Philippines Morning News For September 27

PH climbs a notch in competitiveness
The Philippines climbed one place to rank 56th among 137 countries in the World Economic Forum’s Global Competitiveness Report 2017-2018.
— Manilastandard.net

Stocks slip as investors continue to cash in on gains
The benchmark Philippine Stock Exchange index (PSEi) plunged 74.59 points to settle at 8,170.14 while the broader All Shares index shed 30.79 points, or 0.63 percent, to end at 4,831.86.
— The Philippine Star

ADB keeps PH growth forecast at 6.5% in 2017
Manila-based Asian Development Bank (ADB) kept its economic growth forecast for the Philippines this year amid the nation’s robust domestic demand, including higher public investments in infrastructure and social services.
— Manila Bulletin

Philippines, US conduct joint counterterrorism exercise
The United States and the Philippines have concluded their first counterterrorism drill under the Duterte administration, boosting their capabilities to jointly plan, coordinate and conduct counter- terrorism operations.
— Business Mirror

Peso weakens on geopolitical risk
THE PESO weakened versus the dollar on Tuesday on safe-haven buying amid jitters between the United States and North Korea.
— BusinessWorld Online

Hazing ban moves in House
A House subcommittee has approved a substitute bill prohibiting hazing and regulating initiation rites of fraternities, sororities, and other organizations.
— The Manila Times

RRHI unseats EDC from PSE Index
THE Philippine Stock Exchange, Inc. (PSE) announced that the Energy Development Corp. (EDC) will be removed from the PSEi as its free float level dropped below the 12 percent minimum requirement to qualify as a main index constituent.
— Sun Star

Bourse increases PDS stake to 57%
THE Philippine Stock Exchange (PSE) will raise its majority ownership of the Philippine Dealing System Holdings Corporation (PDHSC) to over 57 percent after signing a share purchase agreement with Philam Life.
— The Manila Times

Philippines pitches Panda bonds
Luring potential investors to buy the country’s maiden Panda bond offering is high on the Philippine economic team’s agenda in an ongoing China roadshow, the Department of Finance (DOF) said.
— The Philippine Star

LTFRB to Uber, Grab: Deactivate drivers delivering illegal drugs
The Land Transportation Franchising and Regulatory Board (LTFRB) has directed transportation network companies Uber and Grab to deactivate their accredited drivers if they are found to be involved in delivering illegal drugs.
— Northbound Philippines

House clears P3.77-trillion nat’l budget for 2018
VOTING 223-9, the House of Representatives approved the proposed 2018 national budget on third and final reading on Tuesday, Sept. 26.
— BusinessWorld Online

Duterte absolves China, blames Taiwan ‘triad’ for drugs
Saying a Taiwanese triad has “taken over the operations” of the Chinese, Philippine President Rodrigo Duterte blamed China’s rival, Taiwan, for being the new source of illegal drugs in the Philippines.
— Rappler

House panel OKs bill on medical use of marijuana
The House Committee on Health has approved the bill allowing the use of cannabis, or marijuana, for medical purposes.
— Business Mirror

Nestle tackles ‘ocean-polluter’ tag in Philippines
Global food and beverage giant Nestle vowed on Tuesday, September 26, to address allegations by Greenpeace that it was polluting the world’s oceans with cheap plastic packaging for its Philippine products.
— Rappler

Strong domestic output could cut rice imports
THE GOVERNMENT could reduce the volume of rice imports next year amid expectations of strong domestic production in late 2017.
— BusinessWorld Online

Philippines dismisses UN rights concerns
Philippines Foreign Secretary Alan Peter Cayetano has called on United Nations member countries to respect Manila’s right to decide on the conduct of its drug war that has killed at least 12,000 people.
— UCA News

DICT to bid out Cyber Security Plan contract by yearend
THE Department of Information and Communications Technology (DICT) said it plans to put up for auction before the end of the year an outsourcing contract for the implementation of the National Cyber Security Plan (NCSP).
— BusinessWorld Online

Sugary drinks tax to affect the poor, business group warns
The poor will bear the brunt of a possible excise tax on sugar-sweetened drinks, a business group said Tuesday, adding it was “open” to a dialogue with the government.
— ABS-CBN

Group says beverage tax to drop micro biz sales to 60%
The Federation of Philippine Industries (FPI) said that the proposed sugar-sweetened beverages (SSB) tax under the Tax Reform for Acceleration and Inclusion (TRAIN) bill will result to drop of sales of micro enterprises by 40 to 60 percent.
— Philippine News Agency

Vets in Philippines turn to technology to track and tackle rabies
Armed with smartphones and syringes, veterinarians in the Philippines are turning to technology to fight rabies, using tracking tools to identify problem areas in mass campaigns to vaccinate dogs.
— Reuters

Philippines’ booming casino sector at risk of oversupply
Overinvestment in the Philippines’ thriving casino sector could become a reality as investors chase lucrative returns in Asia’s fastest-growing gaming hub, casino-to-ports magnate Enrique Razon Jr told Reuters on Tuesday.
— ABS-CBN

Philippines plans curfew for minors to combat drug menace
A proposal setting a nationwide curfew for children is expected to be enforced soon with fines for parents of violators.
— Gulf News

Feature photo Adam Cohn
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.

Philippines Morning News For September 27 added by Stella-maris Ewudolu on September 27, 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.