Philippines Morning News For October 16

Philippines Morning News For October 16

Philippines morning newsGovt infra, capital spending up 18.1%
Infrastructure and other capital spending climbed in August, the Budget department said, with government resources having been used for priority public works, education and health projects.
The Manila Times 

PHL still playing catch-up in food sufficiency
Providing food for every Juan’s table remains a challenge, as the Philippine agriculture industry is yet to achieve fully the national food sufficiency goal.
Business Mirror 

Sale of military assets to fund pension reform, AFP modernization
The government is planning to sell or lease the military’s assets to help raise funds for the proposed reforms in the pension system of uniformed personnel and the military’s modernization program, the Department of Budget and Management (DBM) said.

Australia-Philippines pack an antiterror punch
Philippine President Rodrigo Duterte toured an Australian Navy warship docked this week in Manila, the latest sign of the two sides’ growing strategic cooperation in combating the rising threat of Islamic terrorism in the region.
Asia Times 

Philippine 5th in Asia in housing loss during disasters
The Philippines ranked fifth in the list of 10 countries in South and Southeast Asia with the highest risk of future displacement and loss of housing due to disasters, according to a new study conducted by the Internal Displacement Monitoring Center of the Norwegian Refugee Council and the United Nations Office for Disaster Risk Reduction (UNISDR).

Better climate for investment
There’s an interesting debate on foreign investments going on between the Duterte administration and its critics. While an opposition senator, Franklin Drilon, raised an alarm over the 90-percent decline in new foreign investments as of last June, the government economic managers argued it wasn’t the real picture. That observation is actually correct.
Philippine Daily Inquirer 

State outlays for transport, hospitals, schools rise
GOVERNMENT disbursements on infrastructure and other capital outlays grew by nearly a fifth in August from last year, according to data the Department of Budget and Management (DBM) released last weekend.
Business World 

Foreign telcos mull entry into Phl
Foreign telco players are interested in penetrating the Philippine market, which at present remains dominated by only two – Manuel V. Pangilinan’s PLDT Inc. and Ayala-led Globe Telecom.

The real score on foreign investments in the time of Duterte
The latest FDI figures – alongside signs of weaker business confidence, lower growth forecasts, and declining competitiveness – seem to presage a brewing storm in the Philippine business climate

Can PHL wean itself off coal?
THE Philippines, being a country more susceptible to the effects of climate change, is being urged by various sectors to adapt to the use of renewable energy (RE), instead of coal, as main source of energy.
Business Mirror 

PEZA wants to transform mining lands to ecozones
THE Philippine Economic Zone Authority (PEZA) is planning to turn about 8,000 hectares of land owned by the Philippine Mining and Development Corporation (PDMC) into mineral processing industry zones.
The Manila Times 

19 Filipino companies join world’s biggest food trade fair
Coconut products, banana chips, snacks and the Pili nut took center stage at the Philippine delegation’s trade fair booths at Anuga, the world’s biggest food trade fair.

Inside or outside, it’s 0% VAT
This is the usual question of vendors who render services to Philippine Economic Zone Authority (PEZA)-registered entities. With the recent decision of the Court of Tax Appeals (CTA) in ZMG Ward Howell, Inc. vs Commissioner of Internal Revenue (CTA Case No. 9004 dated September 18, 2017), we are given clarity regarding this matter.
The Manila Times 

Zen Rooms to add 6 more cities to PH network
ROCKET Internet subsidiary Zen Rooms plans to add five or six more cities to its budget hotel network in the Philippines over the next few years.
The Manila Times

Philippines says IS-linked militants in Marawi are making ‘last stand’
The Philippine army has launched an offensive to flush out the last 40 fighters loyal to so-called Islamic State (IS) from the southern city of Marawi.
BBC (video)

Philippine Central Bank Governor Sees No Need to Tighten for Now
Philippine central bank Governor Nestor Espenilla said contained inflation means there isn’t a need to increase interest rates in the near term.

Battle for Marawi to end soon: Philippine army
Philippine troops yesterday bombed militants loyal to the Islamic State in Iraq and Syria (ISIS) group who have held out for more than four months in the southern city of Marawi, saying that the conflict would be over “very soon”.
The Straits Times (paywall)

Activists urge Apple to drop Pro President Duterte Philippine Drug War Games from App Store
A group of civil society organizations has demanded that Apple remove from its app store games it said violated the tech firm’s guidelines and promoted violence and killings commonplace in the Philippines’ war on drugs.
Patenly Apple 

2,000 initiate drive asking Duterte to sign bank waiver
Around 2,000 individuals gathered and joined a signature drive protest led by the group “Tindig Pilipinas” on Saturday, calling on President Duterte to sign a waiver on his bank deposits to end doubts on corruption charges made by his critics.
Manila Bulletin 

Duterte listens to public sentiments on drug war
The sentiments of the public were the main consideration of President Rodrigo Roa Duterte in his decision to let the Philippine Drug Enforcement Agency (PDEA) take the lead on the “war on drugs”
Philippine News Agency 

Transport strike shuts Philippine financial markets
There will be no clearing and settlement operations by the Bangko Sentral ng Pilipinas (BSP) and the Securities Clearing Corporation of the Philippines on Monday, October 16, following an order from Malacañang to suspend government work due to a two-day nationwide transport strike.

Why are Filipinos supporting Duterte’s drug war?
A majority of Filipinos remain generally satisfied with the Duterte administration’s war on drugs despite some apprehensions about the campaign, according to the results of surveys conducted by the Social Weather Stations (SWS).

Price adjustment to boost SL Agritech’s bottomline
LOCAL hybrid-rice seed producer SL Agritech Corp. (SLAC) said it sees its bottomline in the current fiscal year rising by more than a third, or by 37.47 percent, to at least P700 million, from last year’s P509.2-million net income.
Business Mirror 

Foreign banks in PHL help increase FDI, employment
The entry of foreign banks into the local lending system may have come with early concerns, but the Bangko Sentral ng Pilipinas (BSP) said the non-resident players have been contributing to the economy since local laws have allowed their full entry in 2014.
Business Mirror 

Trouble brews at Customs bureau
BARELY two months after assuming office, Customs Commissioner Isidro Lapeña’s mettle may be tested after the Bureau of Customs Employees Union (Bocea) warned it is poised to launch protest actions that could paralyze the agency’s operations.
The Manila Times 

High-ranking govt execs under lifestyle check
Some high-ranking officials of the agencies under the Department of Finance (DoF) are under investigation for alleged corrupt practices, according to Finance Undersecretary Bayani Agabin.
The Manila Times 

SSS reform measure to improve benefits
The Social Security System (SSS) announced that a corresponding benefit increase will coincide with the proposed monthly pension increase for its member-pensioners, which is included in the SS Reform Act of 2017 currently being deliberated in the Senate.
Business Mirror 

Rice imports in 2018 to hit 1.7 MMT–USDA
Philippine rice imports next year could increase by more than half to 1.7 million metric tons (MMT), from the 1.1 MMT projected for 2017, according to the United States Department of Agriculture (USDA).
Business Mirror 

Foreign buyout firms face dearth of local targets
SWISS BUYOUT firm Partners Group has wrapped up its first investment in the Philippines — a stake in a business process outsourcing firm — early this year and is hungry for more deals.
Business World 

Subic Bay rediscovers strength in unity
#OneSBMA and #StrongerTogether may just be hashtags used by employees of the Subic Bay Metropolitan Authority (SBMA) on social networking and microblogging sites, but they are considered powerful symbols of shared struggle, victory and hope among stakeholders in this bastion of investment and industry.
Business Mirror

Traffic jam tax eyed for malls
A lawmaker wants the government to impose a tax on shopping malls for causing monstrous traffic jams in Metro Manila during payday and weekend sales.

Inflation likely to pick up in Q4
Inflation may accelerate in the fourth quarter, averaging 3.5 percent due to the continued weakening of the peso and rising oil prices, according to Deutsche Bank.

Current account surplus expected
German lender Deutsche Bank expects the Philippines to post a modest current account surplus this year and the next given recent improvements.
The Manila Times

BSP set to approve foreign bank’s entry
Monetary authorities expect to approve the entry of another foreign bank before the end of the year, a Bangko Sentral ng Pilipinas (BSP) official said.
The Manila Times 


Feature photo Andrew and Annemarie
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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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.

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