Philippines Morning News For June 1

Economic losses from cybersecurity incidents could reach $3.5 billion
Cybersecurity incidents could cost the Philippine economy $3.5 billion, according to a study from Frost and Sullivan commissioned by Microsoft.
— Philippine Star

PCSO released P643M for medical aid in April
THE Philippine Charity Sweepstakes Office (PCSO) through its Charity Assistance Department spent P643 million for 33,032 patients in April.
— The Manila Times

New Zealand gives P126-M aid for Mindanao agri
THE P126 million worth of support that the New Zealand Aid granted Mindanao through the Food and Agriculture Organisation (FAO) will be used to restore agricultural livelihood in the island-region by capacitating the farmers and fisherfolks.
— Sun Star

First in Southeast Asia: Dusit Hospitality Management College opens at BGC
oung people and professionals looking to embark on a global career in hospitality management no longer need to go to Europe to gain the education they need to unlock opportunities in international Hospitality Management.
— Manilastandard.net

P320 across-the-board pay hike urged
The Trade Union Congress of the Philippines (TUCP) is seeking a P320 across-the-board wage increase for minimum wage earners in the private sector in all regions that would raise the minimum daily pay to between P576 and P832, which the group says covers only the daily survival of workers.
— Philippine Daily Inquirer

DSWD distributes P19.8-M livelihood assistance to Boracay beneficiaries
The Department of Social Welfare and Development (DSWD) distributed livelihood assistance worth P19.8-million to 1,323 recipients affected by the temporary closure of Boracay Island.
— Rappler

AAK Investing in the Philippines
AAK has decided to invest in a customization plant in the Philippines. The plant will be located on land owned by oils and fats refinery San Pablo Manufacturing Company in Batangas, approximately 100 kilometers south of Manila.
AEC News Today/ PR Newswire (media release)

P1.16-B assistance to dengue vaccine recipients denied
The Senate closed its session on Wednesday without passing a bill that sought the appropriation of P1.16 billion to help children inoculated with the dengue vaccine Dengvaxia.
— Philippine Daily Inquirer

AFP shells out P27.6-M reward money to 10 informants
Ten informants who provided information that led to the neutralization of eight Abu Sayyaf Group (ASG) and two communist terrorist leaders received PHP27.6 million worth of reward money from the Armed Forces of the Philippines (AFP) Thursday.
— Philippine News Agency

PHL to tap loans from South Korea for several projects
Manila is seeking South Korea’s funding support and expertise to implement the Philippines’s big-ticket infrastructure and information technology projects, according to the Department of Finance.
— Business Mirror

May inflation seen at 4.6-5.4%
The Bangko Sentral ng Pilipinas yesterday said annual inflation rate in May would likely remain outside its 2 to 4 percent comfort range due to higher fuel and rice prices.
— Malaya

PAL may incur $143-million more expenses due to higher jet-fuel prices, weak peso
STEADY spikes in jet-fuel prices and the weakening peso may take a toll on the bottom line of legacy carrier Philippine Airlines (PAL) this year, but hopes are still up as the company draws near to finalizing a strategic partnership deal with a potential investor.
— Business Mirror

Cebu’s P17.5-B resort airport to open in July
The P17.5-billion Terminal 2 of the Mactan Cebu International Airport (MCIA) is set to be inaugurated on June 7.
— Philippine Daily Inquirer

Coins.ph gets 5 million customers in 4 years
Financial services platform Coins.ph, which allows users to buy and sell cryptocurrency and make digital payments, celebrated the end of May with a milestone – 5 million registered customers in 4 years of operation.
— Rappler

Electronic exports up 5% in Q1– Seipi
REVENUES from electronic exports increased by 5.4 percent to $8.69 billion (P456.4 billion) in the first quarter of 2018 from $8.24 billion (P432.76 billion) a year ago, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (Seipi) reported on Thursday.
— The Manila Times

US$976-M plant adds 420 MW to Luzon grid
Luzon grid gained another 420-megawatt (MW) capacity of supply shoring up with the commercial commissioning of the US$976-million Pagbilao-3 coal-fired power project of the Aboitiz Group and the joint venture of Japanese firms Tokyo Electric Power Company (TEPCO) and Marubeni Corporation.
— Manila Bulletin

Tech investors are warming up to this Asian market
The hunt for bargains in Southeast Asian’s red-hot technology arena is finally driving investors to the Philippines.
— The Asean Post

NGCP issues ‘yellow alert’ in Luzon grid
The National Grid Corporation of the Philippines (NGCP) has advised consumers to conserve energy as the Luzon grid was again placed on ‘yellow alert’ status on Thursday due to low electricity reserves.
— Northbound Philippines

Megaworld launches P6.5-B McKinley West condo project
Megaworld Corporation, the country’s leading developer of integrated urban townships, has launched a P6.5- billion residential project in its McKinley West township in Fort Bonifacio.
— Manila Bulletin

PNP chief: Drug problem less than 50% solved
The Philippine National Police still has a long way to go in its campaign against illegal drugs, according to PNP chief Director General Oscar Albayalde.
— Philippine Star

PH business confidence continues to slide in Q2
Business confidence in the country slightly declined for the second quarter of the year, but is expected to slide further amid the soaring prices of goods and the upcoming rainy season.
— ABS-CBN (video)

Security analyst says diplomatic actions should be publicized
While Department of Foreign Affairs (DFA) Secretary Alan Peter Cayetano maintained that not all diplomatic actions have to be publicized, a security analyst negated this for the sake of addressing public concerns.
— Philippine Canadian Inquirer

Is Duterte’s “Build! Build! Build!” financially sustainable?
Philippines is on the cusp of transformation. When President Rodrigo Duterte assumed power, he initiated the “Build! Build! Build!” project to usher in a “golden age of infrastructure” for the Philippines.
— The Asean Post

Philippines third telco selection hits new roadblock
The Philippines government has hit yet another delay in its attempt to introduce a third major operator into the local market.
— Telecomasia.net

Workers bat for P750 daily minimim wage, labor sec thinks lower increase
Labor Secretary Silvestre Bello III said, on Tuesday May 29, that there might be an increase in the minimum wage “within the month” but it would not be as high as the P750 per day minimum wage that labor groups and lawmakers are demanding.
— Davao Today

What’s happened to the Philippines–Vietnam strategic partnership?
In November 2015, former Philippine president Benigno Aquino III and former Vietnamese president Truong Tan Sang witnessed the signing of a joint statement on the establishment of a strategic partnership between their two countries.
— East Asia Forum

Philippine Congress Passes Autonomy Bill for Volatile Muslim Region
The Philippines moved a step closer on Wednesday (30/05) to ending decades of conflict on its resource-rich island of Mindanao, after lawmakers approved a bill that will eventually allow self-rule for the country’s Muslim minority.
— Jakarta Globe

Manila hikes smoking fines
Manila Mayor Joseph Estrada on Thursday approved an ordinance raising the fine for smoking violators in the city from P500 to P5,000 and a three-day imprisonment as he led the observance of the “World No Tobacco Day” at the Manila City Hall.
— 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 June 1 added by Stella-maris Ewudolu on June 1, 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.