0.1338 per kilowatt hour.
— Manila Bulletin

60,000 lives at risk in Benguet due to alleged mining negligence
Around 60,000 people in Itogon, Benguet are now at risk from landslides and floods due to the alleged negligence of a large mining company located there. This is the “life and death” situation unveiled by Apex, former member of the Chamber of Mines in the Philippines.
— ABS-CBN (video)

Food manufacturers oppose milk tax
Undernutrition among Filipino children will worsen if milk is included in the list of sugar-sweetened drinks that will be subjected to a P10 excise tax, an industry group said on Tuesday.

Sugary drinks tax seen to boost obesity fight
Taxing sugar-sweetened beverages will help reduce consumption, boosting the fight against obesity that is costly and hurts productivity, an economist said Tuesday.

Petron net income surges to over P8 billion in 1st half of 2017
Petron Corporation saw its net income in the 1st half of 2017 surge by 56% to P8.2 billion, mainly due to higher sales volume.
— Rappler

Chinese province explores more tourism, agri deals with PHL
A DELEGATION from China’s southern province of Hainan met with the Finance department last month to firm up partnerships initiated during President Rodrigo R. Duterte’s visit to China in October.
— BusinessWorld Online

Japan donates $800,000 for Unicef health, water, sanitation programs in Marawi City
RESPONDING to heightened risks of diarrhea outbreaks and other health hazards among displaced children, families and host communities in Marawi City and surrounding areas, the government of Japan has extended an $800,000 (P4.292-million) grant to the United Nations Children’s Fund (Unicef) for a stronger response in health, water, sanitation and hygiene.
— Business Mirror

PHL stocks decline anew as profit taking prevails
THE bellwether index rallied above the 8,000 mark yesterday before pulling back at the closing bell on profit taking and as investors digested more second-quarter corporate earnings.
— BusinessWorld Online

Max’s Group net income up 12% to P331M in 1st half of 2017
Casual restaurant chain operator Max’s Group Incorporated (MGI) saw its bottom line jump 12% in the 1st half of this year as its new stores bore fruit.
— Rappler

Government junks traders’plea to ease meat-import rules
Exporters to the Philippines would have to contend with Manila’s stringent rules for meat products for now, as the government stood pat on its decision to continue implementing its “zero-tolerance” policy on salmonella.
— Business Mirror

P75 M allotted for culture and arts
The National Commission for Culture and the Arts (NCCA) is currently seeking project proposals from the culture and arts sector in Western Visayas to be implemented in 2018.
— Philippine Information Agency

Globe net income falls by 10% to P8.1B in 1st half of 2017
The net income of Ayala-led Globe Telecom dropped by 10% in the 1st half of the year, as the effects of its purchase of San Miguel Corporation (SMC) telecommunications assets linger.
— Rappler

Neda endorses P9.8-billion Zamboanga airport
CITY Mayor Maria Isabelle Climaco-Salazar announced that a new Zamboanga International Airport (ZIA) project costing P9.87 billion has already been endorsed as priority to the National Government by the National Economic and Development Authority (Neda).
— Sun Star

Reds’ claim of CIA plot to kill Duterte ‘fabricated’
THE Armed Forces of the Philippines on Tuesday described as preposterous the claim by the communist National Democratic Front that the US Central Intelligence Agency is planning to kill Jose Maria Sison, the founding chairman of the Communist Party of the Philippines, and to oust President Rodrigo Duterte from office.

Australia provides P798.5-M for Marawi
The Australian government on Tuesday vowed to provide the Philippines an additional USD20 million (roughly PHP798.5 million) over the next four years to help about 360,000 people of the Marawi City conflict.
— Update Philippines

Treaty prohibits US airstrikes in PHL soil – Palace
Malacañang on Tuesday said that any direct participation in combat operations by US troops, including airstrikes, is prohibited under the Philippine Constitution and the mutual defense treaty between the two countries.
— Update Philippines

1,500 signatures sought to save ancient Acacia trees in Palawan
An appeal for 1,500 signatures has been launched in a petition website to save a number of ancient Acacia trees from the planned Php30-billion six-lane road widening project by the Palawan government.
— Philippine News Agency

Troops push to rescue Marawi hostages in ‘last lap’ operations
The Philippine military is poised to rescue hostages in Marawi City as it announces the “last lap” of its operations against local terror groups linked with the Islamic State (ISIS).
— Rappler

Civil Service Commission’s budget for 2018 approved without questions
The Civil Service Commission (CSC) did not go through questioning. Its proposed budget of P1.5 billion for 2018 was swiftly approved by the House Representatives’ appropriations committee on Tuesday, August 8.
— Rappler

2 jail guards caught smuggling out P69,000
TWO jail guards are being investigated after they were caught allegedly sneaking P69,000 in cash out of the Cebu Provincial Detention and Rehabilitation Center (CPDRC) after last Tuesday’s surprise inspection.
— 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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