Philippines Morning News For May 11

Japan grants Sorsogon town P4.1-M fund for learning center
The Japanese government, through its Grant Assistance for Grassroots Human Security Projects (GGP), has provided a municipality in Sorsogon province a PHP4.1 million grant, it was learned Thursday.
— Philippine News Agency

Foreign direct investment inflows climbed 46.4% to $573-million in February
Net inflows of foreign direct investments jumped 46.4 percent in February to $573 million from $392 million a year ago on investors’ sustained confidence in the economy, the Bangko Sentral ng Pilipinas said Thursday.
— Manila Standard

Banks’ rediscount borrowings climb to P615M at end-April
BANKS SECURED fresh rediscount loans from the Bangko Sentral ng Pilipinas (BSP) last month, largely to fund commercial lending and capital expenses.
— BusinessWorld Online

Economy grows, inflation a risk
The economy got off to a strong start for the year on higher government spending, but policymakers flagged inflation as a growing risk, raising the odds for an interest rate hike.
— Malaya

SMC to raise P20 billion via fixed-rate notes
Diversified conglomerate San Miguel Corp. (SMC) is raising P20 billion through the issuance of fixed-rate notes to refinance loan obligations and fund new investments.
— Philippine Star

Duterte signs executive order increasing disabled workers’ pensions
President Rodrigo Duterte signed an executive order (EO) increasing the monthly pension of disabled workers.
— Rappler

PSALM budgets P264M for Malaya plant O&M
STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) has approved a budget of P264 million for the one-year contract to operate and maintain the 650-megawatt (MW) Malaya Thermal Power Plant.
— BusinessWorld Online

BSP raises key policy rate for first time since 2014
It was a different story for the Bangko Sentral ng Pilipinas as it raises its key policy rate for the first time since 2014.
— ABS-CBN (video)

PLDT posted gains in Q1, as wireless business recovered
Telco giant PLDT Inc. saw gains in the first quarter of 2018, bolstered by key segments including its wireless business, which posted growth for the first time in at least two years.
— Philippine Daily Inquirer

San Miguel Q1 profit grows 31% to P19.4B
CONGLOMERATE San Miguel Corp. (SMC) reported a 31 percent surge in its first-quarter consolidated recurring net income to P19.4 billion, bolstered by the robust performance of all its businesses.
— The Manila Times

Long-horizon foreign funds expand 53% over two months
The Philippines remains a positive spot for long-term investments, and foreign players in February continue to pour capital into the country for potential gain, based on data from the Bangko Sentral ng Pilipinas (BSP).
— Business Mirror

Philex income falls 30% to P303 million
Pangilinan-led Philex Mining Corp. reported a net income of P303 million in the first quarter, down 30 percent amid lower production levels.
— Philippine Star

Vista Land Q1 profit up 13%
Property developer Vista Land & Lifescapes Inc. (VLL) expects to sustain its solid growth momentum for the rest of the year on the back of more product launches, after posting a 13-percent growth in net income in the first quarter.
— Philippine Canadian Inquirer

Jollibee makes P1.8 billion in first quarter, up 17.3%
Jollibee Foods Corporation (JFC), the largest Asian food service company, reported a 17.3 percent hike in attributable net income to P1.8 billion in the first quarter of 2018 from P1.53 billion in the same period last year.
— Manila Bulletin

Rep. Reynaldo Umali: ‘SC to oust Sereno, 11-3’
As a “foregone conclusion” to ouster moves against Chief Justice Maria Lourdes Sereno, her fellow magistrates will have her removed by voting in favor of the solicitor general’s petition declaring her appointment as invalid, Mindoro Oriental Rep. Reynaldo Umali said yesterday.
— Philippine Star

Mindanao development fund given 2-year extension
The Mindanao Trust Fund (MTF) will continue to provide a socioeconomic boost to fragile communities in the region, following an agreement between the government and donor agencies to extend the program for two more years.
— Business Mirror

China military again lands plane on PH reef
Malacañang need no more wait to acquire technology to verify and protest China’s violation of the Philippines’ sovereignty in the Spratly archipelago.
— Philippine Daily Inquirer

Solar Philippines offers lower electricity rate to supply Meralco
Solar Philippines has submitted a lower rate to supply Manila Electric Co. (Meralco) with 50 megawatts (MW) of supply.
— Philippine Star

Philippines to launch first missile-firing assault vessels
The Philippine navy will deploy its first-ever missile-firing assault vessels in about three months, likely for territorial defense, anti-insurgency strikes and deterrence, but it remains “centuries” behind the naval might of Asian countries such as China, the navy chief said Thursday.
— The Washington Post

24 killed in election-related incidents: PNP
ome 24 persons were killed so far in incidents related to next week’s barangay and Sangguniang Kabataan (SK) elections, the Philippine National Police (PNP) announced Thursday.
— Philippine News Agency

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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 May 11 added by Stella-maris Ewudolu on May 11, 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.