Philippines Morning News For June 7

Philippines Morning News For June 7

Philippines morning news

Philippines halts workers’ deployment to Qatar
The Philippines on Tuesday halted the deployment of workers to Qatar as the gas-rich Gulf state grappled with a diplomatic crisis after its neighbours cut ties with Doha.
— The Daily Star

ECOP pushes for 10-day ‘must’ leave for small firms’ workers
The Employers Confederation of the Philippines (ECOP) on Tuesday pushed for the inclusion in House Bill 5067 of a mandatory ten-day service incentive leaves for the employees of small enterprises.
– The Manila Times

BPI probing reports of unauthorized withdrawals in accounts
The Bank of the Philippines Islands (BPI) is investigating reports of unauthorized withdrawals in accounts.
— CNN Philippines

Tax reform seen OKd in ’17
Hopes are high that the Philippines will be able to enact before the year ends a tax reform law that will generate enough revenues to support the Duterte administration’s massive infrastructure buildup program.
– Philippine Daily Inquirer

May inflation slows to 3.1%
INFLATION in May decelerated to a four-month low of 3.1 percent, from 3.4 percent in April, but much faster compared with 1.6 percent a year earlier, data released by the Philippine Statistics Authority (PSA) Tuesday showed.
– The Manila Times

Philippines says Arab-Qatar rift may have repercussions for Filipino workers
The Philippine government expressed concern over several Arab powers breaking off diplomatic ties with Qatar, saying this may have “ripple effects” on Filipinos working overseas.
Al Arabiya English

ECOP supports compressed work week
Employers have expressed reservations over a bill seeking to increase the service incentive leave of employees, but aired support for another bill proposing to increase the normal work hours per day under the compressed work week scheme.
– The Philippines Star

PAL flights to Middle East continue despite Qatar diplomatic issue
Flag carrier Philippine Airlines said flights to the Middle East were operating as scheduled, despite a growing diplomatic row between Qatar and a bloc of countries in the region comprised of Saudi Arabia, the United Arab Emirates, Bahrain, Yemen, and Egypt.
– Philippine Daily Inquirer

Mañosa firm wins design tilt for new Supreme Court complex
A contemporary, eco-friendly design by Filipino architectural firm Mañosa & Company has won the International Conceptual Design Competition for the new Supreme Court complex, which will rise on a 2.1-hectare site in Bonifacio Global City.
– Philippine Daily Inquirer

Mid-East jitters, profit taking dampen index
After hitting its highest closing level for the year on Monday, the benchmark Philippine Stock Exchange index (PSEi) dipped again to the 7,900 mark as investors took profits and because of jitters caused by uncertainties in the Middle East.
– The Philippines Star

Marcventures buys outlone Philippines bauxite miner
Marcventures Holdings Inc. and Asia Pilot Mining Philippines Corp. have entered into a term sheet that will finalize their merger.
– The Philippines Star

DoF sees P1.16T net revenue from ‘Train’ bill by 2022
The Tax Reform for Acceleration and Inclusion (Train) bill passed by the House of Representatives last week may generate potential net revenue for the government of P1.16 trillion over a five-year period from 2018 to 2022, computations by the Department of Finance (DoF) show.
– The Manila Times

Maynilad spends P42 B for water security program
West Zone concessionaire Maynilad Water Services Inc. has invested about P42 billion in the last five years to ensure water security in its service area.
– The Philippines Star

Flat 6% donor, estate tax gains groups’ support – DoF
THE plan to impose a flat 6 percent rate for donor’s and estate taxes as part of the Comprehensive Tax Reform Program (CTRP) has earned the support of two tax research groups, the Department of Finance (DoF) said Tuesday.
– The Manila Times

DMCI putting up $300-M cement plant in Semirara
DMCI Holdings Inc. is eyeing to invest around $300 million to put up a cement plant in Semirara Island, in a bid to grow the company’s offerings.
– The Philippines Star

SM Prime breaches P1-T market value, first in Philippines
SM Prime Holdings Inc., the integrated property company of the Sy family, became the first Philippine company to breach P1 trillion in market value.
– The Philippines Star

Water firms earmark investment to ensure long-term supply
The country’s two main water concessionaires have laid down their resiliency and investment plans to beef up long-term water in light of emerging security problems, climate change and the Duterte administration’s new water source projects.
– The Manila Times

British tech firm investing $20 M more for expansion
British technology firm Dyson Electronics Pte. Ltd. is investing $20 million this year to expand its operations in the Philippines as it remains bullish on the company’s growth prospects in the country.
– The Philippines Star

Huawei looks to boost Philippines presence
Huawei Technologies Co. Ltd., a Chinese multinational networking and telecommunications equipment and services company, is looking at expanding its presence in the Philippines.
– The Philippines Star

Mindanao power spot market starts trial run on June 26
Philippine Electricity Market Corp. (PEMC) will start trial operations of the wholesale electricity spot market (WESM) in Mindanao on June 26 to serve as a transition period for energy stakeholders following the Department of Energy (DOE) declaration of its launch this month.
– The Philippines Star

Crown Asia to supply pipes for Skyway 3
PVC maker Crown Asia Chemicals Corp. has bagged the contract to supply the pipes for the Skyway 3 project.
– The Philippines Star

Consider Singapore market for PHL business
SINGAPORE remains a strong economic ally for the Philippines. The country is its third source of investment in the world, with a contribution of $156.2 million in the $7.933-billion net foreign direct investments of the Philippines in 2016.
– Business Mirror

Boracay international airport completion eyed in Q3 2018
San Miguel Corp., the operator of the Boracay Airport, expects to complete the new international passenger terminal in the third quarter of next year.
– The Philippines Star

BPI reports ‘internal data processing error’
Ayala-led Bank of the Philippine Islands reported on Wednesday an “internal data processing error” that led to discrepancies in bank account balances that some clients complained about in social media BPI apologized for the inconvenience caused by the error.
– 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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