Philippines Morning News For July 11

Cabinet approves P3.757-T budget for 2019
Malacanang on Tuesday announced that the Cabinet of President Rodrigo Duterte approved the proposed PHP3.757-trillion budget for year 2019.
— Philippine News Agency

4-mo direct investments surge 24%
Foreign direct investments in January to April registered net inflows of $3.2 billion, up 24.3 percent from the level in comparable period in 2017, the Bangko Sentral ng Pilipinas said.
— Philippine Daily Inquirer

Local MSMEs eye $26-million export sales in 15th China-Asean expo
A Philippine delegation composed of around 100 micro, small and medium enterprises (MSMEs), led by the Department of Trade and Industry-Center for International Trade Expositions and Missions (DTI-Citem), will seek to penetrate the Chinese and Southeast Asian markets, and secure at least $26 million in export sales when they join in the 15th China-Asean Expo (CAExpo) from September 12 to 15, at the Nanning International Convention and Exhibition Center in Guangxi, China.
— Business Mirror

Donations from Office of the President rose to P4.7 billion in 2017
Donations or grants of financial assistance made by the Office of the President (OP) rose from only P524.983 million in 2016 to P4.777 billion last year.
— The Philippine Star

DOTr completes 129 port projects, 4 tourism ports in 2 years
The Department of Transportation (DOTr) has completed 129 commercial port projects under the Philippine Ports Authority (PPA), and four social/tourism ports under its maritime sector in the last two years.
— Philippine News Agency

Grab ordered to pay ₱10-M penalties for allegedly overcharging passengers
Transportation officials have ordered Grab to pay a ₱10-million penalty for allegedly overcharging its passengers.
— CNN Philippines

Trade deficit rises to 5-month high in May
The Philippines’ trade deficit further widened in May to a five-month high as exports shrunk while imports continued to grow, although at a slower annual pace, the statistics agency said.
— ABS-CBN

Philippines doles out cash to soften inflation’s blow
The Philippines has launched a fleet of subsidies to shield against accelerating inflation and criticism of doing little for the poor.
— Nikkei Asian Review (paywall)

Concom to ban reelection for Duterte
As President Duterte himself had supposedly requested, the consultative committee (Concom) tasked to review the 1987 Charter is banning him from seeking re-election under a new charter or even sitting as head of a transition team that would clear the way for a federal system of government.
— The Philippine Star

DPWH set to decide on P22-billion Cavite expressway
The Department of Public Works and Highways said it will decide this month on the unsolicited proposal of the unit of Metro Pacific Investments Corp. to build the P22.43-billion Cavite-Batangas Expressway.
— Manilastandard.net

How China’s e-vehicle demand boosts Philippines’ nickel industry
As the movement to ditch fossil fuels and turn to renewable energy slowly gains traction in developed countries, the mining sector in the Philippines is benefiting from the increased demand for nickel and other minerals.
— Rappler

8 firms vie for GSIS fund deal
The state-run pension fund Government Service Insurance System moved a step closer to its planned $800-million global investment with eight foreign firms deemed qualified to be hired as fund managers.
— Philippine Daily Inquirer

‘Go Lokal’ earns P33-M since launch: DTI
Trade Secretary Ramon Lopez on Tuesday reported to President Rodrigo Duterte that “Go Lokal” marketing has earned PHP33 million as of May 2018 since it was launched in 2016.
— Philippine News Agency

Group wants duty-free importation of electric vehicle parts
Electric Vehicle Association of the Philippines (EVAP) president Rommel Juan said the industry is seeking for a zero tariff and duty-free importation of e-vehicle parts in the country to promote local manufacturing and assembly activities of these vehicles.
— Philippine News Agency

Duterte sees lowest rating since becoming president – survey
Satisfaction in Philippine leader Rodrigo Duterte fell to the lowest of his presidency since coming into office in 2016, an independent survey showed on Tuesday.
— The Jakarta Post

Keeping foreign ownership cap to ‘impact’ investments: Euro chamber
The playing field will remain uneven if the 40-percent cap on foreign ownership of business is retained under a federal Philippines, the head of a European business group said Tuesday.
— ABS-CBN (video)

Assets of two Philippines residents frozen under Anti-terrorism Act
Trinidad and Tobago has frozen the assets of two residents of the Philippines deemed international terrorists after notice was given by the Office of the Attorney General on Monday.
— Loop

SMC to submit P3-billion Caticlan-Boracay bridge proposal
CONGLOMERATE San Miguel Corp. (SMC) said it will submit on July 11 its unsolicited proposal to the government for the P3-billion bridge connecting Boracay Island to nearby Caticlan.
— Business Mirror

Philippines to host Southeast Asia’s first Tough Mudder obstacle race
The Philippines is set to be the venue for the first-ever Tough Mudder obstacle race in Southeast Asia.
— Philippines Lifestyle News

Subsidies to financial services sector down 25 percent–PSA
Tax and other perks received by firms engaged in financial and insurance activities contracted by 25 percent, according to data released by the Philippine Statistics Authority (PSA) on Tuesday.
— Business Mirror

P2 million reward up for Nueva Ecija mayor killer’s arrest
The reward for information leading to the arrest of the killer of Mayor Ferdinand Bote of General Tinio town in Nueva Ecija is now P2 million.
— The Philippine Star

Rediscount loans up at end-June
BANKS SECURED additional loans from the central bank’s rediscount window in June to support capital expenses and commercial lending despite rising borrowing costs.
— BusinessWorld Online

Philippines: Officials seize fresh fruits from China and Thailand
Last Monday, Philippine airport quarantine officials seized more than 50 kilograms of fresh fruits from Jinjang, China and Thailand that were not issued with health and sanitary permits from the ports of origin.
— Fresh Plaza

Duterte violates ‘moratorium’ on criticisms against church
A day after he agreed to a moratorium on his statements about the Catholic Church, President Rodrigo R. Duterte on Tuesday, July 10, rehashed his widely-criticized remarks, stressing anew that his “God is not stupid.”
— BusinessWorld Online

PH nickel exports seen dropping 25% this year
PHILIPPINE nickel ore shipments are seen to decline by 25 percent to 30-35 million wet metric tons (WMT) in 2018 as nickel producers shift to higher-grade ore to compensate for price drops in the world market, the Philippine Nickel Industry Association (PNIA) said on Tuesday.
— The Manila Times (annoying pop-up)

Nissan, Mitsubishi join Philippine electric car bandwagon
The Philippines expects to make a major leap into the production and sales of electric vehicles starting this year with the entry of the e-cars of Nissan Motor Philippine Inc. and Mitsubishi Motors Philippines Corp.
— Manilastandard.net

Feature photo Brian Evans

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 July 11 added by Stella-maris Ewudolu on July 11, 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.