Philippines Morning News For June 2

Moody’s retains 6.5% Philippine growth forecast
Debt watcher Moody’s Investors Services has retained the country’s economic growth forecast for this year despite the ongoing siege in Marawi City that paved the way for the declaration of martial law by President Duterte.
— The Philippine Star

PH manufacturing grows, bucks trend in emerging Asia
The Philippines’ manufacturing sector bucked the regional trend in May and saw its purchasing managers’ index (PMI) rise to 54.3, the highest so far this year, on the back of a robust domestic demand.
– Philippine Daily Inquirer

Davao tourism sector loses P20 million
The tourism industry in the city suffered a revenue loss of P20 million for the first three days of martial law, according to Davao City Tourism Office (CTO) head Generose Tecson.
– Minda News

P332.5-M for ‘P3’ in Mindanao
A TOTAL of P332.5 million credit lines were approved for eight microfinance institutions (MFI) in Mindanao during the initial launching of Pondo sa Pagbabago at Pag-asenso (P3) program, the microfinance initiative of the government, here in Mindanao.
– SunStar

Ominous signs of an Asian hub for ISIL in the Philippines
Dozens of foreign jihadis have fought side-by-side with the Islamic State of Iraq and the Levant (ISIL) militant group sympathizers against security forces in the southern Philippines over the past week, evidence that the restive region is fast becoming an Asian hub for the ultra-radical group.
– The Japan News

Minimum public float doubled to 20%
The Securities and Exchange Commission (SEC), the corporate regulator, will double the minimum public float for listed companies to 20 percent from the current 10 percent.
— The Philippine Star

A path to dictatorship in the Philippines
“Until the armed forces and the police say that the Philippines is safe, this martial law will continue,” Philippine President Rodrigo Duterte said during a crisis management visit to Mindanao, suddenly the epicenter of terror group Islamic State’s thrust into Southeast Asia.
– Asia Times

Revised tax reform bill to benefit consumers
Despite an increase in excise tax on fuel, consumers could actually expect more purchasing power from the revised tax reform bill approved by the House of Representatives on Wednesday, an investment bank said.
— The Philippine Star

Mobile internet speed slowed down sharply in Q1 2017, US report says
The local stock barometer rallied to the 7,900 mark yesterday after the House of Representatives passed the tax reform bill that was certified as urgent by President Duterte.
— Philippine Daily Inquirer

Oversupply pulls nickel to 11-month low
Nickel has fallen to an 11-month low as a resumption in exports from Indonesia and the prospect of a recovery in output from the Philippines stoked concerns about oversupply.
— Reuters

Manufacturing grows faster in May – IHS Markit
PHILIPPINE manufacturing remained firmly in expansionary mode in May, growing in both output and new orders amid higher employment, according to a survey sponsored by Nikkei and produced by IHS Markit.
— The Manila Times

Palace lauds passage of tax reform bill
Malacañang welcomed yesterday the passage of the tax reform bill at the House of Representatives even if the Department of Finance (DOF)’s original proposal was not adopted in its entirety
— The Philippine Star

Asian investors drive demand for PH luxury properties
DEMAND from foreigners, specifically Asian investors, is sustaining the growth momentum of the luxury and high-end residential market, Santos Knight Frank President and CEO Rick Santos said on Thursday.
— The Manila Times

BSP warns banks on dealing with NKoreans on UNSC list
Banks and other financial institutions must exercise vigilance when transacting with North Korean individuals and entities sanctioned by the United Nations Security Council (UNSC), the Bangko Sentral ng Pilipinas (BSP) said.
— The Manila Times

‘Twin turbo engines of growth’ of North, Central Luzon
The Clark International Airport and the Port of Subic are the “twin turbo engines of growth of Northern and Central Luzon,” the administrator of Subic Bay Metropolitan Authority (SBMA) said on Thursday.
— The Manila Times

DoF cites BIR as vital to economic breakout
The Bureau of Internal Revenue (BIR) plays a central role in realizing the Philippine “economic breakout,” Finance Secretary Carlos Dominguez 3rd said.
— The Manila Times

Philippines nears fresh ratings upgrade, says Tetangco
The Philippines is a step closer to another credit rating upgrade after the House of Representatives approved on third and final reading the first package of tax reforms certified as urgent by President Duterte.
— The Philippine Star

Property market unperturbed by martial law in Mindanao
The Philippine property market is not seen to be negatively impacted by the martial law declaration in Mindanao, as foreign companies continue to express interest in the robust BPO sector,according to a property services firm.
— The Philippine Star

Solar claims upper hand in NBA broadcast row
Businessman Wilson Tieng’s Solar Entertainment Corp. pressed on with its public relations attack against media giant ABS-CBN Corp. and its unit SkyCable for allegedly airing Solar’s sports channels without paying carriage fees for years.
— INQUIRER

Electronics sector at risk from fiscal rationalization

The electronics industry, the country’s top export sector, is at risk of short-circuiting if certain fiscal rationalization schemes under the first package of the tax reform program are implemented, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) said.
— The Philippine Star

More purchasing power seen despite planned hike in excise taxes
Despite a proposed increase in the excise tax on fuel, consumers could actually expect more purchasing power from the revised tax reform bill approved by the House of Representatives on Wednesday, an investment bank said.
— The Philippine Star

Ph-Qatar flights to increase to 18/wk
The Philippines and Qatar have agreed to sign a new agreement to increase the traffic rights between Manila and Doha from the current 14 flights weekly to 18 flights starting October 2017.
— The Manila Times

Feature photo Brian Evans
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