Philippines morning news for August 3

Philippines morning news for August 3
Estimated Reading Time: 8 minutes |

Philippines morning newsHouse panel approves ‘in principle’ TRAIN 2
The House of Representatives’ ways and means committee on Thursday approved “in principle” the second package of the Duterte administration’s Comprehensive Tax Reform Package (CTRP), which aims to lower the corporate income tax (CIT) and modernize incentives.
— Philippine News Agency

PH prepares draft for possible joint exploration deal with China
Foreign Affairs Secretary Alan Peter Cayetano said Manila and Beijing can conduct joint exploration in the West Philippine Sea and share potential revenues.
— ABS-CBN

Tariff on imported rice to rake in P20-B yearly
The proposed tariff system may bring in at least PHP20 billion every year to the agricultural sector, Department of Agriculture (DA) Secretary Emmanuel Piñol told lawmakers on Thursday.
— Philippine News Agency

Staggered reserve cuts to free up P1T in cash by 2023
Monetary regulators may reduce the amount of cash banks are required to hold by as much as two percentage points each year which, if implemented without interruption, will free up almost P1 trillion in idle funds by the end of the term of Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr.
— Philippine Daily Inquirer

P1-B enhancement program seeks to decongest Cavitex
THE P1.1-billion enhancement program at the Manila-Cavite Toll Expressway (Cavitex) is a two-pronged initiative that will not only decongest the thoroughfare, but also increase traffic volume by at least a tenth, a ranking official said on Thursday.
— Business Mirror

China, Philippines to strengthen high-level exchanges for stable, closer ties
China and the Philippines agreed on Thursday to strengthen high-level exchanges so as to further promote the stable development of bilateral ties and cooperation.
— Xinhua

Sotto eyes lower corporate income taxes with ‘TRAIN 2’
Lowering of corporate income taxes and the rationalization of fiscal incentives takes a step closer to reality after Senate President Tito Sotto makes good on his promise of filing his version of the measure.
— ABS-CBN (video)

Govt eyes more taxes on ‘sin products’
On top of further raising the excise taxes on tobacco and alcohol products, the Philippines’ Department of Finance (DOF) is also seeking to stop the sale of cigarettes per stick as well as the use of e-cigarettes under its proposed tax reform package “2 plus.”
— The Nation

Palace welcomes Napoles’ US indictment
Malacañang on Thursday said it welcomes the United States’ indictment of alleged Priority Development Assistance Fund (PDAF) scam key player Janet Lim Napoles for conspiring to funnel in and out of the US some $20 million in Philippine public funds obtained through a multi-year bribery and fraud scheme.
— ABS-CBN

Philippines targeted in latest attack
FORTINET, a integrated and automated cybersecurity solutions company, has discovered a resurgence of the Hussarini malware in Philippines that exploits a vulnerability in Microsoft Office.
— Sun Star

Philippines won’t stop buying Russian arms over US pressure – FM
The Philippines won’t stop purchasing weapons from Moscow, despite possible pressure from the US, the nation’s foreign minister has said in response to reports that Washington may introduce sanctions for arms deals with Russia.
— RT

P76-M worth of Marawi water system project under way – DILG
A P76-million worth of water system project in Marawi City is under way through the Department of the Interior and Local Government (DILG)’s Sagana at Ligtas na Tubig para sa Lahat (Salintubig) program.
— ReliefWeb

NEA secures P1.163-billion electrification budget for ’19
The National Electrification Administration (NEA) has reaffirmed its mandate to fulfill its mandate of providing total electrification in the far-flung corners of the country despite limited budget.
— Business Mirror

‘Philippines likely grew by 6.8% in Q2’
Nomura Securities Ltd. said the Philippine economy likely grew by 6.8 percent in the second quarter, bolstering the possibility of a more aggressive policy rate hike by the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

Toyota Philippines sold 1.5-million vehicles in 30 years
Toyota Motors Philippines Corp. invested a total of P58 billion and sold 1.5 million vehicles in the past 30 years.
— Manilastandard.net

UPDATE 1-Philippines says 23 of 27 mines pass review, but four may close
The Philippines confirmed on Thursday that 23 of 27 mines reviewed for compliance with state regulations will continue to operate, while the remaining four in the world’s No. 2 nickel supplier that failed the audit could face closure.
— Reuters

Water concessionaires seek to raise rates to fund P183-B capex
METRO MANILA’S two private water concessionaires plan to spend a combined P183.531 billion starting this year through 2022 for projects that will allow them to meet the requirements of their concession agreement, including service continuity and water security.
— BusinessWorld Online

PSALM seeks to recover P16 billion
The Power Sector Assets and Liabilities Management Corp. is proposing to recover at least P16 billion from consumers starting this year to cover the stranded contract costs (SCC) and stranded debts (SD) of the National Power Corp. (Napocor).
— The Philippine Star

COA orders PhilHealth to return P164M in bonuses
The Commission on Audit (COA) has ordered the officials of the Philippine Health Insurance Corp. (PhilHealth) to return P163.85 million in unauthorized bonuses and allowances.
— Philippine Daily Inquirer

Federal government prohibits incumbent President from holding on to power
President Rodrigo Duterte’s term will end on 2022 and is not eligible to run, both in the current unitary setup and in a federal government, said the members of Consultative Committee (Concom) in a media forum on Federalism on Wednesday.
— Davao Today

Irrigating all PHL farms would take 40 years–NIA
It would take the government four decades to supply water to all irrigable lands in the Philippines, according to the chief of the National Irrigation Administration (NIA).
— Business Mirror

Court stops BIR seizure of Pacquiao assets
The Court of Tax Appeals (CTA) has lifted the Bureau of Internal Revenue seizure orders on the assets of boxing great, Sen. Manny Pacquiao, as it directed the BIR to stop its efforts to collect P3.29 billion in taxes while the case remains pending.
— Philippine Daily Inquirer

The Philippines stays free and open in its position on the Indo-Pacific
When US Defence Secretary James Mattis met with Chinese President Xi Jinping on 28 June 2018, he conveyed Washington’s growing concern over Beijing’s military activities in the South China Sea (SCS).
— East Asia Forum

Tribal refugees in Philippines refuse to go back home
Tribal people in the southern Philippines who fled their homes last month have vowed not to return to their villages after the military refused to sign an agreement banning soldiers from entering their communities.
— UCA News

Philippines govt extends use of satcoms for disaster response with Inmarsat
Inmarsat has signed a MoU with the Philippines government to deploy its satellite connectivity for the country’s disaster response system.
— Telecompaper

Indonesian police work with Philippine authorities to probe alleged implication of national in suicide attack
National police of Indonesia has joined hands with Philippine authorities to investigate a suicide bombing allegedly staged by an Indonesian citizen on Tuesday in the Philippines, Indonesian police officer said here Thursday.
— Xinhua

Binondo-Intramuros bridge gets backing
Due to their huge positive impact on economic and social development, uplifting the quality of life in our metropolis and the goal of helping ease traffic congestion, the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. said it supports the new projects of the Philippines and China to construct the Binondo-Intramuros Bridge in Manila and the Estrella-Pantaleon Bridge connecting the cities of Mandaluyong and Makati.
— Manilastandard.net

Hirings outpace separation in Q1
Hirings outpaced separations nationwide in the first quarter of the year as more workers were absorbed in the industry sector, the Philippine Statistics Authority (PSA) said yesterday.
— The Philippine Star

SEC issues draft rules for initial coin offerings
Proposed rules on initial coin offerings (ICOs) have been released by the Securities and Exchange Commission in a bid to regulate the fund-raising innovation and protect investors.
— The Manila Times

Task force opens Boracay one-stop shop for biz permit application
TO ensure ease of doing business, the Boracay Inter-Agency Task Force (BIATF) will set up a one-stop shop (OSS) in Boracay for speedy processing of permits in preparation for the island paradise’s reopening to tourists in October.
— Business Mirror

Fed cites strong economy, leaves rate untouched
The Federal Reserve (Fed) on Wednesday highlighted the strength of the US economy and labor markets, a signal confirming interest rate increases are ahead, even as it held its fire for now.
— Manila Bulletin

Schools fear TRAIN package 2 could raise tuition, other fees
While the Department of Finance (DOF) assured Filipinos that the second package of the Tax Reform for Acceleration and Inclusion (TRAIN) law would be revenue-neutral and hence be non-inflationary, a group of private schools expressed concern that the proposal would increase school fees and “weaken” educational institutions.
— Rappler

Duterte Is Leading The Wrong Revolution
Philippines President Rodrigo Duterte is leading the wrong revolution. His policies divide and weaken the country in the eyes of international community, and have undermined confidence among investors.
— Forbes

 

Feature photo Rainier Martin Ampongan

 

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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.

 


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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. Since 2010 she has worked as a freelance screen writer for 'Nollywood', Nigeria.

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