Philippines Morning News For May 26

Philippines Morning News For May 26

Philippines morning news

FDI seen to reach record $11 B
The Department of Trade and Industry (DTI) expects foreign direct investments (FDI) to surge this year, eclipsing a record high forecast set by the Bangko Sentral ng Pilipinas (BSP).
– The Philippine Star

Martial law in Mindanao not a threat to economy, says DOF chief
The head of the Duterte administration’s economic team yesterday said the declaration of martial law in Mindanao would protect businesses there from the threat of terrorism and would unlikely slow the country’s growth momentum.
– Philippine Daily Inquirer

Administration proposes P3.84-trillion budget for 2018
The Duterte administration will propose a P3.84-trillion national budget for next year, the Department of Budget and Management (DBM) announced yesterday.
– Manila Bulletin

Vietnam-linked hackers likely targeting Philippine intel on South China Sea dispute – FireEye
Hackers linked with the Vietnamese government are likely targeting Philippine government agencies to gather intelligence related to the maritime dispute in the South China Sea, cybersecurity company FireEye said on Thursday.
– Channel NewsAsia

Fisheries production improves in Q1
Fisheries production in the country slightly improved in the first quarter on the back of higher output across all sub-sectors.
– The Philippine Star

Russia asks Philippines to submit shopping list of defense equipment
Russia has asked the Philippines to submit a shopping list of defense equipment after President Rodrigo Duterte urged Russian President Vladimir Putin to provide him with a loan to buy firearms.
– The Philippine Star

Alsons commits to power development in Mindanao
Alcantara-owned Alsons Consolidated Resources Inc. (ACR) remains committed to develop power projects in Mindanao, with its project on track for completion starting 2019.
– The Philippine Star

NGOs urge Congress to pass tax reform bill
Over 200 representatives of nongovernment organizations and other civil society groups have called on Congress to swiftly pass the Duterte administration’s comprehensive tax reform program (CTRP).
– Manila Bulletin

Give excise tax share to sugar mill districts
Rep. Joseph Stephen S. Paduano (AbangLingkod) proposedyesterday that the 15 percent share in the projected P3.5 billion incremental revenue from the P10 per liter excise tax on sugar sweetened beverages (SSB) be directly given to the sugar milling districtsthrough the Sugar Regulatory Administration, a press release from his office said.
– Visayan Daily Star

The Latest Unrest in the Southern Philippines, Explained
Philippine troops using tanks and helicopters stormed the southern city of Marawi on Thursday in an effort to defeat militants linked to the Islamic State who have besieged the city for days, setting fire to buildings and taking hostages.
– The New York Times

House leader: VAT exemption for cooperatives to stay
House Majority Leader Rodolfo Fariñas has said the value-added tax exemption on cooperatives will be retained, a major amendment in the proposed House Bill 5636 or the Tax Reform Acceleration and Inclusion (TRAIN), the tax reform package of the Duterte administration.
– Philippine Daily Inquirer

Gov’t hospitals remain open in Mindanao, says DOH chief
The Department of Health (DOH) on Thursday assured the public that it would continue to operate all its retained hospitals in Mindanao amid President Duterte’s declaration of martial law in the beleaguered region.
– Philippine Daily Inquirer

SMC investing up to $700 M for glass, plastic, carton plants in Davao
San Miguel Packaging Corporation, a unit of diversified conglomerate San Miguel Corporation (SMC), is investing $700 million to build the country’s biggest glass plant in Davao.
– Manila Bulletin

NGCP, DICT in talks on use of fiber optics for national broadband project
The National Grid Corp. of the Philippines (NGCP) is continuing discussions with the Department of Information and Communications Technology (DICT) on the use of fiber optics for the national broadband project.
– The Philippine Star

PBB to focus on service improvement to SMEs
Having recently recognized its 20th anniversary of catering to the Philippine economy, the Philippine Business Bank (PBB) intends to continue improving their services to their SME (small and medium enterprises) clients while developing their branch network expansion to further reach those in the provinces with limited access to financial institutions.
– The Philippine Star

Road Board embarks on a major, nationwide road-mapping project
The Philippine Road Board, in partnership with the Department of the Interior and Local Government, has embarked on a major road mapping project which aims to update the country’s road network inventory in order to help the local government units thru the Locational Referencing System. Locational Referencing System (LRS) is the conduct of Road Inventory Survey in all provinces and cities nationwide.
– Manila Bulletin

BDO, Seven Bank tie up for cash transfer service
Taipan Henry Sy’s BDO Unibank partnered with Japan’s Seven Bank Ltd., making it easier for Filipinos in Japan to send money back home using a mobile app.
– Philippine Daily Inquirer

Singapore state fund takes direct stake in BPI
GIC Private Ltd. of Singapore now has a direct stake in Ayala-led Bank of the Philippine Islands (BPI) more than three years after it acquired a stake in the country’s third largest lender.
– The Philippine Star

Negrenses urge lower tax on sugared drinks
Calls for the reduction of a proposed excise tax on sugar sweetened beverages,using locally-produced sugar, is getting more support.
– The Philippine Star

Philippines: Integrated producer beefing up feed volumes
Manila headquartered, Vitarich Corporation, a poultry and feed firm, has said it plans to double its production capacity this year.
– FeedNavigator.com

Sy companies lead Forbes list of largest PH public firms
Eight of the country’s largest corporations—the holding firms of Philippine conglomerates and some of their large operating units—were named among the world’s biggest public companies in a list published by US-based business magazine Forbes.
– Philippine Daily Inquirer

Phoenix Petroleum ventures into LPG
Publicly-listed oil firm Phoenix Petroleum Philippines Inc. is venturing into the liquefied petroleum gas (LPG) retailing business following its acquisition of the local unit of Malaysian oil and gas company Petronas Dagangan Berhad (PDB).
– The Philippine Star

SMC putting up packaging plant in Davao for $700 M
Diversified conglomerate San Miguel Corp. (SMC) is bulking up its packaging business with an initial investment of $700 million for a new integrated plant in Davao.
– The Philippine Star

 

Feature photo Brian Evans
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