Philippines Morning News For July 12

Philippines ‘below average’ in regional innovation ranking
THE PHILIPPINES’ rank in terms of innovation was unchanged from a year ago, despite “high scores” in business environment, education and information and communications technology (ICT), according to an annual report of the Cornell University, INSEAD and the World Intellectual Property Organization (WIPO).
— BusinessWorld Online

FDI inflows rise 24% in 4 months
Foreign direct investments (FDI) continued to flow into the country, growing 24 percent in the first four months of the year amid favorable investor sentiment on the back of sound macroeconomic fundamentals and growth prospects.
— The Philippine Star

Chinese firm eyes $3.5-billion steel plant
Chinese conglomerate Panhua Group signed an agreement with the Philippine Economic Zone Authority to put up a $3.5-billion integrated steel plant in the Philippines.
— Manilastandard.net

SSS earns P1.31 billion from loan restructuring program, benefits 200,000 members
The Social Security System (SSS) reported that it has earned some P1.31 billion for the first three months of implementation of its loan restructuring program (LRP) that also benefited some 200,000 of its members.
— Business Mirror

DBM to allocate P3.9B for jeepney fuel subsidy in ’19
Jeepney drivers and operators will receive more than twice the fuel subsidy they are set to get this year after the Department of Budget and Management (DBM) said it would allocate P3.86 billion for the Pantawid Pasada program in 2019.
— Philippine Daily Inquirer

52.8 million Filipinos don’t have bank accounts
Only about 15.8 million Filipino adults own bank accounts, according to the latest financial inclusion survey conducted by the Bangko Sentral ng Pilipinas (BSP).
— Rappler

CEZA to rake in P3.6B from crypto currency back offices
The Cagayan Economic Zone Authority (CEZA) sees P3.6 billion in revenues annually from the back office operations of crypto currency exchanges in the planned financial technology (Fintech) Hub in the zone.
— Malaya

No longer a cesspool, Boracay to reopen on Oct. 26 – Cimatu
Environment Secretary Roy Cimatu has reaffirmed that Boracay Island would be reopened to tourism on Oct. 26.
— Philippine Daily Inquirer

Duterte signs law banning all forms of hazing
President Rodrigo R. Duterte on Wednesday signed a law banning all forms of hazing and imposes graver penalties against those who participate in it or try to conceal it.
— Philippine News Agency

PH may lose investment grade ratings, infra funds if LGUs get share from nat’l taxes
The Philippines stands to lose its investment-grade credit ratings and may have to stop construction of big-ticket infrastructure projects if the Supreme Court ruling that grants local government units (LGUs) a share from “all” national taxes gets implemented, Budget Secretary Benjamin E. Diokno said.
— Philippine Daily Inquirer

DOE firm on proposed $2-billion LNG project despite ‘tepid’ investor interest
The Department of Energy (DOE) assured on Wednesday that the government is capable of taking the lead in the development of the proposed $2-billion liquefied natural gas (LNG) import facility in Batangas, even if no other company would endeavor to invest in it.
— Business Mirror

Diokno: IRA ruling could cost govt P1-6T
A Supreme Court decision granting higher internal revenue allotments (IRA) to local government units will significantly affect the country’s fiscal health, a Cabinet official said on Wednesday.
— The Manila Times

SSS to roll out low-interest pension loans in September
The Social Security System (SSS) will roll out pension loans for by September in light of the difficult times given the rise in the prices of basic goods and services.
— CNN Philippines

‘Political killings’ in the Philippines | Video
The killings of four Philippine government officials in the span of a week have sparked fears they were orchestrated by unknown actors, to justify nationwide martial law.
— Channel NewsAsia (video)

Philippines to upgrade Rafael Ramos naval base to support larger ships
The Philippine government has allocated PHP1 billion (USD18.7 million) to upgrade Naval Base Rafael Ramos in Lapu-Lapu City, Cebu Province, to make it accessible for the Philippine Navy’s (PN’s) current and future frigates, the state-owned Philippines News Agency (PNA) reported on 9 July.
— Jane’s 360

Japanese automotive companies to open 50,000 jobs to Filipinos
Some 50,000 employment opportunities in select Japanese automotive companies will be available to Filipino job seekers in September, JobStreet Philippines said Wednesday.
— GMA News

Filipinos saved more, borrowed less in 2017: BSP study
Filipino adults saved more and borrowed less in 2017, according to a Bangko Sentral ng Pilipinas study which showed a “moderate improvement” in the number of Filipinos with formal accounts.
— ABS-CBN

Lopsided contract? COA pressures DOTr to justify P65 billion LRT-1 deal
The Department of Transportation (DOTr) is in a bind as the Commission on Audit (COA) increased pressure to obtain documents that would clarify years-old issues in the P65 billion privatization deal of the Light Rail Transit Line 1 or LRT-1.
— Rappler

DOLE orders PLDT to regularize 7K workers
The Department of Labor and Employment on Wednesday told the Philippine Long Distance Telephone company to comply with the order to regularize more than 7,000 of its workers.
— Manila Bulletin

Speaker Alvarez proposes no-elections in 2019 for federalism
If the administration wants to keep its focus on shepherding the country to federalism, it should cancel the midterm elections in May next year to make sure lawmakers would be available to tackle the necessary changes in the Charter, Speaker Pantaleon Alvarez said yesterday.
— The Philippine Star

PH among gender-equal countries in Southeast Asia: JobStreet
The Philippines is among the best performing Southeast Asian countries in promoting gender equality in the workplace, according to recruitment website JobStreet.com.
— ABS-CBN

SSS eyes joint ventures for P30 billion idle assets
State-run pension fund manager Social Security System (SSS) is looking for joint venture partners to develop P30 billion worth of prime properties in major central business districts.
— The Philippine Star

SRA allocates all 200 K MT sugar imports to traders
All the 200,000 metric tons (MT) of sugar allowed to be imported have already been allocated to eligible traders with 100,000 MT going to the industrial users.
— Manila Bulletin

PH, Asean countries to boost biomass utilization
The Philippines sees the potential of biomass as a source of renewable energy, which prompted the Department of Energy (DOE) to host last week an international conference and capacity building workshop on biomass, as part of the overall strategy for sustainable energy development in Southeast Asia.
— The Manila Times

Dengue cases up 91% in Pangasinan with 8 deaths
The Pangasinan Provincial Health Office (PHO) recorded 1, 687 dengue cases with eight mortalities in different parts of the province from January 1 to July 2 this year.
— Northbound Philippines

P44 million budget set for 2018 Kadayawan fest
Organizers of this year’s Kadayawan Festival eyes “biggest Kadayawan Festival ever” with its budget of up to P44 million.
— Davao Today

Philippines pips Indonesia as May’s top bulk Aus wheat destination
THE Philippines was Australia’s largest bulk wheat market in May, taking 306,483 tonnes out of a total shipped for the month of 1.26 million tonnes (Mt), up slightly from the April total of 1.25Mt, according to the latest export figures from the Australian Bureau of Statistics (ABS).
— Grain Central (blog)

Philippines hosting exhibition of Contemporary Art in Southeast Asia
As the Association of Southeast Asian Nations (ASEAN) concludes the commemoration of its 50th anniversary, the Philippines marks the historic occasion by hosting a contemporary art exhibition featuring ten artists who will represent each ASEAN member state.
— Tempo

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 12 added by Stella-maris Ewudolu on July 12, 2018
View all posts by Stella-maris Ewudolu →

Bio
Latest Posts

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.