Philippines morning news for December 24

Philippines morning news for December 24

Philippines morning newsInvestment pledges hit record P907.2b in 2018
The Board of Investments registered record investment pledges of P907.2 billion in 2018, up 47 percent from the previous all-time high of P616.8 billion in 2017.

FDI seen topping $10 B in 2018, 2019
The inflow of foreign direct investments (FDI) is expected to top $10 billion anew in 2018 and 2019 as investors continue to view the Philippines as a favorable investment destination, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

Jan-Oct subsidies from national government to state firms top P126B–treasury
FILIPINO taxpayers spent P126.39 billion in subsidies for various government institutions, including government corporations, in the January-to-October period this year, according to the Bureau of Treasury (BTr).
— Business Mirror

World Bank cuts Philippine growth forecasts on elevated inflation, budget reenactment, weak trade
THE WORLD BANK cut its economic growth forecast for the Philippines as sustained high inflation, lower infrastructure disbursements next semester due to reenactment of the national budget and continued weakness of global trade offset the lift from spending related to the May 13, 2019 mid-term elections.
— BusinessWorld Online

Gov’t releases P4.8-billion subsidy for state university students
The tertiary education subsidy (TES) for state university students worth P4.8 billion under the free higher education law has been released, the Commission on Higher Education (CHED) announced on Sunday, December 23.
— Rappler

NEDA: PHL loses P17B yearly due to environmental hazards aggravated by climate change
The Philippines loses as much as P17 billion every year due to environmental hazards aggravated by climate change, according to the National Economic and Development Authority (NEDA).
— GMA News

SICPA-SGS submits masterplan for fuel marking program
The joint venture of Switzerland-based SICPA SA and SGS Philippines has submitted a masterplan to set the government’s fuel marking program in motion, according to the Department of Finance (DOF).
— The Philippine Star

Duterte Opens Up The Philippines To Chinese Workers, As Filipinos Seek Jobs Overseas
That’s according to a story published recently in South China Morning Post. Worse, Duterte’s administration is losing count of how many Chinese workers are in the country legally or illegally, according to the same source.
— Forbes

SEC approves P1.44-billion IPO of Iloilo hospital
The Securities and Exchange Commission (SEC) has approved the plan of Allied Care Experts (ACE) Medical Center Iloilo, Inc. to raise as much as P1.44 billion from an initial public offering (IPO) for the construction of a hospital.
— Manila Bulletin

CA junks P5.4 million damage suit vs GMA
The Court of Appeals (CA) has dismissed the P5.4-million damage suit filed by the United Church of Christ in the Philippines (UCCP) against Speaker Gloria Macapagal-Arroyo over alleged extrajudicial killings during her presidency.
— The Philippine Star

Subic port collects P22B, breaching target before 2018 ends
Breaching its target and achieving an all-time high, the Port of Subic said it has already collected P22 billion ($415.68 million) a week before the end of 2018.
— Rappler

BSP posts P48-B net income at end of Q3
The Bangko Sentral ng Pilipinas (BSP) posted a net income of P48.33 billion as of end-October, up 290 percent from same time last year of P12.38 billion, based on its latest statement of income and expense.
— Manila Bulletin

Miss Universe 2018 May Become Military Reservist – Philippine Defence Chief
Philippine Defence Secretary Delfin Lorenzana may accept the newly-crowned Miss Universe Catriona Gray into the ranks of military reservists, Manila Bulletin reported.
— Sputnik International

PSE wants to impose new fee by Q1
THE Philippine Stock Exchange (PSE) hopes to impose early next year fees on all investment funds tracking the PSE index.
— The Manila Times

Philippines: Quezon measles situation controlled
Philippines health officials are reporting that the measles cases in the province of Quezon are now controlled.
— Outbreak News Today

Lawmakers raise P30-M bounty
Over 150 congressmen have committed to raise P30 million in reward money for the capture of the killers of Ako Bicol Rep. Rodel Batocabe, Speaker Gloria Macapagal-Arroyo said on Sunday.
— The Manila Times

Suharto style: Duterte orders AFP to destroy communists
President Rodrigo Duterte on Saturday said he wanted to replicate in the Philippines the late Indonesian strongman Suharto’s campaign against communist rebels, which led to the deaths of 3 million people.
— Philippine Daily Inquirer

Risk of US-China clash in South China Sea worries Philippine firms more than trade war
With no clear end to the US-China trade war in sight, businesspeople in the Philippines – already hit by an inflation crisis – increasingly fear they could get caught in the crossfire if the confrontation between the two economic powerhouses spilled over into the South China Sea.
— South China Morning Post

Cabinet panel approves P18-B projects for 2019
THE interagency Investment Coordination Committee (ICC)-Cabinet Committee (Cabcom) confirmed P17.94 billion worth of new projects in its last meeting for the year.
— Business Mirror

BOC seizes P1 milloin ammo shipment
The Bureau of Customs has seized balikbayan boxes of ammunition sent from the United States, the BOC said yesterday.
— The Philippine Star

NFA: 9,000 rice retailers penalized for violations
The National Food Authority (NFA) apprehended 8,826 grains businessmen for various violations and collected at least P10.78 million in penalties, administrative fines and other fees as of end-November this year.
— The Manila Times

SN Aboitiz rolls out $28-M battery storage venture
SN Aboitiz Power, Inc. (SNAP) will shell out US$28 million worth of investment for a planned 20-megawatt battery energy storage system (BESS) at its Magat hydropower plant in Isabela province.
— Manila Bulletin

Philippines still far from realizing demographic dividend
The Philippines is still far from realizing its demographic dividend as a large portion of its population is still made up of dependents, according to the National Economic and Development Authority (NEDA).
— The Philippine Star

PH-Korea group aims to boost economic ties
The strong diplomatic ties between the Philippines and South Korea will get a boost following the soft launch of the Philippines-Korea Society last week.

Senate, House agree to abolish Road Board in January conference
Senate Majority Leader Juan Miguel Zubiri and his House counterpart, Rolando Andaya Jr., on Sunday agreed to speed up the process of abolishing the Road Board by meeting in conference in January.
— Philippine Daily Inquirer

Solons’ bounty drive to get Batocabe killers nears P30M
MEMBERS of the House of Representatives are eyeing at least a P30- million reward for the arrest of the killers of Ako Bicol Party-list Rep. Rodel M. Batocabe and his police escort, SPO1 Orlando Diaz.
— Business Mirror

Repatriated OFWs get financial aid
More than 100 distressed overseas Filipino workers (OFWs) repatriated from the Kingdom of Saudi Arabia (KSA) early this month were given financial assistance by the Overseas Workers Welfare Administration (OWWA).
— The Manila Times

2 Americans nabbed for dumping dead woman in Pasig River
Two citizens of United States were caught after transporting a dead woman in box using a transport network vehicle service provider and dumping the box in the Pasig River in Manila on Sunday morning.
— Philippines Magazine

Socioeconomic planning chief warns climate change will affect food security in PH
National Economic Development Authority (NEDA) Secretary Ernesto Pernia on Friday warned climate change poses risks to the agriculture sector’s growth and the country’s food supply.
— CNN Philippines

Cebu City Mayor Osmeña vows to help Angkas drivers
Cebu City Mayor Tomas Osmeña on Sunday said he will help motorcycle taxi drivers after the Supreme Court declared motorcycle ride-hailing firm Angkas illegal.
— ABS-CBN News

Ateneo dismisses junior high stude in viral bullying video
The Ateneo de Manila University (ADMU) decided on Sunday to penalize a junior high school student seen beating up a fellow student in the school’s restroom in a video that went viral on social media.
— Philippine News Agency

Lacson eyes tighter gun control measures
ALARMED by recent killings “committed with impunity,” Sen. Panfilo Lacson on Sunday urged the Phillippine National Police (PNP) to immediately impose stricter gun control measures, including the suspension of Permits to Carry Firearms Outside Residences (PTCFORs).
— The Manila Times

DOTr studies possible legalization of motorcycle taxis
The Department of Transportation (DOTr) is studying the possible legalization of motorcycles for public transport, after the Supreme Court allowed law enforcement agencies to apprehend motorcycle drivers engaged in ride-sharing services.
— ABS-CBN News

BDO among world’s best private banks
For the fourth straight year, BDO Private Bank (BDOPB) is awarded by New York-based Global Finance magazine as one of the world’s best private banks—the best of its kind in the Philippines. BDOPB is a wholly owned subsidiary of BDO Unibank, the country’s largest bank.
— The Philippine Star

DOH reports 2018’s first fireworks-related injury
The Department of Health (DOH) on Saturday reported this year’s first fireworks-related case involving a 12-year-old boy in Nueva Ecija, who lost his left hand’s middle finger due to a “five-star” firecracker blast.
— Philippine News Agency


Feature photo Australian Institute of International Affairs

This week’s morning news photo features a defining moment, event, or situation from 2018 for each country as chosen by our editors.


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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