Philippines Morning News For May 4

Philippines Morning News For May 4

Philippines morning newsChina deploys missiles on 3 PH-claimed reefs
The United States on Thursday reiterated the importance of keeping a presence in the region amid China’s increasing militarization of the South China Sea, where Chinese forces recently installed antiship cruise missiles and surface-to-air missile systems (SAMS) on three Philippine-claimed reefs in the hotly contested waterway.
— Philippine Daily Inquirer

U.S. pledges P182 million more for displaced Marawi residents
US Ambassador to the Philippines Sung Kim announced on Thursday, May 3, that his country is pledging P182 million ($3.5 million) to help internally displaced persons in conflict-stricken Marawi City and surrounding areas.
— Rappler

EMB to carry out P3.5-m greening for Santiago City
The Department of Environment and Natural Resources-Environment Management Bureau will carry out a greening system for this city to improve its environment.
— Manila Standard

Asian Terminals sets P8-billion port expansion program
Listed Asian Terminals Incorporated (ATI), the operator of the Manila South Harbor and the Batangas Container Terminal, is planning a multibillion-peso expansion program as the government’s infrastructure push is expected to bring in more shipments to the Philippines.
— Rappler

BPI raises P50 billion from stock rights offering
BANK OF THE Philippine Islands (BPI) has completed its stock rights offer (SRO), raising P50 billion to fund its business operations and expansion.
— BusinessWorld Online

MPIC net earnings grow 27% to P3.8 billion
Metro Pacific Investments Corp. (MPIC) grew its net income by 27 percent in the first quarter to P3.8 billion on strong growth across all businesses.
— Philippine Star

ADB needs to do more for PH
While the Asian Development Bank (ADB) has been responsive to the development needs of its member-countries such as the Philippines, the bank has done relatively little in several aspects in the country, said Ernesto Pernia, socioeconomic planning secretary.
— Malaya

More Warnings On “Overheating” Philippines Economy
Another warning has been aired that the Philippine economy, one of the fastest-growing in Asia, is in risk of overheating – just shortly after the World Bank issued a similar statement.
— Investvine

PLDT loses appeal on regularization of 7,000 workers
The Department of Labor and Employment said Thursday it denied PLDT Inc’s appeal to reverse its decision that ordered the company to grant regular status to 7,306 workers.
— ABS-CBN

Term deposit volume cut to P60 billion
The Bangko Sentral ng Pilipinas (BSP) has reduced anew the volume of its term deposit auction facility (TDF) due to the expected higher demand for cash during the barangay and Sangguniang Kabataan elections on May 14.
— Philippine Star

PHL meat imports up 23.86% in Jan-Feb
THE country’s meat imports in the first two months of the year grew by more than a fifth to 106,884.521 metric tons (MT) on the back of the continuous increase in demand for frozen meat and processed meat products.
— Business Mirror

Inflation likely at 4.5% in April
The country’s inflation rate may have increased to 4.5 percent in April, using the new base, as sin products continue to drive inflationary pressure, the Department of Finance (DOF) said.
— Malaya

Asean economic think tank keeps 2-yr PH growth forecasts
AN Asean+3 think tank is keeping its Philippine gross domestic product (GDP) growth forecasts at 6.8 percent for this year and 6.9 percent for 2019, with exports and government spending being the growth drivers.
— The Manila Times

Butchered rhino unearthed in Philippines suggests the origin of ‘hobbits’
An international team of archaeologists has found evidence that humans were living in the Philippines over 700,000 years ago – hundreds of thousands of years earlier than previously thought.
— Independent

U.N. rapporteur urged to probe freedom of expression in PH
A group of artists and media practitioners on Thursday, World Press Freedom Day, urged a United Nations special rapporteur to expedite an investigation into the alleged threats to press freedom and freedom of expression under the Duterte administration.
— ABS-CBN

Approved investments up 28% in Jan-April – BoI
Investments approved by the Board of Investments (BoI) increased by 28 percent in the first four months of 2018 to P195.7 billion from P153.1 billion the year before, the agency said on Thursday.
— The Manila  Times

Press groups count 85 attacks vs media under Duterte
There have been 85 cases of attacks against the Philippine press— long considered the freest and liveliest in Asia—since President Rodrigo Duterte assumed office, according to a report of various media watchdogs.
— Philippines Magazine

‘P12 million spent for collapsed foot bridge’ in Zamboanga city
The government spent around P12 million for the wooden foot bridge at a resettlement site in Zamboanga City that collapsed during an inspection of last week.
— Philippine Star

BSP denies PH economy is overheating
AMRO chief economist Dr. Hoe Ee Khor said it is time for the Philippine central bank to consider adjusting monetary policy stance to avoid an overheating economy.
— Manila Bulletin

Pilipinas Shell set to double capex to P2 billion this year
PILIPINAS Shell Petroleum Corp. (PSPC) is doubling its capital expenditure (capex) for its retail business to P2 billion starting this year.
— Business Mirror

SAP Go, Andanar launch construction of P700-M Mindanao Media Hub
The construction of the PHP700 million Mindanao Media Hub in Davao City is now in full swing after the Presidential Communications Operations Office (PCOO), together with President Rodrigo Duterte’s special assistant, Secretary Christopher Lawrence “Bong” Go, led the hard and the time capsule laying ceremony on Thursday.
— Philippine News Agency

DICT secures P50M for rural impact sourcing
THE Department of Information and Communications Technology (DICT) wants to work with 65 local government units (LGUs) this year to promote rural impact sourcing (RIS).
— Sun Star

Con-com aims to grant president power to declare ‘state of war’
The Consultative committee (Con-com) is currently reviewing proposals and eyeing to grant the Chief Executive the power to declare the existence of a state of war in the amendments and/or revision of the 1987 Constitution.
— Philippine Canadian Inquirer

Duterte distributes over 300 land titles to Quezon farmers
President Rodrigo R. Duterte on Wednesday led the distribution of 387 land titles to farmers in Mulanay, Quezon stressing the need for continuous land reform in the country.
— Philippine News Agency

Aboitiz Power’s Q1 net income dipped 9% to P4 billion
ABOITIZ Power Corp.’s net income from January to March this year dipped by 9 percent to P4 billion mainly due to foreign-exchange (forex) losses.
— Business Mirror

Cayetano: Deployment ban to Kuwait will be lifted only if Filipinos are 100% protected
Only when Filipinos receive full protection in Kuwait will the ban on their deployment to the Gulf state be lifted.
— CNN Philippines

46% of drug reformists in Davao City dropped out of rehab
Almost half of the population of the drug reformists under the Community-based Rehabilitation and After Care Program (CBRAP) has dropped out of their rehabilitation program in Davao City.
— Davao Today

Palace rejects ransom for kidnapped cops
Malacañang rejected yesterday the demand of Abu Sayyaf bandits to pay P5 million in exchange for the release of two policewomen they kidnapped in Barangay Liang, Patikul, Sulu on Sunday.
— Philippine Star

 

Feature photo TeslaBuisson

 

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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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