Philippines Morning News For June 20

BOP gap breaches $2 billion, overshoots BSP target
The country’s overall balance of payments (BOP) position incurred a deficit of $2.08 billion in the first five months, a dramatic rise from only $706 million in the same period last year, due in part to the rapid rise in merchandise trade deficit brought about by the sustained rise in imports of raw materials and capital goods, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
— The Philippine Star

Philippines ranks low on digital competitiveness ranking
The Philippines dropped 10 notches to 56th out of 63 countries in the 2018 World Digital Competitiveness Ranking based on a report released by the International Institute for Management Development, with the AIM Rizalino S. Navarro Policy Center for Competitiveness as its Philippine country partner.
— Manilastandard.net

PHL online hiring up 14% in March —Monster.com
Online hiring in the Philippines has increased by 14 percent in March on the back of the economy’s expansion and investors’ positive outlook on the country’s macroeconomic fundamentals, data released by online jobs portal Monster.com showed Tuesday.
— GMA Online

New DOT chief confident of hitting 7.4-M tourist arrivals
Tourism Secretary Bernadette Romulo-Puyat yesterday expressed confidence the country can hit the goal of 7.4 million tourist arrivals this year with increments from China and other emerging markets like Australia and efforts to divert tourists from Boracay to other destinations in the country.
— Manila Bulletin

Govt eyes $1-B samurai bond offer
The government is aiming to raise about $1 billion-worth of “samurai” bonds this year, Finance Secretary Carlos Dominguez 3rd confirmed in a briefing in Japan on Tuesday.
— The Manila Times

P16B allotted for tertiary education subsidy to cover only 300,000 students
Unified Student Financial Assistance System for Tertiary Education (Unifast) officer-in-charge Carmelita Yadao Sison on Tuesday, June 19, said that the P16 billion allotted for tertiary education subsidy is only enough to cover about 300,000 students for school year (SY) 2018 to 2019.
— Rappler

China’s import tariff cuts for 1,500 goods could hurt PHL
PHILIPPINE exports are expected to lose big from China’s decision to cut tariffs on nearly 1,500 consumer goods, as they will face stiff competition for access to the Asian superpower’s market, the Department of Trade and Industry (DTI) said.
— Business Mirror

Grab earmarks P100-million a month to subsidize fares, assist drivers
Grab Philippines allotted P100 million a month to subsidize fares to ensure decent earnings for driver partners after the P2 per minute component was suspended.
— Manilastandard.net

Philippines’ Duterte says no ‘justice’ for families of drugs war casualties
Outspoken Philippine President Rodrigo Duterte said on Monday the families of people killed in his controversial war on drugs will not receive “justice”, rejecting calls from rights groups seeking redress for the thousands of deaths.
— Euronews

Condiment market to reach P43B in 5 yrs
The Philippine sauce, dressings and condiments market is seen to grow by a compounded 5.9 percent in five years at P43.1 billion from end-2017’s P32.49 billion, a study by market research firm Euromonitor showed.
— Malaya

Duterte: Peace gab in Philippines, not in Norway
President Rodrigo Duterte wants Norway out as the facilitator of the peace talks and insists that the talks between the government and the communist rebels should be held in the Philippines, Malacañang said Monday.
— Manilastandard.net

PH among best economic performers in region: Pernia
National Economic and Development Authority (NEDA) Director-General Ernesto Pernia on Tuesday told the Japanese business community and other stakeholders that the Philippines remains one of the best performing economies in the region.
— Philippine News Agency

SC affirms Sereno ouster, CJ post now officially up for grabs
THE Chief Justice position is now officially up for grabs after the Supreme Court (SC) affirmed with finality its decision nullifying Maria Lourdes A. Sereno’s appointment to the Judiciary’s top post in 2012.
— Business Mirror

AFP to procure P2.6 billion ammo after campaign vs Maute group
Having used loads of ammunition in the campaign against Maute militants in Marawi for five months last year, the Philippine Army is putting up a P2.6-billion fund to procure mortar and artillery rounds.
— The Philippine Star

‘BBB’ seen creating an average of 1.1 million jobs until 2022
The Duterte administration’s massive infrastructure push is expected to generate the most number of jobs by 2022, according to the National Economic and Development Authority (Neda).
— Business Mirror

BSP may hike key rate for 2nd straight time: analyst
The Bangko Sentral ng Pilipinas may raise its benchmark interest rate on Wednesday, the second increase this year, to address rising consumer prices, an analyst said.
— ABS-CBN (video)

Agriculture chief says PHL to import rice through 2020 despite rising output
THE PHILIPPINES’ paddy rice output is expected to rise to meet 95-96% of the country’s annual requirement by 2020, from 93% last year, Agriculture Secretary Emmanuel F. Piñol said on Tuesday.
— BusinessWorld Online

SC clears Marcoses, cronies on behest loans
The Supreme Court has barred the government from recovering billions of pesos in behest loans that the late strongman Ferdinand Marcos allegedly granted to his cronies.
— Philippine Daily Inquirer

T-bonds award halved as BTr caps rate at 7%
The Bureau of the Treasury (BTr) yesterday cut the accepted bids for reissued 20-year Treasury bonds (T-bonds) amid rising interest rates ahead of the Monetary Board’s meeting this week.
— The Philippine Star

DOT: No set date on Boracay reopening, task force hopes for Oct. 26
Tourism Secretary Bernadette Romulo-Puyat is deferring details on Boracay’s reopening to the Department of Environment and Natural Resources (DENR), but shared hopes the inauguration of the rehabilitated island will push through on its expected opening day, October 26.
— Philippine Canadian 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.

Philippines Morning News For June 20 added by Stella-maris Ewudolu on June 20, 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.