Philippines morning news for August 1

Philippines morning news for August 1

Philippines morning newsTax reform generated P33.7B in 1st 6 months
The head of the Duterte administration’s economic team on Tuesday reminded legislators of President Duterte’s wish to pass by yearend the second tax reform package that will bring down the corporate income tax rate while rationalizing the fiscal incentives being given away to investors.
— Philippine Daily Inquirer

Filipinos to balloon to 108m by end of 2018
Despite a significant drop in the annual population growth rate, about 1.8 million more Filipinos are projected to be born, raising the total population to 106.4 million by the end of this year.
— The Gulf Today

Tax reform to generate P181 billion in 2019
The government is expected to generate P181.4 billion in revenue next year from the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law and other tax reform measures, according to the Department of Finance (DOF).
— The Philippine Star

Islamic State claims powerful van bomb attack in southern Philippines
A bomb exploded in a van in the restive southern Philippines on Tuesday, killing 11 people at a military checkpoint in what militant group Islamic State called a suicide attack for which it claimed responsibility.
— South China Morning Post

OECD sees PH economy topping ASEAN-5
The Philippine economy is expected to accelerate by 6.7 percent this year and the next, leading the ASEAN-5 or the fastest growing members of the Association of Southeast Asian Nations (ASEAN), according to the Organization for Economic Cooperation and Development (OECD).
— Philippine News Agency

Increase in money supply slows
MONEY SUPPLY continued to grow in June — although at a slower pace — amid a tempered increase in bank lending, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.
— BusinessWorld Online

Philippines lifts two-year ban on mining exploration
The Philippines has lifted a two-year moratorium on approving mining exploration permits, in a move that the government and industry hope will help determine the potential of some prospects in the world’s No. 2 nickel ore exporter.
— Reuters

World Bank to scale up support for Mindanao after law’s signing
The World Bank said Tuesday it is ready to intensify support for Mindanao after the government signed the Bangsamoro Organic Law.
— Manilastandard.net

Cost of IRA ruling could rise to P195B
A prospective Supreme Court (SC) ruling requiring increased transfers from the central to local governments could cost much more than initially estimated by the Department of Budget and Management.
— The Manila Times

July inflation seen as high as 5.8%
Price increases for basic goods and services were expected to have risen at a faster pace for the month of July due to higher electricity and water rates as well as petroleum prices, economists of the Bangko Sentral ng Pilipinas said on Tuesday.
— Philippine Daily Inquirer

DOF, House want real-time reporting of tax perks
The Department of Finance (DOF) and the House Committee on Ways and Means are keen on including in the second package of the tax-reform program a provision that would require firms to report in real time the incentives they get from the government.
— Business Mirror

Netizens echo call to #BoycottNutriasia over violent protest dispersal
A number of netizens have been throwing their condiments into trash cans and posting it on social media with the hashtag #BoycottNutriasia.
— Rappler

Philippines-China framework deal on hydrocarbons nears completion–D.F.A.
THE Philippines and China are nearing completion of a “framework” agreement to develop the hydrocarbon deposits in the contested areas of the West Philippine Sea (WPS).
— Business Mirror

DBP lends Cabanatuan P1.7 B for infra projects
DBP President and Chief Executive Officer Cecilia C. Borromeo (fourth from left) shakes hands with Cabanatuan City Mayor Julius Cesar Vergara after signing the P1.7-billion omnibus term loan agreement during ceremonies held last June 11, 2018 in Cabanatuan City, Nueva Ecija.
— Manila Bulletin

PH to start wooing foreign investors on petroleum bid round
By end-August, the Philippines will formally kick-start its international petroleum contracting roadshow in Singapore, touted as Asia’s financial capital and where most of the multinational companies have set up regional headquarters.
— Manila Bulletin

3,102 companies enjoyed P178-billion tax breaks in 2016
The government lost P178.56 billion in potential revenues in 2016 as a result of tax incentives given to 3,102 companies registered with various investment promotion agencies, the Finance Department said Tuesday.
— Manilastandard.net

PH investment roadshow seeks stronger alliances with Japanese firms
Trade Secretary Ramon Lopez led the Philippine delegation to Japan (JP) for the 2018 Investment Roadshow that aims to encourage leading Japanese companies as well as small and medium enterprises — involved in auto parts, electronics, manufacturing, and shipbuilding — to invest in PH and participate in its growth story.
— Philippine Canadian Inquirer

Over 152,000 drug cases filed in court under Duterte admin
The National Prosecution Service (NPS) has so far recorded 152,741 drug cases filed with various courts during President Rodrigo Duterte’s term.
— Rappler

IS in the Philippines and the Battle of Marawi: a new appraisal
Nine months since the Armed Forces of the Philippines (AFP) retook the city of Marawi from a coalition of Islamic State (IS) affiliated groups, resulting in the deaths of at least 802 militants, 160 government forces, and 47 civilians, President Rodrigo Duterte signed the Bangsamoro Organic Law (BOL).
— News Mandala

Remembering a transition leader in a time of transition
THE nation remembers today the president of the country who presided over its transition after 20 years of martial law and authoritarian rule – Corazon C. Aquino, first woman president of the country.
— Tempo

LTFRB starts calibrating taxi meters for fare hike
The Land Transportation Franchising and Regulatory Board (LTFRB) yesterday started the calibration of taxi meters in Metro Manila to reflect the approved fare increase.
— The Philippine Star

Can the TRAIN bill save the Philippines?
This month marks the third year of Rodrigo Duterte’s presidency. His presidency has been controversial to say the least, from being marred with criticisms from international institutions for his war on drugs to his various public outbursts.
— The Asean Post

House approves bill that bans privatization of public hospitals
A measure that prohibits the privatization and corporatization of public hospitals, public health facilities, and health services got the approval Tuesday of the House of Representatives on its third and final reading.
— ABS-CBN

PBCom P5-B term deposit issue gets central bank nod
THE Bangko Sentral ng Pilipinas (BSP) has approved Philippine Bank of Communications’ (PBCom) plan to raise up to P5 billion in fresh funds from the issuance of long-term negotiable certificates of time deposits (LTNCD).
— The Manila Times

Department of Agriculture will not ask for higher allocation for 2019
The Department of Agriculture (DA) will not ask for a higher allocation next year even if its 2019 budget is expected to decrease amid government’s shift to a cash-based budget system.
— The Philippine Star

Consumer prices likely rose 5.1 to 5.8 percent in July: BSP think tank
Inflation likely fell within the 5.1 to 5.8 percent target range in July, the Bangko Sentral ng Pilipinas’ think tank said Tuesday.
— ABS-CBN

Phantom bookings plague Philippines ride-hail app
Ride-hailing newcomer Micab is struggling to expand operations this year, saying its drivers have been hesitating to take ride requests due to over 29,000 phantom bookings it had alleged to Grab Philippines.
— The Phnom Penh Post

SC upholds finding to indict Jinggoy for plunder, graft for PDAF misuse
THE Supreme Court on Tuesday affirmed the Office of the Ombudsman’s finding of probable cause to indict former Sen. Jinggoy Estrada for the crime.
— Business Mirror

Cebu Pacific spends P500 million monthly on excess fuel costs
BUDGET carrier Cebu Pacific spends roughly half-a-billion pesos per month on excess fuel costs.
— Business Mirror

Sotto, Arroyo to push for TRAIN 2
Leaders of both chambers of Congress are keen to push for the passage of the second package of the Tax Reform for Acceleration and Inclusion law (TRAIN 2).
— CNN Philippines

 

Feature photo Rainier Martin Ampongan

 

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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