Philippines Morning News For April 11

$9.5B in Chinese investment deals to create 10,800 PH jobs
President Rodrigo Duterte on Tuesday witnessed the signing of an estimated $9.5 billion worth of investment agreements with Chinese businessmen, which could generate some 10,800 jobs for Filipinos.
— Philippine Daily Inquirer

Airline swings to loss on high fuel cost
Philippine Airlines reported a net loss of P4.6 billion last year, a reversal from a profit of P5.9 billion the previous year due to higher expenses on jet fuel.
— Malaya

P34.3 billion PPP projects by LGUs in the pipeline
The pipeline for Public-Private Partnership (PPP) projects for local government units (LGUs) has expanded to seven, with an aggregate value of at least P34.34 billion, as more provincial governments and private proponents join in the fray, the PPP Center said.
— Philippine Star

Solon wants Grab to refund customers P1.8 billion for ‘overcharging’
A LAWMAKER on Tuesday said transportation network service provider Grab should refund its customers P1.8 billion due to overcharging.
— Business Mirror

Philippines has room to gradually cut income tax on businesses — IMF paper
The Philippines can afford to gradually cut corporate income tax (CIT) rates to stimulate investments, as the country also seeks to reduce fiscal incentives from businesses that do not need them.
— Philippine Star

LTO: New machines to reduce license plate backlog by over 3 million
Officials move to address the nationwide backlog in license plates with the purchase of new production machines.
— CNN Philippines

Bello warns vs layoffs in Boracay
Labor Secretary Silvestre Bello III has warned establishments in Boracay against terminating their employees during the six-month closure of the resort island starting April 26.
— Philippine Information Agency

Philippines’ secondary cities get on Cebu Pacific’s radar
Efforts to lure tourists to less-travelled parts of the Philippines have gotten airline support as Cebu Pacific spotlights flights to secondary cities from Manila, starting with the March 25 launch of its Manila-Batanes route.
— TTG Asia

DOTr rejects Aboitiz’s P148-billion bid to upgrade 4 regional airports
The government rejected the P148-billion unsolicited proposal of Aboitiz Equity Ventures (AEV) to upgrade and operate 4 regional airports, instead choosing public bidding.
— Rappler

San Miguel seeks up to $3.6b in share sale at merged F&B unit
San Miguel Corp., the Philippines’ largest company, expects to raise as much as $3.6 billion selling shares of its merged food and drinks unit in the fourth quarter in what could be the country’s biggest share sale on record.
— Deal Street Asia

DOLE readies P35-M for special employment of poor students
The Department of Labor and Employment (DOLE) has allocated more than PHP35.26 million for this year’s implementation of the Special Program for Employment of Students in Western Visayas.
— Philippine News Agency

Nickel Asia eyes start of geothermal power venture this year
Listed miner Nickel Asia Corp. is set to start commercial operations of its first geothermal power project under unit Emerging Power Inc. (EPI) within the year as it moves to grow its renewable energy business.
— Philippine Star

Couple amasses nearly P1 billion in Bitcoin scam
The Philippine National Police (PNP) arrested a couple who allegedly amassed wealth worth nearly P1 billion through popular digital currency Bitcoin.
— CNN Philippines

The Philippines is aiming to build a city of the future
The Philippines, home to Manila’s standstill traffic jams, is aiming to become known for the “city of the future.’
— CNBC

PH, Indonesia kick off joint sea patrols
The Philippines and Indonesia on Tuesday launched coordinated border patrols to boost safety and security in the two countries’ common boundary areas.
— Inquirer.net

The other hassle of owning a Philippine passport
There are many factors or reasons for people to travel—for work, for leisure, and even for seeking refuge from their home country in turmoil.
— Interaksyon

Duterte seeks China help in war on crimes
PRESIDENT Rodrigo Duterte on Tuesday said the Philippines and China will stand and work together to fight criminality, the illegal drug trade and terrorism in the region.
— Manila Standard

PAL swung to a net loss of P6.47b in 2017 on higher prices of jet fuel
The parent firm of Philippine Airlines said it posted a net loss last year on higher operating expenses due to costlier jet fuel.
— Manila Standard

Net FDI for Jan hits 2-mth high of $919M
Foreign direct investments (FDI) hit a two-month high in January, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday, with higher net equity capital inflows having offset lower reinvested earnings and intercompany loans.
— The Manila Times

Consumers to pay more for ride-hailing
Consumers will end up paying even more for their ride-hailing services if and when the Transportation Regulatory and Franchising Board (LTFRB) approves Grab Philippines’ petition for a fare increase.
— Malaya

PH electronics exports up 10% in Jan – SEIPI
Electronics exports rose by 10.8 percent to $2.62 billion in January, an industry group said, accounting for half of the country’s total outbound merchandise shipments.
— The Manila Times

T-bills sale attracts only P5 billion
The Bureau of the Treasury (BTr) reported mixed results in its latest auction of Treasury bills (T-bills) on Tuesday, with the auction committee selling only P5 billion of the P15 billion on offer due to high bid rates from the market.
— Business Mirror

Pizza chain sales breach P8B in 2017
Shakey’s Pizza Asia Ventures Inc. said its recurring profit last year reached P762 million, up14 percent higher than the previous year’s P669 million primarily driven by the sustained increase in revenues, successful store network expansion, and maintained profitability despite higher input costs.
— Malaya

Locals in Boracay scramble to get barangay IDs
Indigenous people like the Aetas living in Boracay Island could not help but be happy about the pronouncement of President Rodrigo Duterte that he will implement land reform in the island.
— ABS-CBN (video)

Stock market dips; GT Capital falls
The stock market fell Tuesday to erase gains in early trading, with companies linked to casino operations taking a hit after President Rodrigo Duterte said he will not allow any casino to be built in world-famous Boracay Island despite the approval from Philippine Amusement and Gaming Corp.
— Manila Standard

PH thrift banks brace for disruptive technologies
As local thrift banks gradually embrace financial technology, the Bangko Sentral ng Pilipinas is considering tighter regulations to deal with cybersecurity breaches.
— ABS-CBN (video)

Coco oil exports up 3% in 2018-2019
The Philippines’ coconut oil (CNO) exports are expected to increase by 3 percent this year and next, the United States Department of Agriculture (USDA) said.
— The Manila Times

FDC profit soars 21% to P10.3 B
Filinvest Development Corporation (FDC), the flagship of the Gotianun family, reported a 21 percent jump in net income to P10.3 billion last year.
— Manila Bulletin

DOTr to mall owners: Ban colorum PUVs from terminals or pay P1-M fine
Mall operators may be fined up to P1 million if they are caught allowing “colorum” public utility vehicles (PUVs) to operate in their terminals.
— Philippine Daily Inquirer

AUB introduces Alibaba’s Alipay in the Philippines
ASIA UNITED BANK (AUB) said it is introducing Alipay, the Alibaba Group Holding Ltd.’s mobile payment system, in the Philippines, a move expected to make it easier for Chinese tourists to pay for purchases using their electronic wallets.
— BusinessWorld Online

DTI-EMB projects $122-billion exports by 2022
THE Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) is confident that the country’s exports will reach at least $122 billion by 2022, through the efforts of the electronics, processed food and beverages, and services sectors, particularly the information technology-business process management (IT-BPM) sector.
— Business Mirror

Security Bank to raise P5B via LTNCD issue
SECURITY Bank Corp. is seeking to raise P5 billion in fresh funds, with an option to upsize based on demand, from the second tranche of its approved P20-billion offering of long-term negotiable certificates of time deposit (LTNCDs).
— The Manila Times

Random drug tests for local officials backed
Senator Juan Edgardo “Sonny” Angara on Monday said key government agencies other than the Philippine National Police (PNP) may conduct a random drug test among incumbent local officials to provide voters some insight about the candidates they wish to support in the upcoming Barangay and Sangguniang Kabataan (SK) elections.
— Manila Bulletin

1 million customers in Las Piñas, Muntinlupa to benefit from Maynilad conveyance systems
A MILLION residents in Las Piñas and Muntinlupa stand to benefit from 35 kilometers of conveyance systems to be laid by Maynilad Water Services Inc. (Maynilad) in both metropolitan areas this year.
— Business Mirror

Programs net 185,000 jobs
THE Department of Labor and Employment (Dole) 7 helped more than 185,000 job seekers find work in 2017, bringing a four percent reduction in the 4.7 million unemployed individuals in Central Visayas, although some of the work was only temporary.
— Sun Star

Traditional PCs still thrive in PHL while smartphone shipments decline — IDC report
Device usage habits of Filipinos are rapidly changing, and it is reshaping the connected device trends in the country, according to a report by the International Data Corporation (IDC).
— BusinessWorld Online

Iranian firm to set up farm-machine factory in PHL
AN Iranian firm is seeking to establish a 50-meter assembly line in the country that would produce farm machinery, such as tractors, to help improve the agriculture sector’s mechanization level, the Department of Agriculture (DA) said.
— Business Mirror

Feature photo Brian Evans

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 April 11 added by Stella-maris Ewudolu on April 11, 2018
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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.