Philippines Morning News For April 18

Philippines Morning News For April 18

Philippines morning newsPhilippines: PLDT to sell part of its Rocket Internet stake for $202m
PLDT Online Investments, an indirect subsidiary of listed telco giant PLDT, has accepted a public share purchase offer by Germany’s Rocket Internet SE, according to a disclosure.
— Deal Street Asia

Cebu Pacific invests $25 million for training of future pilots
GOKONGWEI-LED Cebu Pacific is investing over $25 million (about P1.3 billion) for the 52-week overseas aviation training of 16 cadets at Flight Training Adelaide (FTA) campus in Australia as part of the company’s recruitment initiative aimed at addressing the airline’s refleeting requirements over the next five years.
— Business Mirror

Philippines to deploy hundreds of riot police to keep tourists away from Boracay during six-month closure
The Philippines is set to deploy hundreds of riot police to top holiday island Boracay to keep travellers out and head off potential protests ahead of its six-month closure to tourists, the government said Tuesday.
— South China Morning Post

GOCCs turn over P11B dividends
Three government-owned and -controlled corporations (GOCC) recently turned over to the Department of Finance (DOF) three checks amounting to a total of P11.33 billion, representing the agencies’ 2017 dividends to the national government.
— Malaya

Philippine stock woes mount as 2018 losses pass $20-billion mark
PHILIPPINE stocks, already the world’s worst performers this year, fell to the lowest in almost a year Tuesday, bringing to more than $20 billion the loss in market value for the country’s benchmark index since the start of 2018.
— BusinessWorld Online

PetroEnergy income reached $8.46 million last year
PETROENERGY Resources Corp. (PERC) reported its earnings jumped 44 per cent to $8.46 million (P439.8 million in 2017 as against $5.86 million (P304.65 million) in 2016, mainly on account of higher revenues.
— Business Mirror

Nickel miner’s ore sales up to 3M WMT
Nickel Asia Corp. (NAC) sold an aggregate 3.09 million wet metric tons (WMT) of nickel ore in the first three months of the year, slightly higher than the 3.05 million WMT of ore shipment it made in the same period last year.
— Malaya

Ombudsman: P49,999,000 still plunder threshold
Former Bureau of Immigration (BI) deputy commissioners Al Argosino and Michael Robles cannot invoke the loss of P1,000 from the P50 million in bribe money that they allegedly received to seek dismissal of the plunder case against them, Ombudsman prosecutors told the antigraft court Sandiganbayan.
— Philippine Daily Inquirer

Common OFW dream: Earn an average of P30,000 a month
The majority of Filipinos who harbor the desire of migrating are looking for an average compensation of only P30,000 or less a month, according to the Philippine Institute for Development Studies (PIDS).
— Business Mirror

Gov’t raises P10B from 10-year T-bonds
THE GOVERNMENT raised P10 billion worth of reissued 10-year Treasury bonds (T-bonds) Tuesday, Apr. 17 as demand for the long-dated tenor recovered amid persistent concerns over inflation.
— BusinessWorld Online

Philippine economy at risk of overheating, World Bank says
Although the Philippine economy is one of the top three growth performers in the region, it faces several domestic risks such as overheating, higher inflation and climbing fiscal deficits, the World Bank warned on Monday.
— Philippines Magazine

Dengvaxia probe panel recommends criminal charges against ex-president Aquino
The majority of senators are expected to sign an investigative report on the Dengvaxia vaccine that recommends the filing of criminal charges against former president Benigno Aquino 3rd and some of his cabinet members involved in the procurement of the anti-dengue vaccine, The Manila Times Online reported on Monday (Apr 16).
— Thai PBS

Facebook cracks down on Philippines fake news sites
Several websites that contain false information have been blocked on Facebook as the social media giant began implementing stringent measures against the proliferation of fake news.
— Philippine Star

BIR collects P6B from sugary drinks tax
The Bureau of Internal Revenue collected P6 billion during the first quarter from the excise tax slapped on sugary drinks even as the country’s biggest tax-collection agency has yet to come out with the guidelines for the new levy.
— Philippine Daily Inquirer

P5B bus station to declog MM
The Department of Transportation yesterday signed an agreement with North Luzon Express Terminal, Inc. (NLET) for the construction of the proposed P5-billion integrated bus terminal in Bocaue, Bulacan, located beside the Philippine Arena, the world’s largest indoor arena.
— Malaya

BTr caps 10-year bond rate to 6.213 percent
The Bureau of the Treasury (BTr) on Tuesday reported a full award on its 10-year Treasury bond (T-bond) sale characterized by robust bids from the various government securities eligible dealers (GSEDs).
— Business Mirror

Infrastructure Drive, Strong Domestic Demand to Sustain Philippine Growth
The Philippines’ economic growth is expected to sustain its quick pace in 2018 and 2019 as the government’s infrastructure program is rolled out, says a new Asian Development Bank (ADB) report.
— Modern Diplomacy

The Philippines’ pivot to China
Philippine President, Rodrigo Duterte recently returned from China bearing gifts. The president had signed nine business agreements when he was there.
— The Asean Post

PHL joins Startup Genome project
AS part of its effort to help promote and scale up Philippine start-ups, the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) facilitates the country’s first-time participation in the Startup Genome project, which released the 2018 Global Startup Ecosystem Report (GSER).
— Business Mirror

Student-made app identifies medical conditions by scanning your fingernails
A group of computer engineering students from the Technological Institute of the Philippines Quezon City developed a mobile app that can identify medical conditions in the blood, heart, liver, and lungs through a scan of a person’s fingernails.
— Rappler

Asia Digest: Jollibee closes Smashburger deal; Singapore family fund backs LimFlow
Philippine fast-food giant Jollibee has completed its acquisition of additional 45 per cent stake in American burger chain Smashburger while medical device company LimFlow SA has raised a round backed by Singapore family fund Balestier.
— Deal Street Asia

Tech company’s profit plunges 61%
Xurpas Inc. posted profits of P102.57 million last year, down 61.12 percent from the prior year’s P263.84 million.
— Malaya

Lopez Holdings 2017 profits down 29% and 36%
LOPEZ Holdings Corp. reported lower earnings in 2017 due to the absence of one-off gains from its subsidiaries that had boosted profits in the previous year.
— The Manila Times

Confusion, blame game fuels Philippines vaccine scandal
Melinda Colite shakes with rage as she clutches a photo of her grandson, who she says died after getting the anti-dengue fever vaccine at the heart of a bitter scandal in the Philippines.
— Yahoo News

39 Pinoys from Indonesia to be repatriated
A TOTAL of 39 Filipinos apprehended in Indonesia will be repatriated by the Armed Forces of the Philippines (AFP).
— Sun Star

US military begins storage facility construction in Philippines
The US military on Tuesday started the construction of a storage facility at a base in the Philippines’ Pampanga province.
— The Gulf Today

Japan funds rehab of Mindanao electric coops
The National Electrification Administration (NEA) partnered with a Japanese firm for the procurement of distribution line materials and boom trucks to rehabilitate the power distribution system of the six electric cooperatives (ECs) in Mindanao.
— Malaya

GSIS loan fund to help teachers
The state-run pension fund Government Service Insurance System has made available a loan facility under which teachers and personnel of the Department of Education can pay their obligations to private lenders.
— Philippine Daily Inquirer

Over 11,000 vacancies up for Labor Day Jobs Fair
The Department of Labor and Employment (DOLE) has solicited 11,882 vacancies for both local and overseas jobs as of April 13.
— Davao Today

Ex-SAF chief, 3 others in P59.8-M allowance mess sacked
A police general and three others have been relieved from their posts for their alleged involvement in the anomalies over the missing PHP59.8 million in allowances for members of the elite Special Action Force (SAF).
— Northbound Philippines

Rice production seen hitting nearly 20 MMT this year
Philippine rice production could rise by nearly 3.11 percent to a record-high of nearly 20 million metric tons (MMT) on the back of higher yield and better farm-gate prices, according to the Department of Agriculture (DA).
— Philippines Magazine

NFA to boost rice reserves
President Duterte has directed the National Food Authority (NFA) to build up its rice buffer stock to the equivalent of 60 days of national consumption, by buying more locally-produced grains and imported varieties, according to Emmanuel Piñol, secretary of the Department of Agriculture (DA).
— Malaya

DENR orders 14 establishments to vacate Puerto Galera beaches
The Department of Environment and Natural Resources (DENR) has asked 14 establishments to voluntarily remove structures on easement zones along beaches of Puerto Galera in Oriental Mindoro.
— CNN Philippines

World Bank flags rise in PH underemployment rate
After warning of potential overheating in the Philippine economy, the World Bank now flags the rise in the country’s underemployment rate, saying this is a sign of a lack in quality jobs.
— ABS-CBN (video)

2nd tax reform package to lure investors: WB economist
The second package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), which is expected to lower corporate income tax rates and rationalize fiscal incentives to investors, can attract the much-sought-after investments necessary to generate jobs, a World Bank (WB) economist said Monday.
— Philippine Canadian Inquirer

Smart prepaid subscribers to get 1-hour free YouTube access
SMART Communications, Inc. is giving its prepaid subscribers free access to YouTube for one hour daily until July 15.
— BusinessWorld Online

BCDA contributes P8-B to AFP in first 2 years of Duterte admin
The Bases Conversion and Development Authority (BCDA) has contributed PHP8 billion to the Armed Forces of the Philippines (AFP) in the first two years of the Duterte administration.
— Philippine News Agency

CLI books P2.7 B reservation sales in Q1
CEBU Landmasters Inc. (CLI) is on track to meet its P7 billion reservation sales target this year after sales rose 24 percent in the first three months.
— Sun Star

Global Business Power investing P5b in renewable plants
Global Business Power Corp. said it plans to invest P4 billion to P5 billion in its foray into renewable energy projects with a capacity of 300 megawatts over the next two years.
— Manila Standard

PAL recovers P900-M in specific tax payment
The Court of Tax Appeals (CTA) has instructed the Bureau of Internal Revenue (BIR) to refund the Philippine Airlines (PAL) almost P900 million in specific tax the latter paid for the importation of aviation fuel.
— Manila Bulletin

MWC to take P60-M hit from Boracay closure
MANILA WATER Co., Inc. (MWC) expects to take a hit of around P60 million to P70 million when Boracay is closed to visitors for six months starting on April 26, but the Ayala-led firm is looking at opportunities in the island, including a waste-to-energy project.
— BusinessWorld Online

One Meralco Foundation helps 30,000 families realize ‘electric dreams’
The social development arm of the Manila Electric Company (MERALCO), One Meralco Foundation, reached another milestone in its advocacy to make access to electricity within the reach of low income families.
— Manila Bulletin

De Lima to stay in jail, SC junks appeal
SEN. Leila de Lima will stay in prison after the Supreme Court denied her motion for reconsideration on a lower court ruling that ordered her arrest and detention on drug charges.
— The Manila Times

IMF: Philippine growth fastest in ASEAN, 2nd worldwide
The Philippines is expected to be the fastest growing economy in Southeast Asia and second fastest in the world over the next two years as it remains resilient to external shocks, according to the latest World Economic Outlook released by the International Monetary Fund (IMF).
— Philippine Star

Ex-SAF chief’s budget officer returns P37 million to PNP
Senior Superintendent Andre Dizon, budget officer of embattled former police Special Action Force (SAF) chief Director Benjamin Lusad, has returned P37 million to the Philippine National Police (PNP).
— Rappler

AirAsia offers P1,990 fares to Bohol to boost tourism
AirAsia is offering P1,990 promo fares to Bohol in a bid to boost tourism in one of the country’s top tourist destinations.
— ABS-CBN

Peso remains firm amid Syria tensions, local stocks down
The Philippine Peso was little changed against the Greenback Tuesday but the Philippine Stock Exchange index (PSEi) contracted anew.
— Philippine News Agency

Ex-general gets 216 years for P3.5 million graft
A former official of the Armed Forces of the Philippines (AFP) has been sentenced to up to 216 years in prison for pocketing P3.506 million in real estate taxes.
— Philippine Star

SSS collects over P200k from RACE Campaign in Batangas
A month after the conduct of the Run After Contribution Evaders Campaign in a shopping mall here, the Social Security System collected more than P200,000 from six delinquent employers that have been issued with a Show Cause Order.
— Manila Standard

Boracay may cap tourist arrivals after reopening
The Philippines could put a cap on the number of visitors to Boracay when the island reopens after its closure.
— Travel Mole

Cloudy days ahead for Philippine tourism
Philippine President Rodrigo Duterte’s order to shut down the country’s leading tourist destination, Boracay island, threatens to put the crucial foreign currency-earning industry into a tailspin.
— Asia Times

Puregold earns P5.84B in 2017
EARNINGS of Puregold Price Club, Inc. grew by 5.7% in 2017, backed by a double-digit increase in sales from its chain of supermarkets across the country.
— BusinessWorld Online

Australian nun released, faces deportation
A 71-year-old Australian Catholic missionary walked out of detention at the Bureau of Immigration (BI) yesterday, hours after being held for alleged involvement in anti-govern- ment activities in violation of the conditions for her stay in the country.
— Philippine Star

 

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.

 

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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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