Philippines morning news for July 19

Philippines morning news for July 19
Estimated Reading Time: 5 minutes |

Philippines morning newsExcise tax collections hit P152.7B in first half
Excise tax collections accelerated in the first six months of the year following the implementation of a tax reform law, Finance department data showed, with the bulk coming from so-called “sin” products.
— The Manila Times

Credit Watcher Sees “Overheating Risk” For Philippine Economy
Despite sticking to its investment grade and stable outlook on the Philippines, US-based rating agency Fitch said the country’s economy was in danger of running too hot, evident from a recent rise in inflation, rapid credit growth and a widening trade deficit.
— Investvine

Philippines could breach US sanctions with Russian arms deal: report
The Philippines could find itself running afoul of U.S. sanctions if it goes through with an arms purchase from a sanctioned Russian firm.
— The Hill

Exclusive: San Miguel to invest $1 billion in new breweries as Philippine beer demand grows
Philippines conglomerate San Miguel Corp (SMC.PS) is planning to invest at least $1 billion in the next two years to build 10 breweries inside and outside the country, senior company executives said on Wednesday.
— Reuters

SMEs get big tax breaks under TRAIN
Small and medium enterprises (SMEs) received tax breaks amounting to billions of pesos for the first six months of 2018 alone under the Tax Reform for Acceleration and Inclusion (TRAIN) Act as they are now covered by a higher value-added tax (VAT) threshold and can now choose from two options to be able to pay lower income taxes, Finance Secretary Carlos Dominguez III said in a statement Wednesday.
— Philippine News Agency

Rising chronic disease cases hamper PH economic growth – ADB
The exponentially growing number of non-communicable diseases over the last decade is posing financial risks to the Philippines and other countries in Asia, the Asian Development Bank (ADB) said.
— CNN Philippines

PH urged to shorten ‘negative’ list for foreign investments
The Philippines must ease restrictions in foreign investments to attract more businessmen, the head of the European business lobby said on Wednesday.
— ABS-CBN (video)

Philippines’ legal fees in China case still unpaid
The Philippines’ legal fees in its historic case against China remain unpaid two years after the Southeast Asian country won in The Hague, the country’s current and former foreign secretaries confirmed.
— Rappler

Airport infra lack hampers long-haul expansion in PH: AirAsia
A lack of airports is preventing low cost airlines like AirAsia from operating long-haul flights from the Philippines, the carrier’s group CEO, Tony Fernandes, said.
— ABS-CBN

PFA wants to double local brands going overseas in next two years
THE PHILIPPINE Franchise Association (PFA) looks to double the number of Filipino brands overseas in the next two years, initially focusing on countries with large Filipino populations.
— BusinessWorld Online

E-vehicle advocates bat for incentives, charging infrastructure
Players in the electric vehicle industry said the Philippines is making significant strides in getting more people to adopt e-vehicles.
— ABS-CBN (video)

Fitch keeps Philippine debt rating at ‘BBB’ investment grade
Global debt watcher Fitch Ratings on Tuesday kept the Philippines’ investment grade of ‘BBB’, citing the country’s robust economic growth, comfortable debt level and policies that are supporting macroeconomic stability.
— Manilastandard.net

US retains sugar quota for PH at 142,160 MT
The Office of the US Trade Representative has retained the Philippines’ sugar export quota under the tariff-rate quota (TRQ) on imported raw cane sugar for fiscal year 2019 at 142,160 metric tons (MT).
— Malaya

BOC seizes P18-million steel pipes from China
The Bureau of Customs (BOC) yesterday seized P18 million worth of steel pipes and steel tubes from China that arrived at the Manila International Container Port (MICP).
— The Philippine Star

Philippines wants expansion of Region 8’s sweet jack fruit
The Philippines’ Department of Agriculture is aiming to triple the area planted with sweet variety of jackfruit in the eastern Visayas region by 2022.
— Fresh Plaza

Imported vehicle sales drop 11% in 6 months
Sales of the country’s vehicle importers fell 11 percent in the first six months of the year as higher taxes on cars, interest rates and petroleum prices dampened demand from prospective buyers.
— The Philippine Star

Abaca yield grew modest 1.4 percent to 26,509.19 MT from January to May
The country’s abaca output from January to May grew 1.4 percent to 26,509.19 metric tons, from 26,149 MT recorded a year ago, owing to higher production by Mindanao regions, latest Philippine Fiber Industry Development Authority (PhilFIDA) data showed.
— Business Mirror

Philippines university bans gay relationships and cross-dressing
A Catholic university has come under fire after prohibiting same-sex relationships and cross-dressing.
— Pink News

Bicam approves final version of Bangsamoro law
The Congress bicameral committee approved Wednesday the final version of the proposed Bangsamoro law.
— Manila Bulletin

COA wants probe of idle vehicle testing, flags P14-B road projects
The Commission on Audit (COA) has called on the Land Transportation Office (LTO) to conduct an investigation and identify the persons liable for the “ineffective implementation” of the P437.99-million automated vehicle inspection system.
— Philippine Daily Inquirer

PAL sees costs rising by $110 million this year
Taipan Lucio Tan’s Philippine Airlines expects higher costs of at least $110 million this year due to increasing prices of fuel.
— The Philippine Star

Aquino will have chance to refute NBI raps on Dengvaxia mess: DOJ
The respondents in the complaint filed by the National Bureau of Investigation (NBI) before the Office of the Ombudsman, in connection with the Dengvaxia controversy, will be given a chance to defend themselves during the probe set to be conducted by the latter, Justice Secretary Menardo Guevarra said Wednesday.
— Northbound Philippines

Senators reject House Speaker’s push for ‘no-elections,’ term extension
Majority of the senators oppose House Speaker Pantaleon Alvarez’s proposal to scrap the 2019 midterm elections and just extend the terms of incumbent officials.
— CNN Philippines

SSI bringing in Shake Shack
Specialty retailer SSI Group Inc. is bringing New York’s iconic restaurant chain Shake Shack to the Philippines, increasing its portfolio diversification from fashion houses to food and beverage (F&B) operations.
— Philippine Daily Inquirer

 

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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. Since 2010 she has worked as a freelance screen writer for 'Nollywood', Nigeria.

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