Philippines Morning News For March 19

Philippines’ Duterte calls for mass withdrawal from ICC
Philippines President Rodrigo Duterte on Sunday called for other signatories of the Rome Statute that established the International Criminal Court (ICC) to join his country in withdrawing from the treaty.
— ChannelNews Asia

PH economy savings reach P3.46 trillion in 2016
The Bangko Sentral ng Pilipinas (BSP) reported that in 2016, the domestic economy’s savings rose by 9.7 percent to P3.459 trillion compared to the previous year.
— Manila Bulletin

PH firm completes Asia’s largest solar-battery micro grid
Local solar power developer and panel manufacturer Solar Philippines has completed the 2 megawatts (MW) solar-battery micro grid in Palauan, Occidental Mindoro, the largest of its kind in Southeast Asia.
— Malaya

Toys ‘R’ Us Philippines to continue operations
THE Philippine unit of retailer Toys ‘R’ Us will continue operations even after store closures in the United States, where the American company filed for bankruptcy.
— BusinessWorld Online

Ayala Land to issue P10 B fixed bonds
Property giant Ayala Land Inc. (ALI) is raising P10 billion from the issuance of fixed-rate bonds to partly fund its record high capital expenditures for the year as the country’s top developer expands outside Metro Manila.
— Philippine Star

fire HITS manila pavilion: 3 DEAD, 23 INJURED
THREE people were killed and 23 injured in a major fire at the Waterfront Manila Pavilion hotel and casino on Sunday, as rescuers plucked people from the rooftop by helicopter, authorities said.
— Manila Standard

UN defends green, IP activists on ‘terror list’
No less than a UN agency has taken the cudgels for Filipino environment and indigenous peoples’ (IPs) activists named in the Department of Justice’s (DOJ) court petition to declare the Communist Party of the Philippines (CPP) and its armed wing, the New People’s Army (NPA), terrorist groups.
— Philippine Daily Inquirer

Philippines now a net borrower
The Philippines has become a net borrower as of 2016, ending a 13-year streak of net lending to the rest of the world, the Bangko Sentral ng Pilipinas (BSP) said in a report released over the weekend.
— Philippine Star

TRAIN 2 to scrap P11.2-billion energy sector’s tax incentives
Roughly P11.2 billion worth of tax and import duty incentives for investments in the energy sector will be scrapped under the propounded package 2 of the Tax Reform for Acceleration and Inclusion (TRAIN) law of the Duterte administration.
— Manila Bulletin

P500M taxes lost from fake cigarettes
Japan Tobacco Philippines Inc. (JTI) lauded the government’s efforts in its fight against counterfeit and smuggled cigarettes, following a raid conducted in Zaragosa, Nueva Ecija which resulted in the seizure of more than 220,000 sticks of counterfeit cigarettes.
— Malaya

Market to retest 8,000 level this week
The market could further retest the 8,000 level this week, as investors recalibrate their portfolios, traders said over the weekend.
— Philippine Star

Yields on gov’t debt drop
TRADING IN government securities (GS) was muted last week, causing yields to flatten, amid bargain hunting as investors watched developments in the United States and ahead of central banks’ monetary policy meetings this week.
— BusinessWorld Online

Maynilad expands total water pipeline by 38 kms
WEST Zone concessionaire Maynilad Water Services, Inc. installed 38 kilometers (km) of new water pipes in 2017, broadening its distribution line and bolstering its customer base in its area of operations.
— Manila Times Online

Probe on raps vs. Aquino et al over Dengvaxia mess set March 23
The Department of Justice (DOJ) will start the preliminary investigation on the criminal complaint filed by Vanguard of the Philippines, Inc. (VCPI) and Volunteers Against Crime and Corruption (VACC) against former President Benigno Aquino III, two former Cabinet officials and several former and incumbent health officials in connection with controversial anti-dengue vaccine Dengvaxia on March 23.
— Philippine Canadian Inquirer

PDEx hopes to sustain P207-B bond listings this year
The Philippine Dealing & Exchange Corporation (PDEx), the operator of the country’s fixed income exchange, expects bond listings in 2018 to match last year’s record high of PHP207.4 billion, as more companies continue to raise funds for projects.
— Philippine News Agency

Kuwait Reaches Deal with Philippines Regarding Domestic Workers
On Saturday, KUNA, the state news agency of Kuwait, reported that the Republic of the Philippines and Kuwait had signed an agreement that regulates some working conditions for the domestic workers in the Gulf State.
— Finance News (media release)

FDA warns public vs fake Flanax tablets
THE consuming public is made aware by the Food and Drugs Administration (FDA) of fake Naproxen Sodium (Flanax Forte) 550mg.
— Sun Star

Japanese firm sees big opportunities in Philippines
A Japanese air-conditioning manufacturer said there was a “big room” for expansion in the Philippines, expressing regret over earlier complaints made about the country’s ever-changing investment climate, the Department of Trade and Industry (DTI) said.
— Philippine Daily Inquirer

Government sets vulnerability study for Manila Bay
The Department of Environment and Natural Resources (DENR) is conducting a vulnerability study for Manila Bay amid continued threats of climate change, illegal settlement and unregulated waste disposal.
— Philippine Star

Feature photo Fabio Achilli

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 March 19 added by Stella-maris Ewudolu on March 19, 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.