Philippines Morning News For May 8

Philippines Morning News For May 8

Philippines morning news

BOI OKs P1.34-B power project
The Board of Investments (BOI) has approved a P1.34-billion power plant project of Consunji-owned Southwest Luzon Power Generation Corp., noting that this would provide a “crucial backup” to avoid power outages.
— Philippine Daily Inquirer

7% growth likely this Q2 — Pernia
The Philippine economy stands a chance to sustain this quarter the seven percent expansion the country’s socioeconomic planning chief has estimated for the first three months, putting a 6.5-7.5% full-year target in sight.
— BusinessWorld Online

Use of plastic bags, styrofoam now outlawed by Baguio City ordinance
From now on, residents and tourists alike will have to bring personal market bags that are made of paper, cloth or other “less environment-harmful materials.”

2015 tobacco survey shows cigarette use rising among students aged 13 to 15
Despite a decline in the number of Filipino adult smokers, there has been an increase in the ranks of teen smokers between the ages of 13 and 15 in the past four years.
— Philippine Daily Inquirer

CTA affirms P625-million refund for Dole Philippines
THE COURT of Tax Appeals (CTA) upheld its division’s earlier decision ordering the Bureau of Internal Revenue to refund P625 million to food producer and marketer Dole Philippines.
— BusinessWorld Online

Gov’t to sell Pagcor casinos
The government will sell the casinos of state-run Philippine Amusement and Gaming Corp. (Pagcor) before yearend in line with moves for the state-run firm to stick to its regulatory mandate and let go of commercial functions, Finance Secretary Carlos G. Dominguez III said.
— Philippine Daily Inquirer

Phl deepens econ links with Russia
The Philippines and Russia are making great strides towards enhancing economic relations following the country’s successful hosting of the inaugural meeting of the Philippines–Russia Joint Commission on Trade and Economic Cooperation (JCTEC), the Department of Trade and Industry (DTI) said.
— The Philippine Star

British think tank: Du30 policy to halt rice imports misguided, risky
British research firm Economic Intelligence Unit (EIU) has added its voice to a barrage of criticisms from various quarters against the Duterte administration’s policy on rice, describing it as “another misguided food self-sufficiency agenda.”
— Philippine Daily Inquirer

Semirara spending $190 M to rehabilitate Calaca plants
Consunji-led Semirara Mining and Power Corp. is spending up to $190 million to rehabilitate its old plants in Calaca, Batangas, which will not only raise the plants’ capacity, but also lessen emissions.
— The Philippine Star

PH warship joins Singapore Navy’s fete
The BRP Gregorio del Pilar has embarked on a voyage to Singapore to join the 50th anniversary celebration of the city-state’s navy later this month.

Icasa, the growth area
We are familiar with Asean—the grouping of 10 Southeast Asian nations. And BRICS, an acronym coined by Goldman Sachs economist Jim O’Neill in 2001, which stands for Brazil, Russia, India and China. They then accounted for 8 percent of the world economy. Later, South Africa was added.

ASEAN members expect benefit from Belt and Road Initiative
The governmental officials, representatives for non-government organizations and media insiders from the Association of Southeast Asian Nations (ASEAN) expressed their expectations for more benefit to their countries from the Belt and Road Initiative recently, ahead of the upcoming Belt and Road Forum for International Cooperation.
— GMA News

PSI eyes database for young bets
THE Philippine Sports Institute (PSI) will test and profile young potentials in the next two years to provide a massive pool of future members of the national teams.
— Business Mirror

IRRI, govt to conduct irrigation research
The International Rice Research Institute (IRRI) said it has entered into an agreement with the National Irrigation Administration (NIA) to determine the most efficient way of distributing irrigation water.
— Business Mirror

House panel to start probe on Tadeco tomorrow
Two committees of the House of Representatives will start investigating tomorrow the allegedly anomalous banana plantation deal between the Floirendo-owned Tagum Agricultural Development Co. (Tadeco) and the government’s Bureau of Corrections (BuCor).
— The Philippine Star

Inflation unlikely to hit 4% this year
Inflation is not likely to reach four percent this year despite the upward pressure on consumer prices over the past few months, monetary authorities and economists said over the weekend.
— The Philippine Star

Poll reveals market consensus for steady rates at May 11 review
THE BANGKO SENTRAL ng Pilipinas (BSP) will likely hold fire on policy rates this week on the back of stable inflation, analysts said in a BusinessWorld poll as they noted that any tweaks will probably be delivered by the second half of the year, coinciding with the transition in central bank leadership.
— BusinessWorld Online

PH federalism to be modeled after US, Germany
The government’s model for federalism will be the United States or Germany, said Senate President Aquilino “Koko” Pimentel III in a conference on federalism in Davao City, Saturday.

Environmentalists block DENR gate to protest Lopez’s CA rejection
Members of environmental group Greenpeace Philippines on Monday blocked the gates of the Department of Environment and Natural Resources (DENR) office in Quezon City to protest the Commission on Appointments’ (CA) rejection of Gina Lopez.

Philippines targeted for release of cheaper dengue vaccine
A more affordable and highly effective dengue vaccine than the one already existing in the market will be available in the next three years, targeted to address rising dengue cases in countries like the Philippines.

Dominguez named new ADB board chairman
Philippine Finance Secretary Carlos Dominguez 3rd has been appointed chairman of the Asian Development Bank (ADB) Board of Governors ahead of the bank’s 51st Annual Meeting next year, the Department of Finance (DoF)announced on Sunday.
— The Manila Times

PH to mark territory in Benham Rise expedition – Piñol
Benham Rise, Philippine Sea — Do not call it a show of might. It’s just our way of marking our own territory.
— Manila Bulletin


Feature photo Brian Evans
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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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Stella-maris Ewudolu

Journalist at AEC News Today

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005.

Between November 2010 and February 2012 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.

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