Philippines morning news for July 17

Philippines morning news for July 17

Philippines morning newsRemittance growth eases to 6.1% in May 2018
Remittances from Filipinos abroad grew above six percent in May, helping boost the country’s thinning foreign exchange buffer against external shocks, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
— The Philippine Star

Investment pledges down 55% in H1 as firms worry
INVESTMENT pledges registered by the Philippine Economic Zone Authority (PEZA) fell by 55.86 percent to P53.06 billion in the first half of 2018 from P120.22 billion in the same period last year as investors continue to worry about the government’s move to rationalize incentives.
— The Manila Times

DOF raises figures for Marawi rehab, rebuilding now costs P62 billion in 5+ years
DAVAO CITY—The rehabilitation of battle-flattened Marawi City would now cost as much as P62 billion in more than five years, a recent estimate from an evaluation conducted by the Task Force Bangon Marawi (TBFM) showed.
— Business Mirror

Duterte to intensify defense cooperation with Malaysia
President Rodrigo R. Duterte has committed to intensifying Manila’s defense and security cooperation with the Malaysian government to address terrorist threats and terrorism activities in the ASEAN region following his bilateral meeting with Prime Minister Dr. Mahathir bin Mohamad in Kuala Lumpur on Monday, July 16, Malacañang said.
— BusinessWorld Online

BTr awards P12.1 billion in T-bills auction
THE Bureau of the Treasury (BTr) received mixed results in its latest auction for Treasury bills (T-bills) on Monday, awarding P12.1 billion from the P15 billion on offer, with the market preference still seen to lean on the shorter- end of the curve.
— Business Mirror

SSS to get P1.42-million from delinquent Davao employers via RACE
The Social Security System conducted the fourth leg of its regional campaign of the Run After Contribution Evaders program here on Monday, expecting to collect some P1.42 million from two delinquent employers.

FMIC execs keep PH ’18 output projection at 7-7.5%
First Metro Investments Corporation (FMIC) officials remain bullish about the Philippine economy despite rising inflation, keeping its 2018 growth projection between 7 to 7.5 percent.
— Philippines News Agency

Robinsons Bank raises P1.8 billion via LTNCD issue
Gokongwei-led Robinsons Bank Corp. has raised P1.78 billion from the issuance of long-term negotiable certificates of deposits (LTNCDs) to support its expansion plans and diversify the maturity profile of its funding sources.
— The Philippine Star

On 20 June 2018, the Philippines’ Department of National Defense, through its Public Affairs Director Arsenio Andolong announced that the Philippine government is returning the acquisition of diesel-electric submarines to the Php300 billion Horizon 2 phase of the Revised AFP Modernization Program.
— Maxdefense Philippines (blog)

PEZA seeks autonomy from DTI amid TRAIN 2 uncertainty
The Philippine Economic Zone Authority (PEZA) blames the uncertainty brought by the planned rationalization of incentives under the second tax reform package for the reduction of fund inflows and job creation at PEZA zones.
— ABS-CBN (video)

Most Filipinos oppose Charter change—poll
About two in every three Filipinos are against amending the Constitution at this time or shifting to a federal form of government, the latest Pulse Asia survey revealed Monday.

BIR intensifies drive vs tax fraud
The Bureau of Internal Revenue (BIR) has instructed regional and district officials nationwide to intensify the campaign against taxpayers who file tax returns regularly without paying the corresponding taxes.
— Manila Bulletin

CA upholds PAL’s early retirement of female flight attendants
The Court of Appeals (CA) on Monday, July 16, cited the biological differences between men and women when it arrived at a ruling that the early retirement of female Philippine Airlines (PAL) flight attendants was necessary to ensure the safety of the airline’s passengers.
— Rappler

Government mulls adopting SRP on sugar
If the importation of sugar into the country will do little to bring down local prices, the government will be forced to put a price cap on the commodity to arrest its rising cost.
— Manila Bulletin

Philippines, United Kingdom eyeing talks on bilateral free trade despite Brexit
The Philippines and the United Kingdom are preparing for a bilateral free trade partnership despite the latter’s decision to leave the European Union.

DOF working on funding mix for 5-year Marawi rehabilitation plan
The Department of Finance (DOF) said that the government is working on the funding mix for the five-year plan rehabilitation and reconstruction of the devastated City of Marawi.
— Manila Bulletin

A story of unity, resilience: 28 years after the 1990 killer quake
Who could forget that fateful afternoon, exactly 28 years ago today — also a Monday — when a 7.7 magnitude earthquake struck northern and central Philippines?
— Northbound Philippines

Row over P96-M gov’t project linked to Mayor Bote slay
A dispute over a PHP96-million government project to promote tourism in Nueva Ecija is the motive behind the murder of General Tinio, Nueva Ecija mayor Ferdinand Bote, the Philippine National Police (PNP) said Monday.
— Philippines News Agency

SoKor to help modernize PH defense capability
One of the Philippines’ closest allies, South Korea, will help the country modernize its defense capability, particularly the acquisition of new helicopters and submarines.
— Philippines News Agency

SSS southern Mindanao collection up by 9%
THE Social Security System (SSS) Mindanao South 1 Division collected around P838.41 million from January to March 2018.
— Sun Star

Philippine Economic Zone to Formally Launch Cryptocurrency in July
In a move designed to put the Philippines on the blockchain map, Cagayan Economic Zone Authority (CEZA), a special economic zone in the northern tip of the Philippines, announced a plan to formally launch its own cryptocurrency before the end of this month.
— Cryptovest

Philippines’ meat imports to double by 2027
The increasing buying power of Filipinos will double the country’s meat imports by 2027, according to a joint report of the Organization for Economic Cooperation and Development (OECD) and Food Agriculture Organization (UN-FAO).
— UkrAgroConsult

Investors Fret as Duterte’s Popularity Slumps
Philippine President Rodrigo Duterte marked two years in office with his popularity rating at record lows.
— The Diplomat


Feature photo rmac8oppo


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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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