Philippines Morning News For June 15

TRAIN cash grants for 10-million poor families
Malacañang announced Thursday that a cash grant of P2,400 will be distributed to 10 million poor families in July as part of the government’s unconditional cash transfer program aimed at shielding them from higher taxes under the Tax Reform for Acceleration and Inclusion Law.
— Manilastandard.net

Net ‘hot money’ outflow tops $296M in May – BSP
Foreign portfolio investments turned negative in May, recording the biggest net outflow in three months based on Bangko Sentral ng Pilipinas (BSP) data released on Thursday.
— The Manila Times

PHL BOP deficit seen worse than earlier thought for 2018
MORE dollars are expected to bleed out of the economy for this year, as the Bangko Sentral ng Pilipinas (BSP) announced late Thursday that it expected a bigger wound in the Philippines’s balance of payments (BoP) position for 2018.
— Business Mirror

Carpio warns against PH accepting China’s ‘goodwill’ line
The Philippines may lose its legal right to Panatag Shoal if it accepts China’s line that it allows Filipinos to fish there “out of goodwill,” acting Chief Justice Antonio Carpio said on Thursday.
— Philippine Daily Inquirer

PhilHealth to hike premium allotment, resume full benefits for senior citizens
THE Philippine Health Insurance Corp. (PhilHealth) is eyeing to increase premium allotment and resume full benefit coverage for all senior citizens next year, a lawmaker said on Wednesday.
— Business Mirror

TUCP petitions for P320 basic pay increase in Metro Manila
One of the country’s largest labor centers on Thursday demanded a P320 across-the-board increase in the daily minimum wage for all private sector workers in Metro Manila.
— Philippine Daily Inquirer

PhilHealth exec insists on P10.6-billion fund diversion
An executive of the Philippine Health Insurance Corp. reiterated yesterday that there is basis for the graft complaint filed against officials of the previous administration in connection with the alleged diversion of around P10.6 billion in PhilHealth funds intended for senior citizens in 2015.
— Philippine Star

Finance dep’t eyes April 2019 for tax amnesty
THE GOVERNMENT is looking at offering its planned one-time tax amnesty program in April next year, coinciding with the deadline for filing income tax returns, the Department of Finance (DoF) said.
— BusinessWorld Online

BOC mulls auction of P250-M smuggled Thai rice
The Bureau of Customs (BOC) is looking to auction the Thai white rice shipment worth PHP250 million which was intercepted at the Manila International Container Port (MICP) on Thursday.
— Phiippine News Agency

BPI sets up $2-B MTN facility
Ayala-led Bank of the Philippine Islands (BPI) has set up a medium term note (MTN) facility worth up to $2 billion to obtain flexibility in raising funds as needed.
— Philippine Daily Inquirer

Conglomerate sets $1.25B breweries
San Miguel Corp. is putting up five more breweries with a combined cost of $1.25 billion to boost its capacity by 10 million hectoliters per year.
— Malaya

‘2 bottles of water for P3,000 worth of fish in Panatag Shoal’
Filipino fishermen from Zambales confirmed accounts that the China Coast Guard in Panatag (Scarborough) Shoal has been habitually taking their catch and paying them peanuts.
— Rappler

PSBank cardless withdrawal usage picks up pace; daily average transaction jumps 23 percent since January
USAGE of PSBank’s pioneering cardless withdrawal is picking up pace, as average daily transaction jumped 23 percent at the end of the first quarter as against the average daily transaction recorded at the end of 2017.
— Business Mirror

Vehicle sales plunge for 4th month in May 2018
The slowdown of the automotive industry continued in May, bringing down the five-month sales in the process, a joint report released yesterday by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed.
— Philippines Magazine

Japan firms to introduce electric vehicles in PH
Global auto giants Nissan and Mitsubishi are making a push to introduce their electric vehicles in the Philippines as efforts to promote the local market fall into place, according to an industry group.
— Philippine Daily Inquirer

Philippines’ San Miguel eyes Malaysia’s state assets sale
San Miguel, the Philippines’ largest company by sales, is eyeing the acquisition of state-owned assets in Malaysia, as the government of Prime Minister Mahathir Mohamad looks to trim the country’s debt.
— Nikkei Asian Review (paywall)

DFA launches ePayment for passport applications
The Department of Foreign Affairs (DFA) on Thursday, June 14, launched its ePayment portal that requires passport applicants to “pre-pay” their passport processing fees before their appointments at DFA consular offices.
— Rappler

DAR receives model houses for farmer-beneficiaries
THE Department of Agrarian Reform (DAR) has received two housing units that would serve as models of what the Philippines’ agrarian reform beneficiaries (ARBs) would receive under a housing project whose supporters include Chinese investors.
— The Manila Times

Facebook and OWWA empower OFWs with digital literacy and small business skills
In celebration of Migrant Workers Day in the Philippines, Facebook Philippines and the Overseas Workers Welfare Administration (OWWA) announced a partnership aimed at empowering Overseas Filipino Workers (OFWs) through digital literacy programs and small business training.
— Manila Bulletin

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 15 added by Stella-maris Ewudolu on June 15, 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.