Philippines Morning News For March 20

Philippines Morning News For March 20

Philippines morning news

Philand to Union Bank: Pay P18M in damages
CITING a final ruling by the Supreme Court, Philand Property Corp. said that Union Bank of the Philippines must pay P17.8 million in damages over a case involving misappropriation by a former accountant of the developer.
— The Manila Times

Philippines to issue $230m panda bond, in a first for SE Asia
The Philippines said it will issue an inaugural 1.46 billion yuan ($230 million) three-year “panda“ bond in the onshore Chinese market on Tuesday.
— Deal Street Asia

Senate Oks bill instituting single official ID for all citizens, foreign residents
The 24-member Senate passed on third and final reading today a bill seeking to harmonize, integrate and interconnect “countless and redundant” government identification cards (IDs) with a national identification system.
— Manila Bulletin

Duterte opposes divorce in PH – Palace
President Duterte is opposed to the passage of a bill allowing divorce in the country despite the growing support for the measure in Congress, Malacañang revealed Monday.
— Manila Bulletin

Dollar outflows as of February near BSP’s full-year forecast
They’ve only tallied the numbers for the first two months of the year but already, the dollar outflows from the local economy are threatening to hit the central bank’s full-year target.
— Philippine Daily Inquirer

Megaworld set to turn over P30-B projects in Fort Bonifacio
MEGAWORLD Corp. will be turning over P30 billion worth of projects located across three of its townships in Fort Bonifacio, Taguig City this year.
— BusinessWorld Online

DMCI Power allocates P160M for generators
CONSUNJI-LED DMCI Power Corp. has set aside around P160 million to acquire seven new diesel generating sets for its Masbate and Palawan operations, its parent firm told the stock exchange on Monday.
— BusinessWorld Online

FNI unit renews nickel exports deal with China firm
Listed Global Ferronickel Holdings Inc. (FNI) has inked a supply agreement with a Chinese company for the export of 1.5 million wet metric tons (WMT) of nickel ore.
— Philippine Star

Duterte can’t bully nations into quitting ICC, says complainant
President Duterte has no moral ascendancy to call on governments to abandon the Rome Statute because the international community regards him as a “killer,” the lawyer who asked the International Criminal Court (ICC) to investigate the Philippine leader for possible crimes against humanity said on Monday.
— Philippine Daily Inquirer

Philippines close to joining ASEAN cross-border fund pact
The Philippines may join a regional investment framework of the Association of South East Asian Nations (ASEAN) that allows fund managers to sell funds across jurisdictions that have signed on, according to a person familiar with the details.
— Asia Asset Management

Farmers get P5M worth of aid from Province
SOME P5 million worth of equipment and financial assistance were given to various groups as part of the Provincial Government’s Service Caravan, which was held in the Balamban Provincial Hospital yesterday.
— Sun Star

PHILIPPINES: JURY STILL OUT ON THE LATEST THRILLER IN MANILA
The Philippines’ House of Representatives found probable cause for impeachment of the first female Chief Justice, Maria Lourdes Sereno.
— Asia Media International

PH manufacturers unveil modern jeepney prototypes
With the jeepney modernization program in place, local manufacturers have come up with prototypes. But, as this report tells us, some transport groups are still inclined to import new modern jeepneys.
— ABS-CBN (video)

Pilipinas Shell’s 2017 income hit P10.4 billion
PILIPINAS Shell posted P10.4 billion in net income last year, up 39 percent versus a year ago, mainly on account of strong retail volume.
— Business Mirror

SSS revenue reaches P200.5 billion in 2017
The Social Security System (SSS) has raked in revenues amounting to P200.5 billion in 2017, with total earnings coming from members’ contributions and investment and other income.
— Business Mirror

Beep cardholders now allowed to reload using Coins.ph
The use of digital currencies as payment for commuting in the Philippines has taken a step forward.
— Rappler

(ADVISORY) Oil price adjustment, March 20, 2018 (Tuesday)
A new round of oil price adjustments will greet motorists effective tomorrow, March 20, 2018.
— Manila Bulletin

Department of Agriculture to put up cold storage, rice facilities in Bohol
The Department of Agriculture will build rice processing and cold storage facilities in Bohol to help the province lower the cost of basic commodities.
— Philippine Star

GMA invests P154-M for Newsroom Automation System
Broadcast company GMA Network, Inc. takes a significant step in the continuous strengthening and improvement of the Network’s News Department with a P154 million investment on a Newsroom Automation System (NAS).
— Manila Standard

Semirara Mining hikes capex to P13 B
Semirara Mining and Power Corp. (SMPC), the integrated energy company of the Consunji Group, is hiking its capital spending to P13 billion this year, up 62 percent as part of efforts to extend the operating life of its power assets.
— Philippine Star

Bill to end ‘endo’ in gov’t filed
Progressive lawmakers at the House of Representatives called the Makabayan bloc filed, on Monday, a bill that seeks to ban all forms of labor contractualization in government institutions, two years after President Rodrigo Duterte failed to fulfill his campaign promise to end “endo” or “end of contract” among non-regular workers.
— Davao Today

Peso, PSEi drop ahead of BSP, Fed policy meetings
The Philippine peso ended Monday weaker against the greenback and the Philippine Stock Exchange index (PSEi) finished on the red, which traders attributed these to wait-and-see stance ahead of the policy meetings of Philippine and US monetary officials later this week.
— Philippine News Agency

BoP in February registered lower deficit of $429m
THE country’s balance of payments in February 2018 posted a lower deficit of $429 million compared with the $436-million gap a year ago, the Bangko Sentral ng Pilipinas said Monday.
— Manila Standard

The Japanese government has donated 27 sets of brand new heavy equipment for Marawi rehab
The Japanese government has donated 27 sets of brand new heavy equipment for the rehabilitation program of Marawi City, the Department of Public Works and Highways (DPWH) said.
— Update Philippines

House approves divorce bill on final reading
The House of Representatives has approved the Absolute Divorce Bill with a vote of 134-51-2.
— CNN Philippines

DTI adopts ISO on consumer product recall
THE Department of Trade and Industry’s Bureau of Philippine Standards (DTI-BPS) is adopting the International Standard on Consumer Product Recall Guidelines for suppliers as the Philippine National Standard.
— Sun Star

Subic pledges down, exports up
Investments registered with the Subic Bay Metropolitan Authority (SBMA) fell 50 percent in 2017 to P3.63 billion from P7.3 billion in 2016, data from the SBMA citing the State of the Freeport Address of administrator Wilma Eisma.
— Malaya

 

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.

 

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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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