Philippines morning news for August 9

Philippines morning news for August 9

Philippines morning newsPhilippines revises Q1 2018 GDP down to 6.6%
The Philippine Statistics Authority (PSA) updated the gross domestic product (GDP) in the 1st quarter of 2018 to 6.6% from 6.8%.
— Rappler

P30B needed for full implementation of national ID system
At least P30 billion would be needed for the full implementation of the national identification system within three to five years, according to National Statistician Lisa Bersales.
— Manila Bulletin

Philippines’ FX reserves slip in July
THE COUNTRY’s foreign exchange reserves dipped to a fresh six- year low in July as the Bangko Sentral ng Pilipinas (BSP) tapped the pool of funds to defend the local currency.
— BusinessWorld Online

Philippines’ Converge to spend $1.8 bln for broadband rollout, taps S.Korea’s KT
Philippine broadband services provider Converge ICT Solutions Inc said on Wednesday it would invest $1.8 billion over the next five years for a nationwide rollout of fast and cheap fibre internet, partnering with South Korea’s KT Corp and U.S. firm TE Connectivity Ltd .
— Reuters

Philippines returns to samurai bond market after 8 yrs, sells $1.38 bln of debt
The Philippines has sold $1.38 billion in yen-denominated bonds, with strong investor demand for its return to the market for so-called ‘samurai’ debt after an eight-year break, the country’s finance ministry said on Wednesday.
— Reuters/ Nasdaq

Duterte signs EO modifying rates of import duty
President Rodrigo Duterte has signed an executive order modifying the rates of import duty on certain imported articles to implement the Philippine tariff commitments pursuant to the Free Trade Agreement (FTA) between the country and the European Free Trade Association (EFTA) States.
— Philippine News Agency

Russia pledges to help Philippine Navy in its modernization plans
Russia has pledged to help the Philippine Navy in its modernization plans in terms of training and maintenance, particularly in a submarine project.
EchnoChops (blog)

UAE’s LuLu Group investing $100 million in Philippines
UAE–based retail giant LuLu Group is investing $100 million for a warehouse facility, agro-industrial activities and to put up supermarket outlets in the country this year.
— The Philippine Star

Trade deficit widens in June
The country’s trade deficit widened in June as exports declined while imports posted a double-digit growth from the previous year’s level, data released by the Philippine Statistics Authority showed.
— Malaya

DSWD: More than 64,000 families have returned to Marawi
The Department of Social Welfare and Development (DSWD) said Wednesday that some 64,364 families have returned to Marawi City more than a year after the Islamic City was besieged by extremists.
— ABS-CBN News

Rice supply woes blamed on NFA diversion of P5.1-B food fund
The Commission on Audit (COA) has called out the National Food Authority (NFA) for diverting the P5.1-billion subsidy meant to ensure food security to pay off its maturing loans last year, possibly hampering the agency’s ability to maintain a stable rice supply.
— Philippine Daily Inquirer

Poe pushes bill protecting journalists, media practitioners
Senator Grace Poe has proposed some measures to protect journalists and other media practitioners from harassment, physical intimidation and violence.
— CNN Philippines

DOE seeks P2-billion budget for 2019
The Department of Energy (DOE) on Wednesday identified six regions with electrification levels falling below 60 percent.
— Business Mirror

2.3 million voter applications for May polls
The Commission on Elections (Comelec) received close to 2.3 million applications in the first month of the resumption of the continuing voter registration nationwide for the May 13, 2019, midterm polls.
— Business Mirror

House rejects 2019 cash-based budget
The House of Representatives has rejected the P3.7-trillion proposed national budget for 2019 over concerns the new cash-based system would result in the deprivation of funds in congressional districts.
— The Manila Times

STAR correspondent gets P1.3-million human rights compensation
The lone claimant in this province for compensation and recognition as a victim of human rights violations during martial law received his compensation on Monday.
— The Philippine Star

Biggest rate increase in a decade for Philippines
The question facing policy makers in the Philippines is not whether to raise interest rates for a third time in a row, but by how much.
— The Asean Post

Duterte OKs P25M medicine budget for police
President Rodrigo Duterte has approved the allocation of P25-million medicine budget for the Philippine National Police as part of the Chief Executive’s commitment to improve the health services for policemen, Special Assistant to the President Christopher Lawrence “Bong” Go said.
— The Manila Times

No to new casinos, Rody says after Nayon fiasco
President Rodrigo Duterte made it clear Wednesday he does not want new casinos in the country, as he explained why he fired the whole board of the Nayong Pilipino Foundation over its decision to grant a long-term lease to a foreign firm that would build an integrated resort on property the foundation

Chinese President Xi Jinping to visit Philippines as relations between two sides warm
Chinese President Xi Jinping is expected to visit the Philippines before the end of the year in the latest sign of improved relations between the two sides, the foreign minister of the Southeast Asian nation said.
— South China Morning Post

Philippine miner Nickel Asia holds H1 ore shipments steady at 8.89 mil wmt
Nickel Asia sold 8.89 million wet mt of ore from its four operating mines in the first six months of the year, relatively stable from 8.92 mil wmt a year earlier, the miner said Monday in a filing to the Philippines Stock Exchange.
— S&P Global Platts

Philippines will not spend on joint exploration with China — Cayetano
The Philippine government will not directly invest in oil and gas exploration amid proposals to pursue a joint venture with China in the West Philippine Sea, Foreign Affairs Secretary Alan Peter Cayetano said Tuesday.
— The Philippine Star

Globe hikes capex to $950 million following rosy H1 performance
ENCOURAGED by its financial performance during the first half of 2018, mobile services provider Globe Telecom Inc. has decided to increase its capital-expenditures (capex) program for the year by more than a tenth.
— Business Mirror

Economic managers cite risks of federalism
The Philippines’ investment grade credit ratings, which make it cheaper for the country to borrow money, will “go to hell” if the proposed shift to federalism proceeds, Finance Secretary Carlos Dominguez III told the Senate finance committee on Wednesday.
— Philippine Daily Inquirer

Bongbong Marcos pays P50,000 fine imposed by PET
Former senator Ferdinand “Bongbong” Marcos Jr. has paid the P50,000 fine imposed by the Supreme Court (SC), sitting as the Presidential Electoral Tribunal (PET), for issuing public statements on the ongoing recount of votes in his election protest against Vice President Leni Robredo.
— The Philippine Star

Philippines execs among most optimistic in Southeast Asia
Business executives in the Philippines were among the most optimistic in terms of economic outlook in Southeast Asia in the second quarter even as overall business optimism dipped year-on-year, latest survey results of Grant Thornton showed.
— The Philippine Star

Philippine gov’t offers cash, livelihood to lure leftist rebels to reintegrate into society
The government of Philippine President Rodrigo Duterte is offering cash and livelihood to lure leftist rebels to abandon the armed struggle and start a new life, according government information posted online on Wednesday.
— Xinhua

PCSO to lose P2.7B a month – Balutan
The general manager of the Philippine Charity Sweepstakes Office (PCSO) on Wednesday warned that the agency might lose P2.7 billion a month if it stopped operations of a provider for the lotto online system for Visayas-Mindanao and some parts of Luzon.
— The Manila Times

C.A.R. minimum-wage earners get pay hike
Minimum-wage earners in the Cordillera Administrative Region (CAR) will start getting a P20 to P30 pay increase this month, after the new wage order of the Regional Tripartite Wages and Productivity Board (RTWPB)-CAR is scheduled to take effect on August 20.
— Business Mirror

BI bars Aussie missionary, 84, from entering PH
The Bureau of Immigration (BI) has barred the entry of an 84-year-old Australian missionary over his alleged participation in past protest actions in the Philippines.
— Philippine Daily Inquirer

Uncertainty abounds as Landing says Duterte laid foundations for Manila land deal
Uncertainty over the future of Landing International Development’s planned US$1.5 billion Manila integrated resort has been further clouded by the company’s assertion that it was Philippines President Rodrigo Duterte himself who guided them to the plot of land they are now fighting to retain.
— Inside Asian Gaming

T.P.B. garners ISO 9001:2015 certification
The Tourism Promotions Board (TPB) has been certified as ISO 9001:2015 compliant following a thorough two-day audit conducted on June 5 and 6.
— Business Mirror


Feature photo Brian Evans


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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. 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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