Philippines Morning News For May 16

Philippines Morning News For May 16

Philippines morning newsPhilippines posts sharpest drop in remittances in 15 years
The amount of money sent home by overseas Filipinos plunged last March, seeing the sharpest decline since April 2003, due to the continued repatriation of Filipino workers from Middle East countries as well as fewer banking days.
— Rappler

ATF-North casts first buoy, lays flag marker in PHL Rise on Wednesday
AN interagency coordinating body will sail on Wednesday to the Philippine Rise to cast the first buoy and lay the country’s tricolor marker in what military officials called as a “historical event” in the country’s continental shelf.
— Business Mirror

House OKs bill abolishing agency hunting Marcos ill-gotten wealth
The House of Representatives approved a bill that would abolish the agency tasked to recover the billions of pesos plundered during the Marcos dictatorship and transfer its powers to the Office of the Solicitor General (OSG).
— Rappler

S&P upgrades credit risk assessment on Philippine banks
S&P Global Ratings upgraded its assessment on the country’s banking industry amid reduced credit risk with the establishment of credit bureaus as well as improving credit fundamentals.
— Philippine Star

DOTr, Jica set P16.98-billion price tag for MRT 3 rehab, upkeep
JAPAN has finalized the cost, scope and schedule of the rehabilitation and maintenance of the Metro Rail Transit (MRT) Line 3, setting a P16.98-billion price tag for the said project.
— Business Mirror

BCDA gets additional P100M to redevelop national cemetery
THE Bases Conversion and Development Authority (BCDA) said it has received an additional P100 million from the Philippine Veterans Affairs Office (PVAO) to redevelop the Libingan ng mga Bayani.
— BusinessWorld Online

BTr awards P9 billion in T-bills
The Bureau of the Treasury (BTr) has fully awarded P9 billion in its latest auction for Treasury bills (T-bills) on Tuesday, with market investors leaning toward shorter-dated securities.
— Business Mirror

Pilipinas Shell profit down 19.7% in Q1
PILIPINAS Shell Petroleum Corp. saw its net income in the first quarter of the year drop 19.7 percent to P2.3 billion from P2.9 billion in the same period a year, dragged down by lower regional refining margins.
— The Manila Times

DMCI raises capex to over P40B this year
DMCI Holdings, Inc. is setting aside P40.7 billion in capital expenditures this year, the bulk of which will go into its property and integrated energy businesses, company officials said on Tuesday.
— BusinessWorld Online

PHILIPPINES SEES Q2 PADDY RICE OUTPUT DOWN 3.1 PCT Y/Y
The Philippines’ unmilled rice output is expected to drop 3.1 percent in the second quarter from a year earlier, pulled down by a decline in harvest area and inadequate water supply, the statistics agency said on Tuesday.
— Agriculture.com

Cebu Pacific profit rose to P1.44 billion in Q1
BOUYED by a 10-percent average increase in fares in the first quarter, Cebu Air Inc.’s profits grew by 12 percent during the said period to P1.44 billion, despite posting flat passenger volumes.
— Business Mirror

DoubleDragon opens 2018 with 349% jump in net income
DoubleDragon Properties Corporation saw its net income jump by 349% in the 1st 3 months of the year to P744.5 million, from P165.6 million in the same period a year ago, driven by its rental income business
— Rappler

Lopez Holdings earns P1.15 billion, up 10% in Q1
Lopez Holdings Corp. chalked a net income of P1.15 billion in the first quarter, 10 percent more than last year’s P1.04 billion even as higher forex losses partially offset the effect of growth in the recurring earnings of a subsidiary.
— Philippine Star

Philippines To Lift OFW Ban To Kuwait In Steps
The Philippines is starting to lift the complete ban of deploying Overseas Filipino Workers (OFWs) to Kuwait after the two countries reached an agreement on the regulation and protection of migrant workers, particularly household helpers, in the Gulf state.
— Investvine

Proposed divorce process not easy for those seeking it: Gabriela
Gabriela party-list representative Arlene Brosas has debunked claims that the divorce process under House Bill No. 7303 would be easy for citizens seeking it.
— Northbound Philippines

Toshiba targets Philippines market for high capacity digital storage
Japanese technology giant Toshiba is aiming to capture a significant chunk of the Philippine market with its new and higher capacity hard disk drive (HDD).
— Philippine Star

Newcomer Mitsubishi aims for lead in Philippine housing market
Japanese trading house Mitsubishi Corp. will partner with Century Properties, one of the Philippines’ biggest developers, to build affordable, quality homes for the Southeast Asian country’s fast-growing middle class.
— Nikkei Asian Review (paywall)

Petron earmarks P15-B capex for PH, Malaysia expansions
Leading oil firm Petron Corporation will earmark P15 billion worth of capital expenditures (capex) this year for investment expansions domestically as well as on its Malaysian operations.
— Manila Bulletin

Philippines Department of Agriculture aims to increase garlic production
The Department of Agriculture aims to increase garlic production in the Philippines, particularly in the Batanes province, with 15% by 2020.
— Fresh Plaza

De Lima seeks probe of NFA rice purchases
Amid reports of the country’s rice buffer stock being wiped out, Sen. Leila de Lima on Tuesday pushed for a Senate inquiry on the procurement program of the National Food Authority (NFA) to guard against corruption and abuse.
— Philippine Daily Inquirer

AGI profit nearly flat at P5.4 billion
Tycoon Andrew Tan’s holding company Alliance Global Group Inc. (AGI) posted flat profit growth in the first quarter due to higher interest charges and unrealized forex losses.
— Philippine Star

GERI earnings jump 27% to P399 million
Global Estate Resorts, Inc. (GERI), Megaworld’s subsidiary that develops integrated tourism and leisure estates, has sustained its growth momentum with first quarter earnings rising 27 percent to P399 million from P315 million during the same period last year.
— Manila Bulletin

SEC approves Wenceslao’s P15.5-billion initial public offering
The Securities and Exchange Commission on Tuesday approved the P15.5-billion initial public offering of D.M. Wenceslao & Associates Inc., a leading construction and real estate development company.
— Manila Standard

DTI woos Germany, Hungary to invest in PHL’s infra binge
AN old adage practiced by market players—“Don’t put all your eggs in one basket”—is now being raised by the Department of Trade and Industry to woo foreign investors.
— Philippines Magazine

Duterte: Xi Jinping won’t allow moves to remove me from office
President Rodrigo Duterte on Tuesday revealed Chinese President Xi Jinping swore to protect him from moves that will result in his removal from office.
— CNN Philippines

HR group wants accountability for children victimized by Duterte’s drug war
A human rights group on Tuesday is calling for justice and accountability for the children who fell victims to the continuing drug war by the administration of President Rodrigo Duterte.
— Davao Today

Bayan Muna scores SSS plan to defer P1k pension
Bayan Muna leaders assailed on Tuesday the plan of the Social Security System (SSS) to delay the implementation of the second tranche of additional P1,000 pension scheduled next year.
— Davao Today

Duterte orders DOJ, DPWH ASecs to resign over alleged corruption
Two assistant secretaries from the Department of Justice (DOJ) and the Department of Public Works and Highways (DPWH) were asked by President Rodrigo Duterte to leave their posts due to their alleged involvement in corruption, the Palace said on Tuesday, May 15.
— Philippine Canadian Inquirer

Moody’s: Philippines vulnerable to climate risks
The Philippines’ credit profile is among the most susceptible to climate change risks, Moody’s Investors Service said.
— Philippines Magazine

Comelec: At least 94% of barangay, SK polls winners proclaimed
The Commission on Elections (Comelec) said more than 90 percent of winning candidates have been proclaimed a day after the village and youth polls.
— ABS-CBN (video)

 

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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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