Philippines Morning News For May 2

Duterte orders clampdown on illegal contracting and subcontracting of workers
President Rodrigo Duterte signed an executive order clamping down on illegal contracting and subcontracting in front of labor groups on Tuesday, Labor Day.
— CNN Philippines

TRAIN halts Philippine auto sales growth, slumps to 2nd worst in Asean in Q1 2018
The new tax reform law took its toll on vehicle sales in the first three months of the year, relegating the Philippines to second worst performer in Southeast Asia during the period.
— Philippines Magazine

10.9M Filipino adults jobless — SWS
A new survey of Social Weather Stations (SWS) revealed that there are now 10.9 million jobless Filipino adults in the country.
— Philippine Canadian Inquirer

‘Walang silbi’: Labor groups reject Duterte’s EO vs endo
On Labor Day, Metro Manila roads turned red, with more than 20,000 protesters marching to Mendiola with a cry to end contractualization.
— Rappler (video)

PCSO earns P6.1B from STL operations
Small Town Lottery (STL) had generated P6.1 billion for the government in the first quarter of 2018, the Philippine Charity Sweepstakes Office (PCSO) said.
— Philippine Daily Inquirer

Govt debt jumps to P6.9t as peso hits 52 per dollar
Government debt jumped P689 billion or 11 percent to a record P6.88 trillion in March from P6.19 trillion a year ago, following the issuance of Panda bonds and as the peso fluctuated against other major currencies.
— Manila Standard

Union Bank profit up 33%; sets P10-B offer
Aboitiz-led Union Bank of the Philippines grew its first-quarter net profit by 33 percent year-on-year to P2.9 billion mostly due to extraordinary gains from its investment portfolio.
— Philippine Daily Inquirer

Metro Pacific to open P300-M cancer care center in GenSan
Local officials, businessmen, and health experts on Friday witnessed the groundbreaking ceremony for the construction of a multimillion-peso cancer care center at the compound of Saint Elizabeth Hospital in General Santos City.
— ABS-CBN

ATI declares P900-M cash dividend
ASIAN Terminals Inc. (ATI) declared a P900-million cash dividend, equivalent to 45 centavos per share, following a “solid” performance last year.
— BusinessWorld Online

PH a ‘clear-cut loser’ if oil prices keep rising
The Philippines will be among the “clear-cut losers” if global oil prices continue to increase this year, Japan’s Nomura said, with the impact to be felt in the country’s trade and current account balances as well as inflation.
— The Manila Times

Occupational sickness in real estate up 189.6% in 2015–PSA
Occupational diseases more than doubled in the real-estate sector, according to the Philippine Statistics Authority (PSA).
— Business Mirror

ICTSI primed for Build Build Build — Razon
International Container Terminal Services Inc. (ICTSI) is ready for the government’s Build Build Build program.
— Philippine Star

Philippines eyes samurai bond issue in Q3
The Philippines is still keen on issuing samurai bonds by the end of the third quarter or early in the fourth quarter, as well as panda bonds next year despite the possibility of higher interest rates.
— Philippine Star

M3 expands anew; bank lending slows
Money supply growth accelerated in March amid a slower expansion in bank lending, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.
— The Manila Times

Bank resources grow 12% in Feb. to P14 trillion – BSP
The country’s banking system has a higher total resources of P15.59 trillion as of end-February this year, up 11.67 percent year-on-year, data from the Bangko Sentral ng Pilipinas (BSP) show.
— Manila Bulletin

Fresh Del Monte had an increased turnover in first quarter
Fresh Del Monte presents the figures of the first quarter of this fiscal year. Turnover increased from 1.03 billion dollar in 2017 to 1.1 billion dollar this year.
— Fresh Plaza

MiCab secures LTFRB accreditation
THE LAND Transportation Franchising and Regulatory Board (LTFRB) said it has accredited a Filipino-owned transport network company (TNC) MiCab Systems Corp., which is seen to provide an alternative to dominant player Grab Philippines.
— BusinessWorld Online

Lifting of deployment ban depends on PH-Kuwait MOU deal
The lifting of the total deployment ban to Kuwait rests on a signed labor deal to protect overseas Filipino workers (OFWs) and on the fixed relations of the two states, Foreign Affairs Secretary Alan Peter Cayetano said Tuesday.
— Philippine News Agency

PDEA: Barangay execs’ links to drugs validated
AS far as the Philippine Drug Enforcement Agency is concerned, the 207 barangay officials whose names were publicly revealed on Monday are all guilty of involvement in illegal drugs even as cases have yet to be filed against them.
— Malaya

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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 2 added by Stella-maris Ewudolu on May 2, 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.