Philippines Morning News For June 25

Philippines Morning News For June 25

Philippines morning newsUnido’s $202.61-million grant to help govt build ‘resilient’ communities
The United Nations Industrial Development Organization (Unido) will extend $202.61 million worth of grants to the Philippines for the implementation of various projects and programs in the next five years, according to the National Economic and Development Authority (Neda).
— Business Mirror

Philippines Ease of Doing Business: Start Again – Trade Secretary
If the Philippines wants to improve its ease of doing business score government agencies need to throw out the procedures and documents they use now and start again. This was the grim, but stark assessment of Philippines Trade Secretary Ramon Lopez last week.
— AEC News Today

US releases P296 M in new aid for Marawi
Financial assistance amounting to P296 million was recently released by the US government for humanitarian and recovery works in and around Marawi.
— The Philippine Star

DICT estimates outlay for national broadband at under P20 billion
THE GOVERNMENT’S plan to install a national broadband network is on track to be rolled out in 2019 with the expected outlay now “roughly less than P20 billion” due to access to the backbone of the power grid.
— BusinessWorld Online

P6,000 subsidy for poor families pushed
Rep. Michael Romero on Sunday pushed for a P6,000 yearly subsidy for 10 million poor families to cushion the impact of the Tax Reform for Inclusion and Acceleration (Train) law that hiked taxes on fuel and sugar-sweetened beverages.
— The Manila Times

40,000 bags of NFA rice allocated for Marawi
The National Food Authority (NFA) has allocated 40,000 bags of imported rice for Marawi City alone for distribution at P32 per kilogram.
— Philippine Daily Inquirer

COA flags PCG over P26-M generators
The Commission on Audit (COA) has flagged the Philippine Coast Guard (PCG) for the purchase of 17 generator sets worth over P26 million two years ago.
— The Philippine Star

Japan to fund MRT rehab
The Department of Finance (DOF) said the Japanese government has expressed its plan to provide 42.47 billion yen worth of loans to the Philippines, to support the financing requirements of two major infrastructure projects in the country.
— Malaya

ATMs accessible to visually-impaired clients pushed
The vice chairman of the House Committee on Appropriations wants to make automated teller machines (ATMs) accessible to visually-impaired individuals.
— Manila Bulletin

DepEd sets razor cost: P1,878 each
Officials of the Department of Education (DepEd) in Northern Mindanao washed their hands of an emerging scandal over the purchase of razors for P1,878 per piece when their actual price was just about P200 each.
— Philippine Daily Inquirer

New Philippine Debt of $167 Billion Could Balloon To $452 Billion: China Will Benefit
According to the South China Morning Post on May 12, “Philippine Secretary of Budget and Management Benjamin Diokno estimated some US$167 billion would be spent on infrastructure during Duterte’s six-year term, under the slogan ‘Build! Build! Build!’.
— Philippines Magazine

P4-m organic seed storage facility to be built for Vizcaya farmers
A P4-million Organic Seed Storage will be built in barangay Tapaya here to boost organic agriculture in the province.
— Manilastandard.net

China steel firm investing $3 billion in Philippines
Chinese steel manufacturer Panhua Group Co. Ltd. plans to invest up to $3 billion to develop an integrated steel industry in the country, the Philippine Economic Zone Authority (PEZA) said.
— The Philippine Star

Philippines may hike key rate again
AFTER THE PHILIPPINE central bank raised its key interest rates on June 18 for the second time this year, economists are pondering whether the the Bangko Sentral ng Pilipinas (BSP) would sanction more interest rate increases amid continuing |inflationary pressures and peso depreciation.
— The Nation

Bangko Sentral warns against fake ₱10,000 bill
he Bangko Sentral ng Pilipinas (BSP) said on Saturday it has not released a ₱10,000 bill.
— CNN Philippines

Govt debt payments up in April
GOVERNMENT debt payments rose in April due to higher interest costs, data from the Bureau of the Treasury showed.
— The Manila Times

Gross borrowings down 42% to P244B
The government’s gross borrowings as of end April fell by 41.7 percent, as it borrowed less from local lenders versus the same period last year.
— Malaya

China may use infrastructure deals as leverage on West PH Sea issue: analyst
The Philippines could be at the losing end of its deals with China, a geopolitical analyst warned Sunday, amid growing Chinese investments in the country.
— ABS-CBN

AUB intensifies IT innovations, partnerships with fintechs
ASIA United Bank (AUB), among the country’s fastest-growing publicly listed banks, is determined to grow in the digital space and build collaboration with various financial-technology (fintech) providers for the influx of 1.5 million tourists expected in the country this year from China, as projected by the Department of Tourism.
— Business Mirror

Water firm sees P30-M loss from Boracay closure
BORACAY Island Water Co., a unit of Manila Water Co. Inc., is projecting losses of as much as P30 million during the six-month closure of Boracay Island, its top official said.
— The Manila Times

2 Philippine Navy ships join Pacific Rim exercise
Two of the Philippine Navy’s biggest ships joined the United States, Japanese, Indian and Singaporean navies yesterday in a formation exercise as the vessels sailed as a group to participate in this year’s Rim of the Pacific (RIMPAC) exercise in Hawaii.
— The Philippine Star

Iceland, 37 other nations, denounced for anti-PH stand
FOREIGN Affairs Secretary Alan Peter Cayetano on Sunday chided the 38 countries that recently called on President Duterte to put an end to killings in his administration’s crackdown against illegal drugs and instead cooperate with international bodies in the investigation of alleged human rights abuses.
— Manilastandard.net

BSP sees 10% growth in BPO, tourism receipts
The Bangko Sentral ng Pilipinas (BSP) said earnings from the business process outsourcing (BPO) and tourism sectors may book double-digit growths this year.
— Philippines Magazine

Boracay Water’s waste-to-energy project gets ‘first proponent status’
BORACAY Island Water Co., Inc. (Boracay Water) on Friday said its proposal for the establishment of a waste-to-energy plant has received “first proponent status” from the local government unit.
— BusinessWorld Online

Senate sets hearing to hike foreign investments here
The Senate committee on economic affairs, joint with the trade, commerce and entrepreneurship panel, is set to scrutinize this week the country’s foreign investment laws and policies, in a bid to set in motion a measure that seeks to make the Philippines a competitive haven for investments and top choice for operation of multi-national companies.
— Manila Bulletin

Auction raises P3.3M for scholarship grants
The inaugural Gavel & Block benefit auction raised over P3.3 million.
— Philippine Daily Inquirer

Chinese plane sighted in Davao same as first: Lorenzana
The Chinese People’s Liberation Army Air Force (PLAAF) Ilyushin-76 turbofan strategic airlifter sighted by aviation enthusiasts in Davao City’s Francisco Bangoy International Airport Saturday is the same aircraft that landed and refueled there last June 8.
— Northbound Philippines

PSE gets SEC approval for short selling
The Philippine Stock Exchange, Inc. (PSE) has secured the approval of the Securities and Exchange Commission (SEC) to introduce short selling in the stock market.
— Philippine News Agency

 

Feature photo Brian Evans

 

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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. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.

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