Philippines Morning News For May 15

Philippines’ c.bank says not right time to talk about easing policy
Philippine central bank deputy governor Diwa Guinigundo said on Monday now is not the best time to ease monetary policy by reducing reserve requirements because inflation is accelerating.
–Nasdaq/ Reuters

Philippines to save P10 B yearly on shift to renewable energy
The Philippines stands to save over P10 billion a year if it replaces diesel generation in off-grid areas with renewables, the Institute for Energy Economics and Financial Analysis (IEEFA) and Institute for Climate and Sustainable Cities (ICSC) said.
– Philstar

China offers $500-M arms loan to Philippines
MANILA, Philippines — loan to the Philippines, which can be used to procure defense equipment, Defense Secretary Delfin Lorenzana revealed Sunday.
– Philstar

CTRP substitute bill shows revenue lower by 47%
THE approved substitute bill for the Comprehensive Tax Reform Program (CTRP) may generate lower potential revenue for the government than originally proposed, the Department of Finance (DoF) said over the weekend.
– The Manila Times

Filinvest to invest P5B in Mindanao housing projects
DEVELOPER Filinvest Land, Inc. said it will invest an additional P5 billion in Mindanao over the next three years to expand its Futura Homes economic housing brand and Spatial medium-rise condominium building developments.
– SunStar

Infra spending up 18% in March – DBM
INFRASTRUCTURE spending expanded in double-digit terms last March, driven by disbursements in road projects, the Department of Budget and Management (DBM) reported over the weekend.
– The Manila Times

Government spending on infra slows in Q1
Government spending for infrastructure slowed in the first quarter as a result of lower equity and capital transfers to local government units, Department of Budget and Management (DBM) data showed.
– Philstar

P27-B tax case filed vs Mighty
The owner and executives of homegrown cigarette manufacturer Mighty Corp. are facing yet another tax evasion case in the Department of Justice (DOJ).
– Philippine Daily Inquirer

Q1 GDP growth seen at 6.4-7.2%
Analysts tracking the performance of the Philippine economy have issued a wide range of forecasts for growth in the first quarter, from 6.4 percent to 7.2 percent, on the back of strong manufacturing and private consumption, as well as improving exports and government spending.
– The Manila Times

Excise tax on sweetened drinks feared to adversely affect GDP growth
ood manufacturers have warned of a 0.5-percent contraction in the gross domestic product (GDP) and the loss of jobs if the plan to slap a P10 per liter excise tax on sugar-sweetened drinks is approved in Congress as part of the Duterte administration’s first tax reform package.
– Philippine Daily Inquirer

Cebu developer’s IPO priced at P5 a share
Cebu’s leading homegrown property developer Cebu Landmasters Inc. (CLI) has set its initial public offering at P5 a share, allowing the real estate firm to raise up to P2.9 billion in fresh funds for expansion in Visayas and Mindanao (Vis-Min).
– Philippine Daily Inquirer

6-hour power outage hits Western Mindanao
Western Mindanao was plunged into darkness Sunday for more than six hours due to a massive power outage. The power outage started at 8:38 p.m. Sunday and was fully restored at 3 a.m. Monday.
– Philippine News Agency

Philippine child porn crackdown nets arrest of American Lee David Colglazier
Police have arrested a 62-year-old American man in a widening crackdown on a $1 billion-a-year child cyber porn and torture industry in the Philippines.
– The Sydney Morning Herald

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Philippines Morning News For May 15 added by John Le Fevre on May 15, 2017
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John Le Fevre

Thailand editor at AEC News Today

John is an Australian national with more than 40 years experience as a journalist, photographer, videographer, and copy editor.

He has spent extensive periods of time working in Africa and throughout Southeast Asia, with stints in the Middle East, the USA, and England.

He has covered major world events including Operation Desert Shield/ Storm, the 1991 pillage in Zaire, the 1994 Rwanda genocide, the 1999 East Timor independence unrest, the 2004 Asian tsunami, and the 2009, 2010, and 2014 Bangkok political protests.

In 1995 he was a Walkley Award finalist, the highest awards in Australian journalism, for his coverage of the 1995 Zaire (now Democratic Republic of Congo) Ebola outbreak.

Prior to AEC News Today he was the deputy editor and Thailand and Greater Mekong Sub-region editor for The Establishment Post, predecessor of Asean Today.

In the mid-80s and early 90s he owned JLF Promotions, the largest above and below the line marketing and PR firm servicing the high-technology industry in Australia. It was sold in 1995.