Philippines Morning News For July 28

Philippines Morning News For July 28
Estimated Reading Time: 5 minutes |

Philippines morning newsHot money net outflow hits $457M yr-to-date
FOREIGN portfolio investments in the Philippines so far this year registered a net outflow of $457.83 million as of mid-July, reversing a net inflow of $773.77 million posted in the same period a year earlier, Bangko Sentral ng Pilipinas (BSP) data released on Thursday showed.
— The Manila Online

PH now ranks 13th in terms of population — POPCOM
The Commission on Population (POPCOM) on Thursday said that from being ranked 12th, the country is now just the 13th largest country in the world in terms of population.
— Philippine News Agency

Finance department targets $1.8-B loan for dev’t
THE Department of Finance (DOF) targets to incur a total of $1.8 billion official development assistance (ODA) loans for 2018.
— Sun Star

PHL moves up in world tourist-arrivals ranking
DESPITE missing its arrivals target in 2016, the Philippines moved up in global ranking in terms of the number of international tourists it received that year.
— Business Mirror

Philippines: Carret Private to acquire 20% stake in Maestro Holdings
Hong Kong-based Carret Private Investments Limited plans to acquire a 20 per cent stake in Maestro Holdings Inc, a Filipino financial services firm under the Tanco Group.
— Deal Street Asia

Tax reform to cut poverty rate to 14% by 2022 – DOF exec
The Department of Finance (DOF) is optimistic that the tax reform bill could help reduce the country’s poverty rate, currently pegged at 21.6 percent, to 14 percent by 2022 with 99 percent of Filipino taxpayers to benefit from it.
— The Manila Online

PH-Taiwan trade seen jumping 30 pct over 3 years
Bilateral trade between the Philippines and Taiwan will stay strong and climb 30 percent over the next 3 years, Minister James Chu of the Taipei Economic and Cultural Office said Thursday.
— ABS-CBN

Davao City LGU terminate P39-billion port joint venture
The local government of Davao City has decided to terminate the joint venture with the Mega Harbour Port and Development Corporation for the planned P39-billion Davao Coastline and Development Project.
— Philippine Information Agency

Hunger level lowest since 2004 — SWS
An estimated 2.2 million Filipino families experienced involuntary hunger at least once in the second quarter of 2017, the lowest since 2004, according to the latest survey conducted by Social Weather Stations (SWS).
— The Philippine Star

Gov’t ‘sin’ tax take up 5.44% in first 6 months
With the higher excise rates slapped on alcoholic drinks and cigarettes under a unitary system since January, total “sin” tax collections grew 5.44 percent year-on-year to P60.047 billion in the first half.
— Philippine Daily Inquirer

PCCI says Taiwan’s Kinpo to expand Philippine manufacturing operations, create 7,000 jobs
TAIWAN electronics firm New Kinpo Group is set to expand its Philippine manufacturing plants next year, which will offer some 7,000 jobs for Filipinos, the Philippine Chamber of Commerce and Industry (PCCI) said.
— BusinessWorld Online

Diversify exports, World Bank tells Philippines
The World Bank said the Philippines should diversify its exports basket and market destinations and engage in more product innovation to enable a resurgence in the domestic manufacturing industry.
— The Philippine Star

Revenue loss due to tax perks down to P104B
Activities related to the country’s top dollar earners—business process outsourcing and electronics—cornered the bulk of tax incentives given away by the government in 2015 totaling P104.4 billion, latest Department of Finance data showed.
— Philippine Daily Inquirer

Non-tariff barriers bog down Asean economic integration
The excessive use of non-tariff measures, unaddressed issues on labor mobility and barriers to trade in services are hampering the integration process of the ASEAN Economic Community (AEC), ADB economists said.
— The Philippine Star

Vanishing current account buffer raises peso risk
THE OUTLOOK for the Philippine peso — Asia’s worst-performing currency — just keeps getting grimmer.
— BusinessWorld Online

PH shares close at 11-month high, revisit 8,100 mark
The local stock barometer revisited the 8,100 mark on Thursday following the US Federal Reserve’s “dovish” signal but pared gains at the close.
— Philippine Daily Inquirer

SC clarifies RH decision: No total TRO, only on 2 implants and only until FDA decides
The Supreme Court (SC) clarified on Thursday that there is no restraining order against the implementation of the Reproductive Health (RH) law or on all contraceptive products, only on two contraceptive implants Implanon and Implanon NXT.
— Manila Bulletin

LTFRB mulls minimum working hours for Uber, Grab drivers
Government regulators may require Uber and Grab drivers to put in a minimum number of hours on the road to be eligible for a franchise.
— ABS-CBN (video)

BSP plans to tap artificial intelligence
The Bangko Sentral ng Pilipinas (BSP) is studying how it can make use of artificial intelligence to improve its regulatory and consumer protection functions.
— Rappler

Finally, Duterte names PH ambassador to US
After a vacancy of more than one year, Malacañang on Thursday nominated a new Philippine ambassador to the United States.
— Philippine Daily Inquirer

Philippines Begins HIV PrEP Pilot Project Among Gay Men, Transgender Women As New Cases Hit Record High
Philippines trials anti-HIV drug as cases hit record high
“The Philippines has kicked off a pilot project offering anti-HIV drugs to gays and transgender women as new infection rates in the country buck global trends and hit a record high.
— Kaiser Family Foundation

 

Feature photo Brian Evans
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

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.
Stella-maris Ewudolu

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