Philippines Morning News For August 22

World Bank allots $156.06 million for 3 pipeline projects in PHL
THREE projects worth $156.06 million have been included in the World Bank’s pipeline of projects in the Philippines as of the first quarter of 2018.
— Business Mirror

Government investing P31 billion in key tourism access roads in 2019
SOME P31 billion will be invested by the Duterte administration in constructing roads to key tourism destinations in 2019.
— Business Mirror

$15-B project to solve airport woes
A new international aviation hub with four runways will prevent a repeat of last weekend’s disruption of flights at the Ninoy Aquino International Airport that affected thousands of travelers nationwide, according to the head of the country’s largest conglomerate.
— Philippine Daily Inquirer

PH embassy in Indonesia dangles additional PHP 1M incentive to Team Pilipinas
Philippine Ambassador to Indonesia Lee Hoong Wee pledged an additional PHP 1 million to a Filipino gold medalist, bringing the total cash windfall to PHP 6 million.
— Tiebreaker Times

SSS maternity disbursement hits P3B
The Social Security System (SSS) disbursed more than P3 billion worth of maternity benefits to over 157,000 qualified female members as of end-June 2018.
— Malaya

Scholars who didn’t take science courses owe P6.8M to PSHS
Former students from the Philippine Science High School’s (PSHS) Western Visayas campus and the Cordillera Administrative Region campus owe the school P6.861 million for not pursuing science and technology courses in the university level.
— Rappler

British Council in the Philippines announces launch of IELTS on computer
MANILA, Philippines, Aug. 21, 2018 /PRNewswire/ — IELTS, the world’s most popular English test for higher education and migration can now be taken on a computer from 1 September 2018 onwards.
— AEC News Today/ PR Newswire (media release)

Over 6% inflation seen in August-September 2018
Dutch financial giant ING Bank said inflation may breach the six percent level both in August and September.
— The Philippine Star

More hikes in BSP key rates seen this year
An economist projects further hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates this 2018 if inflation hits 6 percent in the next few months.
— Philippine News Agency

Debt payments up 9.9% to P415.9B in H1
The amount of debt settled by the national government climbed by almost a tenth to P415.9 billion in the first half as both amortization and interest payments rose.
— Philippine Daily Inquirer

DoF projects P61.3B in collections from higher sin taxes in 2020
THE DEPARTMENT of Finance (DoF) said that the government may raise an additional P61.3 billion worth of revenue in the second round of increased “sin” taxes proposed under its comprehensive tax reform program.
— BusinessWorld Online

Government allots P447 million for PUV modernization program next year
The national government will spend P447 million next year for the Public Utility Vehicle (PUV) Modernization Program.
— Business Mirror

DOTr gets US aid for aviation infrastructure development
The Department of Transportation (DOTr) has secured a grant from the US Trade and Development Agency (USTDA) to boost procurements in the aviation sector.
— The Philippine Star

PCSO donates P5M to veterans’ medical center
Philippine Charity Sweepstakes Office (PCSO) General Manager Alexander Balutan on Tuesday turned over an endowment fund of P5 million to the Veterans Memorial Medical Center (VMMC) in Quezon City.
— The Manila Times

Xiamen Air charged initial P15M over runway accident
Chinese airline Xiamen Air will have to pay an initial P15 million to the Philippine government, excluding the total revenue impact of the Ninoy Aquino International Airport (NAIA) runway accident that paralyzed operations at the country’s premier airport for nearly two days.
— Rappler

Iloilo City eyes P500-M loan for sports arena
THE Iloilo City government is eyeing a PHP500-million loan from either the Land Bank of the Philippines (LBP) or the Development Bank of the Philippines (DBP) to finance the construction of the Iloilo City Sports Arena.
— The Daily Guardian

Asian Games: Weightlifter Hidilyn Diaz wins first gold for PH
Hidilyn Diaz gave the Philippines its first gold medal in the 2018 Asian Games in Indonesia.
— CNN Philippines

NAIA mishap costs PAL ‘millions,’ airline says
Philippine Airlines on Tuesday apologized to its passengers over flight disruptions caused by a Chinese plane’s bumpy landing at the capital’s main airport last week, adding that the mishap has cost the flag-carrier “millions of pesos.”
— The Philippine Star

Electronic exports up 5.29% in H1
Electronics exports, which accounted for about 55.96 percent of the country’s total exports in the first half of 2018, grew by 5.29 percent from $17.40 billion last year to $18.32 billion.
— The Manila Times

FEMSA quits Coca-Cola Philippines venture five years after taking 51% stake
Coca-Cola FEMSA is to sell back its 51% stake in Coca-Cola Philippines, after a tough period marked by labour unrest and the introduction of a sugar tax.
— Food Navigator-Asia

DOF wants taxes on alcohol raised by 2020
The Department of Finance (DOF) wants the planned increase in the levies imposed on alcoholic beverages to be implemented beginning 2020.
— Manila Bulletin

Prices of construction materials on the rise
In the Philippine Statistics Authority’s (PSA) monthly monitoring of wholesales prices of construction materials in the National Capital Region, prices have gone up by 8.8 percent in June alone compared to their year 2000 levels while the six-month price inflation for the year hit 7.2 percent.
— Malaya

CoA questions P55.3M spent on food by Bohol provincial gov’t
THE COMMISSION on Audit (CoA) has ordered the Bohol provincial government to submit justification on the P55.3 million it spent in 2017 for various catering services.
— BusinessWorld Online

PHL taps Japan, Dutch expertise for smart city initiative–Neda
Clark Green City and Bonifacio Global City are just tips of the iceberg, as the Philippines turns to Japanese and Dutch technology and expertise to come into the smart cities initiative in a big way.
— Business Mirror

Parañaque residents want gov’t to fast-track new airports to decongest NAIA
Residents living near Ninoy Aquino International Airport want authorities to fast-track new airports and reduce the congestion in the country’s main gateway.
— ABS-CBN (video)

890 coconut farmers get cash incentives
The Philippine Coconut Authority in Bicol has disbursed incentives amounting to P3.2 million under the participatory coconut planting project, benefiting at least 890 farmers in the region.
— Manilastandard.net

Fixed exchange rate ‘dangerous’ for PHL economy, BSP chief says
THE BANGKO SENTRAL ng Pilipinas (BSP) will not opt to set a fixed exchange rate for the peso, with its chief calling it a “dangerous” move for the economy.
— BusinessWorld Online

RCBC launches first digital cash, makes transactions easier for more Filipinos
Rizal Commercial Banking Corp. (RCBC), with the support of the Bangko Sentral ng Pilipinas (BSP), is taking the lead in bringing digital financial services closer to more Filipinos as it works with eCurrency Mint’s solution to introduce ePiso.
— Business Mirror

HatchAsia to list P1.45-billion worth of shares with PSE
HatchAsia Inc., the gaming services unit of DFNN Inc., said it plans to list its shares with the Philippine Stock Exchange by introduction.
— Manilastandard.net

GM Golden Rice trial location in the Philippines out for public consultation
A public consultation over the location of field trials of the controversial genetically modified (GM) crop GR2E Golden Rice has been launched by the Philippine Rice Research Institute (PhilRice).
— Food Navigator-Asia

How prevalent is modern slavery in the Philippines?
Modern slavery refers to situations of exploitation that include human trafficking, forced labor, debt bondage, forced or servile marriage, and sale or exploitation of children among other things.
— BusinessWorld Online

Feature photo Stefan Munder

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 August 22 added by Stella-maris Ewudolu on August 22, 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.