Philippines Morning News For August 14

Proposed P3.757-T 2019 nat’l budget appears headed for a slow down
The passage of the proposed 2019 P3.757 trillion national budget in the Senate appears headed for a slow down as lawmakers disagree on whether a cash-based or obligation-based system should be adopted.
— Manila Bulletin

Flood control projects get P20-billion budget slash in 2019
A new budget system is cutting P20 billion out of the Department of Public Works and Highways (DPWH) flood control projects.
— CNN Philippines

$475 for eligible Filipino amnesty seekers
All Filipino amnesty seekers here, regardless of their status with the Overseas Workers Welfare Administration (OWWA), who will go home for good will receive cash amounting to $100 (Dh367) from the Philippine government.
— Gulf News

Philippines eyes up to $1.5 B global bonds this year
The Philippines plans to raise between $1 billion to $1.5 billion through another dollar-denominated global bond issuance this year to prefund its foreign obligations maturing in January.
— The Philippine Star

AFP probes up to P200M worth of hospital contracts
Armed Forces of Philippines chief General Carlito Galvez Jr said the corruption probe into the military’s main hospital has yet to be completed and involves up to P200 million worth of contracts.
— Rappler

Philippines to reach 1 million sqm in Manila office take-up
The Metro Manila office sector remains robust with a net take up for the first six months of 2018 already outpacing FY 2017 figures.
— RETalk Asia (media release) (blog)

DoF sees P1.2-trillion additional deficit
The chief economist of the Finance department said Monday that the government would incur a budget deficit of P1.2 trillion or about 6.7 percent of gross domestic product under the provisions of the draft federal constitution, a situation that he said was not viable.
— Manilastandard.net

No casinos in Boracay when it reopens, tourism chief says
Neither new nor existing casinos will be allowed to operate in Boracay when it reopens on October 26, according to Tourism Secretary Bernadette Romulo-Puyat.
— ABS-CBN

House panel approves bill granting incentives to energy efficient projects
Despite the suspension of work at the House of Representatives on Monday, the House Committee on Energy was still able to approve the substitute bill that will enhance the efficient use of energy by granting incentives to energy efficiency and conservation projects.
— Manila Bulletin

More minors with fake passports trying to leave Philippines
Immigration officials at Ninoy Aquino International Airport (Naia) are alarmed over the growing number of underage Filipino women who try to leave the country and work abroad using fraudulent travel documents.
— The Nation

DSWD aids over 28-K families affected by monsoon rains
The Department of Social Welfare and Development (DSWD) said Monday it is now assisting more than 28,000 families or 182,209 individuals affected by the onslaught of monsoon rains over the weekend.
— Philippine News Agency

Record cargo volumes drive Asian Terminal’s Q2 income higher
ASIAN Terminals, Inc. (ATI) saw an 18% rise in net income attributable to equity holders of the parent company during the second quarter, boosted by record-high cargo volumes.
— BusinessWorld Online

Pilipinas Shell reports P5.44-B net income in H1
PILIPINAS Shell Petroleum Corp. on Monday reported P5.44 billion in net income for the first half of the year, up 30 percent from the P4.19 billion posted in the same period a year ago.
— Business Mirror

JICA to help Marina boost Philippines shipbuilding
The Philippines’ Maritime Industry Authority (Marina) has strengthened its collaboration with the Japan International Cooperation Agency (JICA) to boost the shipbuilding and ship repair industry in the country, according to local media reports.
— Seatrade Maritime News

DENR, EDC, 9 firms ink pact for Boracay
The Department of Environment and Natural Resources has partnered with geothermal leader Energy Development Corp. to rehabilitate and restore Boracay Island through BINHI, a flagship environmental program of EDC where only native trees will be planted and grown in its adopted wetland.
— Manilastandard.net

Agriculture dep’t maintains 4% farm output growth target
THE Department of Agriculture (DA) is sticking with the official 4% growth target for farm production output in 2018 despite the first-half growth rate of 0.58%.
— BusinessWorld Online

Security Bank goes global with two new feeder funds
SECURITY Bank Corp. (SBC) recently launched two new types of feeder funds, the SB US Equity Index Feeder Fund and SB Global Equity Index Feeder Fund, which will allow the public to invest beyond the Asia-Pacific region, in the United States and in developed and emerging markets across the globe.
— Business Mirror

Uncollected SSS contributions hit P13B
The Social Security System (SSS) will heed state auditors’ recommendation to expedite the recruitment of more account officers (AOs) for proper monitoring of “delinquent” employers, after an audit found P13 billion in uncollected contributions from members.
— The Manila Times

PRRD fires ranking military officials over corruption
President Rodrigo R. Duterte has fired at least 20 high-ranking officials and employees of the Armed Forces of the Philippines’ (AFP) Health Service Command over alleged corruption at the V. Luna Medical Center in Quezon City, Malacañang said on Monday.
— Philippine Canadian Inquirer

Gov’t raises P15B as planned via T-bills
THE GOVERNMENT made another full award of the Treasury bills (T-bill) it auctioned off on Monday as rates slipped across all tenors following further policy tightening by the central bank.
— BusinessWorld Online

EDC net income for H1 reaches P4.1 billion
ENERGY Development Corp. (EDC), the country’s largest geothermal and wind-energy company, posted P4.1 billion in net income from January to June this year, 21 percent lower than the P5.2 billion recorded in the same period a year ago.
— Business Mirror

Stricter regulations for PH ships eyed
THE Maritime Industry Authority (Marina) will no longer allow Philippine-registered overseas ships to sail if they are not compliant with international maritime instruments.
— The Manila Times

Move to issue treasury bonds for Marawi rebuilding hit
A civic leader in Marawi City on Monday said the Maranao people were offended by the government’s proposal to sell retail treasury bonds (RTBs) as a way to raise funds for the rehabilitation of the Lanao del Sur provincial capital.
— Philippine Daily Inquirer

Philippines no. 9 on most-attacked list online — Kaspersky Lab
THE Philippines was ninth in the world in terms of volume of online attacks during the second quarter, up from 44th a year earlier, cybersecurity company Kaspersky Lab said.
— BusinessWorld Online

RCEP only way to cut tariffs on PHL bananas–South Korea envoy
THE only way South Korea can reduce the tariffs slapped on Philippine banana exports is through the forging of the ambitious Regional Comprehensive Economic Partnership (RCEP), its top envoy to Manila has said.
— Business Mirror

Feature photo Peter Rowley

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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 August 14 added by Stella-maris Ewudolu on August 14, 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.