Philippines Morning News For May 23

Philippines Morning News For May 23

Philippines morning newsDOF pushes for amendment, repeal of 123 laws on investment incentives
The Department of Finance (DOF) on Tuesday urged Congress to amend or repeal over a hundred special laws on investment incentives and consolidate them into an omnibus incentive code as part of the proposed second package of the government’s tax reform program.
— GMA News

Jose Maria Sison, wife get P1.2 million each in human rights-abuse reparations
Malacañang is “delighted” over the release of reparations for human-rights abuse victims during martial law, including Communist Party of the Philippines (CPP) founder Jose Maria Sison and his wife, Julie de Lima.
— BusinessWorld Online

Senators baffled: P37M in SAF subsistence allowances withheld
Former officers of the Philippine National Police Special Action Force (SAF) were stumped for answers when asked by senators why they withheld P37 million of the allotted P59.8 million in subsistence allowances for 4,000 elite commandos and spent part of the money for other purposes.
— Philippine Daily Inquirer

Ceza: P5 billion required for Port Irene development
THE Cagayan Economic Zone Authority (Ceza) needs P5 billion for the development of Port Irene that, if utilized to the fullest, can make the region a premier docking site for trade goods coming from East Asia.
— Business Mirror

Century Properties eyes P13B from Batulao Artscapes Phase 2
“We are very excited to offer approximately 1,700 residential units, as part of the next phase of presale for Batulao Artscapes.
— The Manila Times

Supermarkets ‘behaved’ as gov’t cracks down on profiteering: DTI
Supermarket operators have been “behaved” in complying with suggested retail prices of basic goods, as the government continues to guard against profiteering, Trade Secretary Ramon Lopez said Tuesday.
— ABS-CBN

LRT operator seeks P5-P7 fare increase
Light Rail Manila Corp., the private sector operator of Light Rail Transit Line 1, is seeking a fare adjustment for Metro Manila’s oldest mass rail transit system.
— Manilastandard.net

NFA saves P440M at rice auction
The National Food Authority (NFA) has successfully conducted a bidding for 250,000 metric tons (MT) of rice (25 percent brokens) which garnered a total price of $115.86 million (P6.06 billion), a savings of around P440 million for the government as it allotted a total of P6.5 billion for the said procurement.
— Malaya

PSBank to raise up to P15B from LTNCDs
LISTED Philippine Savings Bank, the thrift bank arm of the Metrobank Group, is planning to raise as much as P15 billion from the issuance of long-term negotiable certificates of time deposits (LTNCDs) to support its expansion.
— The Manila Times

Aboitiz Power selling P3.7-billion biomass project
Aseagas Corp., a wholly-owned subsidiary of Aboitiz Power Corp., decided to divest out its biomass project in Lian, Batangas which it described as a failed venture.
— Manilastandard.net

Electricity to cost more with higher ‘FiT-All’
Consumers should expect to pay more for electricity after the Energy Regulatory Commission (ERC) approved a higher feed-in tariff allowance (FiT-All), which is used to subsidize renewable energy (RE) developers.
— The Manila Times

Modern ‘Chinatown’ rises, and it’s driving up property prices
A short taxi ride from one of the world’s oldest Chinatowns, a new Chinese enclave is emerging, one that is driving up property prices while serving as a testament to warmer ties between Manila and Beijing.
— ABS-CBN

PH-PNG deal seen to employ 60,000 Filipinos
THE government is optimistic that the Joint Declaration on Agriculture Cooperation signed between the Philippines and Papua New Guinea (PNG) recently will provide more jobs for Filipinos.
— The Manila Times

NAIA Consortium shortens period, lowers cost for airport rehab proposal
A consortium made up of 7 of the country’s top conglomerates revised its proposal to rehabilitate the dilapidated Ninoy Aquino International Airport (NAIA), bringing down the concession period to 15 years and the project cost to about P105 billion.
— Rappler

Fishers hit plan to reclaim 40,000 ha of bay, lake
Urban poor and fishermen’s groups on Tuesday protested the government’s plan to reclaim at least 40,000 hectares (ha) of Manila Bay and Laguna de Bay, a project which they said would sharply reduce fishing grounds and displace hundreds of thousands of people living in coastal areas.
— Philippine Daily Inquirer

Truce, amnesty for Reds approved
A senior communist rebel leader said back channel talks between his group and government negotiators had resulted in “major points” of agreement, including one that would have rebels and the government separately but simultaneously declare a ceasefire alongside a general amnesty proclamation for rebels by Malacañang.
— Inquirer.net

LR Data launches EOS Philippines, marks entry into blockchain tech
LR Data Center & Solutions Inc. (LR Data), a corporation with deep experience in regulated online gaming communities in Asia, has launced EOS Philippines.
— Business Mirror

More poor Filipinos buy bottled water–PSA poll
MORE Filipinos, especially the poor, are buying mineral water or obtaining water from other sources due to lack of availability or cost, according to the Philippine Statistics Authority (PSA).
— Philippines Magazine

Consumer group hits ERC move to increase FIT-All rates
Consumer group Laban Konsyumer Inc. (LKI) criticized the Energy Regulatory Commission’s (ERC) approval to increase the feed-in-tariff allowance (FIT-All) being collected by the National Transmission Corp. (TransCo).
— Malaya

Gov’t raises P4 billion via bonds
THE GOVERNMENT partially awarded the 10-year Treasury bonds (T-bonds) it offered on Tuesday, with yields continuing to rise, as the market still prefer short-dated papers due to the expectations of another rate hike here and abroad.
— BusinessWorld Online

A year after Marawi conflict, UNICEF says children still at risk
On the first anniversary of the terror attacks in Marawi City, the United Nations Children’s Fund (UNICEF) lamented that more children residing in the war-torn city were still at risk.
— Philippines Magazine

San Miguel to raise P10B from debt paper sale
SAN MIGUEL Corp. (SMC) is raising P10 billion from the sale of debt papers to institutional investors.
— BusinessWorld Online

Government borrowings drop 2.44% to P207 billion in Q1
The national government borrowed P207.92 billion from both domestic and foreign lenders in the first three months, 2.44 percent lower than the previous year’s P213.12 billion, according to the Bureau of the Treasury (BTr).
— Philippine Star

Over 200 families facing demolition in Intramuros may end up on streets
More than 200 families, tagged as informal settlers, face the possibility of sleeping on the streets after they were evicted from their homes in Barangay 463, Intramuros, Manila.
— Philippines Magazine

DENR: Boracay reopening depends on water quality
The reopening of Boracay to tourists will depend on the coliform level in the water of the island-resort – from a most probable number (MPN) reaching millions to only 400 per 100 millimeters.
— Philippine Star

Lopez claims: P1 tax incentive brings P2.3 in additional revenues
Trade and Industry Secretary Ramon M. Lopez yesterday said that for every P1 tax incentive granted to investor, the government generates P2.3 in additional tax paid to the government as he took the cudgels of the Board of Investments (BOI), the government’s premier investment generating agency, to which he serves as chairman.
— Manila Bulletin

In power hungry Philippines, some advocate a nuclear revival
Filipino Wilfredo Torres was hired as a technician for Southeast Asia’s only nuclear power plant in the 1980s, but has spent the past decade giving guided tours at the never-used facility.
— Reuters

 

Feature photo Brian Evans

 

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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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