Philippines Morning News For June 6

Philippines Morning News For June 6

Philippines morning news

World Bank sees steady 6.9% Phl GDP growth
The World Bank expects a steady economic growth for the Philippines until next year, driven by public and private investment.
— The Philippine Star

Tax bill passage credit-positive for PH – Moody’s
The passage of the first package of the proposed Comprehensive Tax Reform Program (CTRP) in the Lower House of Congress last week is credit-positive for the Philippines because it will address the government’s weak revenue generation, credit ratings agency Moody’s Investors Service said.
— The Manila Times

Nickel Markets Can Shrug Off Any Philippine Mining Ban: Russell
Just how worried should nickel markets be about the latest threats by Philippine President Rodrigo Duterte to stop all mining in the world’s biggest exporter of the metal ore? Probably not too much.
— Jakarta Globe

‘No CTRP effect on car sales growth in PH’
The Department of Finance (DoF) expects continued growth in the domestic automobile industry despite the government’s plan to impose higher tax rates on the pricier luxury-car segment.
— The Manila Times

GBPC enters Mindanao via P4.25-B Alsons buyin
Pangilinan-led Global Business Power Corp. (GBPC) has formalized its entry in the Mindanao grid with a strategic partnership with the Alcantara Group to acquire a 50 percent stake in its power holding company with a P4.25-billion tag price.
— The Philippine Star

SM Prime market value hits P1T
SM Prime Holdings, Inc., the listed property developer of the SM Group, said on Monday its market value has reached P1 trillion due to a favorable industry outlook and the integration of all its property businesses since 2013.
— The Manila Times

Ayala unit acquires German auto supplier
Ayala Corp., through its wholly owned subsidiary AC Industrial Technology Holdings Inc., has closed a deal to acquire a German-based automotive supplier.
— The Philippine Star

Zamora buys PT&T for P800 M
Mining mogul Salvador “Buddy” Zamora II has reportedly acquired telecom firm Philippine Telegraph & Telephone Corp. (PTT) for roughly P800 million.
— The Philippine Star

Government makes full award of T-bills
The Bureau of the Treasury made a full award of P15 billion in Treasury bills during yesterday’s auction amid strong demand for government issued financial instruments.
— The Philippine Star

GBP acquiring 50% of Alsons unit for P4.25B
ALCANTARA-LED power company Alsons Consolidated Resources, Inc. (ACR) said that Global Business Power Corp. (GBP), a leading power producer in the Visayas and an associate of Metro Pacific Investments Corporation (MPIC), is acquiring 50 percent of its unit Alsons Thermal Energy Corp. (ATEC).
— The Manila Times

Pagcor plans to limit number of offshore gaming firms to 50
The Philippine Amusement and Gaming Corp. (Pagcor) said yesterday it is planning to initially trim the number of online gambling operators in the country to 50 to prevent an oversupply of players in the industry.
— The Philippine Star

IC mulls conservatorship for Provident Plans
The Insurance Commission (IC) is considering to place pre-need firm Provident Plans International Corp. under conservatorship if no clear improvements are seen in its financial condition by mid-June to protect the interest of the company’s 38,000 plan holders.
— The Philippine Star

Seminar on salaries, wages, benefits
The Center for Global Best Practices is launching a one-time rerun of the seminar for business owners, decision-makers and  HR practitioners on the topic, “How to Structure and Compute Your Salaries, Wages and Benefits with the Revised Tax Rules” on June 23 at the Marriott Hotel, Cebu City.
— The Philippine Star

BDO Unibank Renews and Expands Fiserv Relationship to Increase Business Flexibility and Speed to Market
Wis.–(Business Wire)–Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that BDO Unibank, the largest bank in the Philippines, has extended and expanded its relationship with Fiserv.
— Digital Journal

New LRT1 timetable to increase daily trips
The Light Rail Transit Line 1 will be introducing a new timetable that will increase the number of its weekday trips, the Department of Transportation said Tuesday.
— InterAksyon

DMCI to enter cement business
Consunji family-led conglomerate DMCI Holdings plans to enter the cement manufacturing business with a potential $300-million investment to make use of low-grade coal and vast limestone reserves in Antique’s Semirara Island.
– Philippine Daily Inquirer

 

Feature photo uusc4all/ Jeff Pearcy
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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