Philippines Morning News For July 31

Philippines Morning News For July 31
Estimated Reading Time: 5 minutes |

Philippines morning newsRemittances, BPO revenues seen to shield peso
The Bank of Tokyo – Mitsubishi UFJ Ltd. (BTMU) said steady remittances and revenues from the business process outsourcing (BPO) sector would continue to stabilize the peso amid the volatile global financial markets.
— The Philippine Star

Infrastructure spending exceeded budget in 1st half
Public spending on infrastructure during the first half rose 8.8 percent year-on-year to P249.1 billion and exceeded the program as the government built new roads and school buildings in June, the latest Department of Budget and Management documents showed.
— Philippine Daily Inquirer

Japan donates $2 million for Marawi rehab
THE Japanese government donated $2 million (about ¥222 million) to the Philippines to augment relief operations in Marawi City, where troops are fighting pro-Islamic State (IS) groups occupying the city.
— BusinessWorld Online

Economists see July inflation at 2.8%
Economists expect inflation in July to likely match the 2.8 percent recorded in June as prices of food and oil remained steady.
— Philippine Daily Inquirer

China to hire 100,000 Filipino household workers – DOLE
Amid the country’s improving diplomatic relations with China, the Department of Labor and Employment (DOLE) said on Friday that the Asian superpower is now eyeing to hire thousands of Filipino household service workers (HSWs).
— Manila Bulletin

PAL ready to invest $400 M for NAIA 2 expansion
Philippine Airlines has proposed to invest $400 million to expand the Ninoy Aquino International Airport Terminal 2, citing the need for new capacity given the worsening congestion in the country’s main gateway.
— The Philippine Star

Govt spending P8.4t in infra to lift 10m above poverty line
The Duterte administration is increasing infrastructure spending over the next five years to lift about 10 million Filipinos above the poverty line.
— Manilastandard.net

Focus turns to Q2 results as PSEi breaches 8,000
AFTER BREACHING the psychological resistance of 8,000 points, the Philippine Stock Exchange index (PSEi) is expected to track second-quarter corporate earnings, with sentiment to be affected by the traditional window-dressing as investors welcome the “ghost month” and also the Federal Reserve’s dovish stance.
— BusinessWorld Online

Phl makes headway to become Asean’s car, motorcycle hub
The Philippines is making headway in its goal to be a vehicle manufacturing hub in the region, posting stellar growth in both car and motorcycle production in Southeast Asia in the first half of the year.
— The Philippine Star

Foreign debt service down 2.43 percent
The country’s external debt service burden dipped to $2.77 billion as of end-April, 2.43 percent lower compared to the same period last year of $2.84 billion as both government and private sector continue to have sufficient foreign exchange to pay for maturing loans.
— Manila Bulletin

DOF director faces sanctions for using official funds to host dinner
A director of the Department of Finance (DOF) is facing sanctions for using official funds for a dinner that she hosted, Finance Secretary Carlos Dominguez III said on Sunday.
— ABS-CBN

‘China can’t hire its nationals for projects in PH’
Even if China grants the Philippines enormous loans to ramp up infrastructure development, the law still prohibits the hiring of foreign construction workers, according to the head of President Rodrigo Duterte’s economic team.
— Philippine Daily Inquirer

Labor rejects P17 wage hike for Metro workers
A resolution granting a P16 or P17 increase to minimum wage earners in Metro Manila is expected to be handed down soon by the Regional Tripartite Wage and Productivity Board (RTWPB) of the National Capital Region (NCR) or Metro Manila.
— The Manila Times

Communist Leader Joma: Duterte is ‘No.1 Addict’ in Philippines
Exiled Communist Party of the Philippines, CPP, founding chairman Jose Maria “Joma” Sison issued a strong message against Philippine President Rodrigo Duterte’s drug war Sunday, dubbing the unpredictable president an opioid addict and “a coward through and through” just hours before a pre-dawn raid in Mindanao claimed the life of a mayor, his wife and 10 others.
— Telesur

Duterte’s brutal drug war: Philippine mayor and more than a dozen others killed by police
Philippine police fatally shot more than a dozen people, including a mayor whom President Rodrigo Duterte publicly linked to the drug trade, during an early morning raid Sunday.
— The Washington Post

DPWH unveils P107-B traffic decongestion plan
The Department of Public Works and Highways (DPWH) has unveiled an ambitious P107-billion traffic decongestion program that aims to address the worsening traffic problem in the country, which is estimated to cost the economy P2.4 billion a day.
— The Philippine Star

A returnee’s tale: Abu Sayyaf members get a P5,000-P10,000 monthly allowance
MORE THAN 80 members of the kidnap-for-ransom Abu Sayyaf Group (ASG) in the island province of Basilan recently surrendered to the government and have undergone reformation activities to help them prepare for reassimilation into society. Among them is 18-year-old “Habib.” Raised in Tipo-Tipo, Habib became involved with the ASG when he was a 14-year-old Grade 4 student.
— BusinessWorld Online

US veterans seek McCain help to return Balangiga bells to Philippines
US war veterans are working quietly to return church bells taken by American soldiers from a Philippine town over a century ago, believing it is the “right thing to do.”
— ABS-CBN

ASEAN integration benefits PH economy
The Philippines has benefited from a substantial increase in trade and investments with the economic integration of the Association of Southeast Asian Nations (ASEAN) which created a wide choice of goods for consumers thus supporting local businesses to expand overseas.
— Philippine Canadian Inquirer

 

Feature photo Ilocos Norte
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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.
Stella-maris Ewudolu

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