Philippines Morning News For July 14

Philippines Morning News For July 14
Estimated Reading Time: 7 minutes |

Philippines morning news

ADB, World Bank eye technical assistance grants for Marawi rehab
Multilateral lenders the Asian Development Bank (ADB) and the World Bank are looking into technical assistance grants for the rehabilitation of Marawi City once fighting ends on top of a possible emergency loan to be extended by the latter, the country’s chief economist said.
— Philippine Daily Inquirer

4 of 10 nonpoor Filipino households could slip into poverty in 3 years
The lack of access to transportation, decent employment and timely government intervention could send a lot of nonpoor households to poor status in three years, according to the Philippine Institute for Development Studies (PIDS).
— Business Mirror

S&P slashes Philippine GDP growth projection
S&P Global Ratings has tempered its gross domestic product (GDP) growth outlook for the Philippines this year, according to a new report published yesterday, even as it continues to see a healthy external position and debt burden for the economy.
— BusinessWorld Online

Hot money inflows hit $79M in June
MORE foreign portfolio investment flowed into the Philippines in June, but the total was not enough to pull the year-to-date total from a negative position, data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed.
— The Manila Times

PH shares flat amid lack of ‘catalysts’
Philippine shares finished flat Thursday as investors seek fresh catalysts to justify the index moving closer to the 8,000 level.
— ABS-CBN (video)

200 US tourists in Philippines amid advisories
Despite travel warnings, around 200 mostly balikbayan tourists from the United States arrived in the country this week to visit various attractions, including President Duterte’s bailiwick Davao City, and explore possible investments.
— The Philippine Star

Manila seeing gains multiply by the day after shelving tribunal decision on South China Sea
It may sound contradictory, but despite President Duterte’s shelving of the arbitral tribunal’s ruling on the South China Sea (SCS), this administration was actually able to improve bilateral relations with China and, at the same time, pursue Manila’s claims without antagonizing Beijing to the point of either severing diplomatic relations or going to war.
— Business Mirror

Bank of Commerce net income up 85% in 2016
THE Bank of Commerce (BanCom) saw its bottom line soar by more than half last year primarily driven by its robust core businesses, with the bank projecting to double its consumer loans for 2017.
— BusinessWorld Online

Duterte eyes Russia for help in fight against terror
Philippine President Rodrigo Duterte expects Russia to provide help to the Philippines in its fight against terror as government forces continue their mop-up operations in Marawi City against IS-affiliated Maute terrorists, The Manila Times Online reported on Thursday.
— Thai PBS

Philippines sets $451.08/tonne price ceiling for rice imports
The Philippines’ state grains agency said on Thursday it set a price ceiling of $451.08 a tonne for the 250,000 tonnes of rice it was seeking from international suppliers, and identified 11 prospective bidders from Vietnam, Thailand and Singapore.
— Reuters

FDC: Tax reform package will not benefit the poor
Government’s massive infrastructure program hinges on additional revenues from the first tax reform package but more groups are opposing the bill, calling it anti-poor.
— ABS-CBN (video)

JTI in talks for the sale of Mighty Corp. for P45 billion
JAPAN Tobacco International (Philippines) Inc. (JTI) said it is in exclusive talks with Mighty Corp. for the sale of its tobacco manufacturing and distribution business worth P45 billion.
— Business Mirror

NFA Council says 11 express interest in July rice auction
ELEVEN exporters, mostly from Vietnam and Thailand, have expressed interest to participate in the government auction for the tax-free importation of 250,000 tons of rice, with the National Food Authority (NFA) still inviting more potential bidders.
— BusinessWorld Online

BFAR turns over canned goods to Phl marines in Marawi City
The Department of Agriculture – Regional Field Office 10 (DA RFO 10) through its attached agency Bureau of Fisheries and Aquatic Resources 10 (BFAR 10) continues its support to the Philippine Marines deployed in Marawi City.
— Philippine Information Agency

Bacolod dengue cases rise by 84.5%
The City Health Office (CHO) reminded Bacolodnons anew to “search and destroy” mosquito breeding places as dengue cases rose by 84.5 percent from January to July.
— Philippine News Agency

Gov’t to go all out against foreign terrorists, coddlers
In the wake of reported presence of Turkish militants in the country, the Philippine government has vowed to run after groups abetting terrorists and work with other nations in fighting the global threat.
— Manila Bulletin

Bohol tapping power barges to address
Power supply in Bohol is expected to improve soon following the move of the provincial government to fast-track the installation of two power barges to provide additional power supply for the province.
— Manila Bulletin

Duterte to build ’chalets’ for inmates
To help ease prison congestion in the country, President Duterte on Wednesday said he wanted to build “chalets” for the growing number of inmates, most of whom are in jail because of his war on drugs.
— Philippine Daily Inquirer

TransCo seeking AIIB, World Bank loans to cover backlog in FiT payments
NATIONAL Transmission Corp. (TransCo) has approached multilateral lending institutions Asian Infrastructure Investment Bank (AIIB) and World Bank for a loan of between P15 billion and P20 billion to pay renewable energy developers that have yet to receive their share of the feed-in-tariff (FiT) allowance collected from electricity consumers.
— BusinessWorld Online

SEC approves Vista Land shelf registration for P20-B bonds
THE Securities and Exchange Commission (SEC) on Thursday approved the shelf registration of Vista Land & Lifescapes, Inc. for fixed-rate bonds worth P20 billion.
— BusinessWorld Online

CHED, Lao ministry sign MOU on cooperation in higher education
The Commission on Higher Education (CHED) and the Ministry of Education and Sports of the Lao People’s Democratic Republic (PDR) have signed a memorandum of understanding (MOU) to promote cooperation in higher education and professional training, and develop institutional linkages at the undergraduate and postgraduate levels.
— Philippine News Agency

D&L Industries allocates P400-million capex for this year
D&L INDUSTRIES, Inc. is allotting between P400 million and P420 million in capital expenditures for 2017, as it prepares plans to expand the capacity of its existing plants.
— BusinessWorld Online

DBM sees signs of spending pickup despite fall in cash usage ratio
THE CASH utilization rate of government agencies slowed at the midyear mark, though the Budget department said it is seeing indications of a spending pickup.
— BusinessWorld Online

June auto sales up by 14% amid ‘dealer push’
VEHICLE sales rose 14.1 percent in June to 37,631 units from 32,993 units in the same month last year, driven by aggressive dealer marketing campaigns and with perennial leader Toyoto Motor Philippines Corp. retaining its No. 1 spot.
— The Manila Times

Palace travel expenses, rewards up this year–COA
Expenses for foreign travel by the President and for awards to policemen increased in the first six months of the Duterte administration, according to a report of the Commission on Audit (COA) for 2016.
— Philippine Daily Inquirer

Philippines’ suicide hotline draws flak for alleged inaccessibility
Hopeline, the national support hotline for depression and suicide prevention, is being criticized online for alleged inaccessibility.
— Rappler

Military validating presence of Turkish terrorists in PH
The Philippine military is looking into an ambassador’s claim that Turkish terrorists have entered the country.
— CNN Philippines

China reiterates dialogue with Philippines to resolve maritime disputes
China is committed to solving disputes over the South China Sea through dialogue and consultation, and advancing cooperation with the Philippines, Foreign Ministry spokesperson Geng Shuang said Thursday.
— China.org.cn

P25M allocated for NegOcc anti-terror, disaster measures
THE Provincial Disaster Risk Reduction and Management Council (PDRRMC) of Negros Occidental approved on Wednesday, July 12, a P25-million allocation for the province’s anti-terrorism and disaster response measures.
— Sun Star

Bato: No more ‘shabu’ labs in PH
Illegal drugs such as “shabu” (methamphetamine hydrochloride) are no longer being manufactured in the country, Philippine National Police Director General Ronald “Bato” dela Rosa said on Thursday, citing results of the latest monitoring.
— Philippine Daily Inquirer

Philippines posts net portfolio outflows in H1
The Philippine central bank on Thursday released data on net foreign portfolio investments in June: Net inflows June May Apr Mar Feb Jan ($ mln) 79.6 -24.35 51.49 -459.9 -409.01 301.3 KEY POINTS: – Foreign portfolio investment transactions in the first half of the year yielded net outflows of $461 million, a reversal from net inflows of $594 million a year earlier.
— Times of India

Energy department awaits go-ahead on oil drilling in West Philippine Sea
The Department of Energy (DOE) is ready to resume drilling for oil and natural gas on Recto Bank in the West Philippine Sea, but when work will restart is up to the Department of Foreign Affairs (DFA), which suspended the exploration in 2014 as the Philippines pursued international arbitration to resolve a territorial dispute with China.
— Philippine Daily Inquirer

 

Feature photo Brian Evans
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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

Stella-maris Ewudolu

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005. Between November 2004 and February 2011 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships.Since 2010 she has worked as a freelance screen writer for 'Nollywood', Nigeria.
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