Philippines Morning News For June 21

PHILIPPINES’ DUTERTE APPROVES $5.6 BILLION MILITARY UPGRADE BILL TO BOOST DOMESTIC, INTERNATIONAL SECURITY
Philippines’ President Rodrigo Duterte has approved a $5.6 billion bill to upgrade the country’s outdated military equipment, some of which dates to World War II, defense officials said Wednesday.
— Newsweek (video)

Interport consortium proposes to build P3.7-B Makati rail project
Publicly-listed IRC Properties, Inc. and its international consortium partners have secured the “original proponent status” for the proposed $3.7-billion Makati intra-city rail transport system.
— Manila Bulletin

January-April investment pledges down 5.1%
Approved fresh projects by the Board of Investments (BOI) in the first four months improved to P195.72 billion, up by 27.8 percent from P153.11 billion last year.
— Philippines Magazine

Pepsi bottler fined P11.8-M over unauthorized wells
THE Department of Environment and Natural Resources (DENR) has imposed a P11.8 million fine on Pepsi Cola Products Philippines, Inc. (PCPPI) for operating deep well pumps AT its Muntinlupa plant without permits.
— BusinessWorld Online

PhilHealth cash inflow recorded at P41B
The Philippine Health Insurance Corp. (PhilHealth) announced that it posted net cash flow of P11.6 billion for the first four months of 2018.
— Malaya

BSP tightens anew to temper inflation
THE Bangko Sentral ng Pilipinas (BSP) raised rates yesterday after a similar move in May in a bid to arrest future inflation and keep local yields competitive.
— BusinessWorld Online

Company set to launch first digital asset exchange in the country
As momentum for investing in digital assets, fintech startup Philippine Digital Asset Exchange (PDAX) will launch the first marketplace for cryptocurrencies solely on the Philippine market.
— Manila Bulletin

Aquino indicted for DAP
The Office of the Ombudsman has indicted former President Benigno Aquino III for usurpation of legislative powers in connection with the creation of the Disbursement Acceleration Program, which the Supreme Court declared as unconstitutional.
— Manilastandard.net

PSA reports 2.3% hike in May construction material price
Retail and wholesale construction material prices in Metro Manila continued to increase in May, according to the Philippine Statistics Authority (PSA).
— Business Mirror

AFP to acquire diesel-electric subs in Phase 2 of modernization
The acquisition of the country’s first diesel-electric submarines will be brought forward to Horizon Two of the Revised Armed Forces of the Philippines Modernization Program (RAFPMP), Department of National Defense (DND) spokesperson Arsenio Andololong said Wednesday.
— Philippine News Agency

246 priests, religious leaders seek gun permits
A total of 246 religious leaders have filed their applications for a permit to carry firearms outside their residence, Philippine National Police (PNP) Chief Oscar Albayalde said on Wednesday.
— The Manila Times

Vietnam, Philippines boast potential for further trade cooperation
Vietnam and the Philippines boast substantial potential to step up their trade and investment cooperation, heard a workshop jointly held by the two countries’ ministries of industries and trade in Ho Chi Minh City on June 20.
— Vietnam Plus

Army acquiring P2.6-B worth of ammos
The Philippine Army (PA) is acquiring PHP2.6 billion of ammunition of various types to replenish those utilized in the five-month battle to retake Marawi City from the clutches of the Maute-ISIS terrorists last year.
— Philippine News Agency

A P7-P9-trillion headache: Government sets August deadline on military pension plan
A PLAN tackling how to address the ballooning problem of military pensions will be reported to the President by August, the Department of Finance (DOF) said.
— Business Mirror

Ayala Land Inc. investing P20 billion for Davao estate development
Ayala Land Inc. is investing P20 billion over 10 years for the development of Azuela Cove, a 25-hectare master-planned estate in Davao.
— The Philippine Star

DOE donating 900 e-trikes to 4 metro cities
The Department of Energy (DOE) will donate 900 electric tricycles (e-trikes) to the cities of Las Piñas, Muntinlupa, Pateros, and Valenzuela.
— The Manila Times

The Philippines’ FTA with the European Free Trade Association Enters into Force in June
The Free Trade Agreement (FTA) between the Philippines and the European Free Trade Association (EFTA) will enter into force for Switzerland and the Philippines on June 1, 2018.
— Asean Briefing

COA calls SPDA’s attention to properties listed at P1-value
State auditors have called the attention of the Southern Philippines Development Authority to 10 properties listed in SPDA’s books as valued at only P1 each.
— Rappler

Gov’t suspends backchannel talks with NDF
The government on Thursday said it has suspended all backchannel talks with the communist-led National Democratic Front (NDF) to give way for a three-month review of all signed agreements related to the peace negotiations.
— GMA News (video)

Justices blast same-sex marriage plea
A petition asking the Supreme Court to compel the State to recognize same-sex marriage was immediately met with strong opposition from magistrates on questions of “procedural issues and technicalities.”
— Philippine Daily Inquirer

RedDoorz To Open More Than 100 Budget Hotels In The Philippines
Singapore-based startup RedDoorz, an online booking platform for budget hotels, on June 20 announced it would expand to the Philippines, its third country in Southeast Asia besides Singapore and Indonesia.
— Investvine

Duterte gives land titles to 2,314 beneficiaries in Western Visayas
President Rodrigo Duterte on Wednesday gave land titles with a total area of 2,694 hectares to 2,314 agrarian reform beneficiaries in Western Visayas.
— ABS-CBN (video)

Duterte wants warning labels on sugary drinks
Filipinos who are fond of drinking powdered juice might want to think twice the next time they purchase this sugar-sweetened beverage in the groceries.
— Philippine Canadian Inquirer

Gov’t urged to issue ‘rules of engagement’ for West Philippine Sea fishermen
Rep. Gary Alejano (Magdalo) on Wednesday called on the government to issue guidelines and “rules of engagement” for Filipino fishermen in dealing with tensions in contested areas in the West Philippine Sea, part of the South China Sea claimed by the Philippines.
— The Philippine Star

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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 21 added by Stella-maris Ewudolu on June 21, 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.