Philippines Morning News For September 15

PSE sets P2.5-B follow-on offering
The Philippine Stock Exchange has firmed up a plan to offer about P2.5 billion in fresh capital through a follow-on equity offering, mandating BDO Capital & Investment Corp. to arrange an equity deal within this year.
— Philippine Daily Inquirer

August net outflows hit $58M as ghost month begins
The onset of ghost month coupled with rising tensions from North Korea’s missile tests combined to see hot money leave the country in August.
— Rappler

Investment pledges jump 38% as of Aug
Projects approved by the Board of Investments (BOI) jumped 38 percent in eight months ending August this year as investors remain enticed with the government’s aggressive infrastructure spending program.
— The Philippine Star

Philippines: 4th in time spent watching online videos — study
FILIPINOS spend an average of six hours a week viewing videos online, the fourth-longest of countries surveyed, according to a report.
— BusinessWorld Online

Dragging Marawi conflict has so far cost gov’t P3.5B
DEFENSE Secretary Delfin Lorenzana yesterday said the Armed Forces has spent around P3.5 billion for the operations to rid Marawi City of terrorists from the Maute Group.
— Malaya

Major reforms required for 9% GDP growth–JFC
BUSINESSMEN belonging to the Joint Foreign Chambers (JFC) on Thursday identified reforms that must be undertaken by the Duterte administration to grow GDP by 9 percent and achieve the goals of its 10-point socioeconomic agenda.
— Business Mirror

At least $10 B yearly FDI possible with reforms — JFC
The Philippines can easily attract at least $10 billion in foreign direct investments (FDI) annually once existing restrictions and improvement on its overall competitiveness are addressed, the Joint Foreign Chambers (JFC) of the Philippines said.
— The Philippine Star

Philippine stocks post all-time high amid upbeat U.S. market
The Philippine Stock Exchange index (PSEi) braved ghost month as it posted its highest close in history on Thursday, September 14, on the back of the upbeat US market and a “buy” recommendation on local property shares.
— Rappler

PSE to borrow P1.55-B to hike stake in PDS, move to new offices
The Philippine Stock Exchange disclosed Thursday that it would borrow P1.55 billion from three banks to hike its stake in the operator of the local bond exchange and finance the bourse’s transfer to a new location.
— ABS-CBN

Filipinos urged to invest in cryptocurrency
FILIPINOS are urged to invest in cryptocurrency, a digital currency operating independently from a central bank, especially those that are still cheap.
— Sun Star

PHL to release new foreign investment ‘negative list’ before end of 2017
The Philippines is now expected to release a “drastically” shorter foreign investment negative list (FINL) later this year, a delay from its earlier scheduled August launch, Socioeconomic Planning Secretary Ernesto M. Pernia said Thursday.
— GMA News

Manila Cathedral bells toll for victims of summary killings, drug war deaths
As the clock struck 8 on Thursday night, the bells of the historic Manila Cathedral, as well as those of other churches in the country, were tolled simultaneously in remembrance of the victims of alleged extra-judicial killings and those who were slain under the government’s crackdown against illegal drugs.
— ABS-CBN (video)

Peso back at P51:$1 level
THE PESO dropped to the P51 level anew, as markets expect strong US inflation data that may prompt the Federal Reserve to raise its policy rates for a third time this year.
— BusinessWorld Online

‘Reds’ reject govt demand for ceasefire
Communist rebels have flatly rejected demands by President Rodrigo Duterte for them to sign a ceasefire accord, saying it is tantamount to surrendering to the government.
— The Manila Times

DA purges garlic importers’ list amid cartel investigation
THE Department of Agriculture (DA) has suspended the accreditation of 50 more garlic importers amid allegations of cartel-like behavior raised by a Senate investigation.
— BusinessWorld Online

Borrowers’ loan takeout in Mindanao reaches P4.4B
AS OF August 2017, Pag-ibig Fund recorded a total of P4.4 billion housing loan takeout from 4,951 borrowers in Mindanao as loans for countryside housing are increasing in number.
— Sun Star

Quezon loses P77M in crops to ‘Maring’
Tropical Depression “Maring” destroyed at least P77 million worth of crops and fishery resources in Quezon province, so far the biggest storm-related damage posted by a province in Southern Luzon, a provincial official said on Thursday.
— Philippine Daily Inquirer

DTI-Davao Region aided 8K MSMEs from Jan-June
AS OF the first half of the year, the Department of Trade and Industry (DTI) Davao Region has recorded to have assisted a total of 8,335 micro, small, and medium enterprises (MSMEs), already reaching 72 percent of their target for 2017.
— Sun Star

Metro workers given P21 wage hike
MORE than six million workers in Metro Manila will get a P21 wage increase starting next month after the Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) agreed to raise the P491 daily minimum salary to P512.
— The Manila Times

CMC eyes 12 ore shipments by Nov.
Cagdianao Mining Corporation (CMC), a subsidiary of listed mining firm Nickel Asia Corp. (NAC), is set to boost its operations to complete 12 more shipments of nickel ore to China by November.
— Manila Bulletin

Sales of DMCI luxury project hit P6.64B
DMCI HOMES has almost fully sold out its first luxury development, Oak Harbor Residences, booking sales of P6.64 billion by the end of August.
— BusinessWorld Online

PH, Thailand to collaborate on S&T sectors
THE Department of Science and Technology (DOST) and the Ministry of Science and Technology (MOST) of Thailand agreed to work together in eight areas–medical science, food processing, innovative agriculture, electronics and computer, nanotechnology, space technology, innovative startup, and metrology.
— Sun Star

More than 7,000 families affected by typhoon Maring
TROPICAL DEPRESSION Maring left 7,600 families displaced, according to the National Disaster Risk Reduction and Management Council (NDRRMC). As of Sept. 13, there were 6,952 families or 30,255 persons inside evacuation centers.
— BusinessWorld Online

P40 wage hike for Region 2 workers
The Regional Tripartite Wages and Productivity Board of Region 2 has announced a P40 wage for private sector workers in the Cagayan Valley region.
— Manilastandard.net

Comelec: Gun ban for barangay, SK elections starts on Sept. 23
The gun ban for the barangay and sangguniang kabataan (SK) elections begins on September 23, according to the Commission on Elections (Comelec).
— CNN Philippines

1,771 violators of Davao’s anti-smoking ordinance nabbed
The Davao City Police Office ?apprehended 1,771 violators of the anti-smoking ordinance here ?in only three months.
— Davao Today

Japan to help PH develop High Standard Highway Network Master Plan
The Japanese government, through Japan International Cooperation Agency (JICA) will work with Department of Public Works and Highways (DPWH) to develop an updated master plan with expanded coverage for the construction of new road network throughout the Philippines, DPWH said.
— Update Philippines

CDPI proposes shift to federal parliamentary system
The Centrist Democracy Political Institute (CDPI) on Thursday said it will propose the shift to a federal parliamentary system, urging the Congress to start deliberating the amendments in the 1987 Constitution that will pave the way to federalism.
— Philippine Canadian Inquirer

UN rights chief hit over report on Phl
The Philippines directed heavy criticism at the United Nations human rights chief for severely mischaracterizing the human rights situation in the country in his report to the Human Rights Council.
— The Philippine Star

The Danger of a Revitalized Insurgency in the Philippines
For years, the common wisdom about conflict in the southern Philippines was that the peace process with the Moro Islamic Liberation Front (MILF) was the best antidote to radicalization. We all said it – analysts, activists, donors, diplomats, anyone who cared about making Mindanao a better place.
— The News Lens (media release)

Feature photo Adam Cohn
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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.

Philippines Morning News For September 15 added by Stella-maris Ewudolu on September 15, 2017
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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.