Philippines Morning News For May 8

Philippines Morning News For May 8

Around 8,000 U.S. and Philippine soldiers kicked off joint military drills Monday, the largest held so far under the Asian nation’s leader Rodrigo Duterte.
— Newsweek

Malabon City allots P422.9M to build, repair school buildings
THE administration of Mayor Antolin A. Oreta III has allotted more than P422 million for the construction of 11 school buildings and the repair, rehabilitation and renovation of old classrooms and other public-school facilities in different parts of Malabon City this year.
— Business Mirror

Duterte fires Tourism Secretary Wanda Teo
President Duterte fired Tourism Secretary Wanda Teo at the end of the 25th Cabinet meeting at Malacañang late Monday night.
— Philippines Magazine

Filipino real estate broker arranging deals for 30 mainland Chinese clients
The boon of warmer relations between Beijing and Manila is trickling down to the Philippine property market.
— ABS-CBN (video)

COA lauds military store chain as sales grow by P282 million
The Commission on Audit (COA) lauded the Armed Forces of the Philippines Commissary and Exchange Service (AFPCES) for boosting its sales by hundreds of millions of pesos last year.
— Rappler

PAF allots P6.4-M for SF-260TP aircraft engine parts
The Philippine Air Force (PAF) is now looking for suppliers capable of providing it with spare parts needed for the maintenance of the engine systems of its two SIAI-Marchetti SF-260TP training aircraft.
— Philippine News Agency

China Seen Holding off Expansion in Disputed Sea due to Closer Philippine Ties
The Philippine president’s mild stance toward Chinese expansion in a disputed sea, while worrying people at home, has stopped China from pushing further into Manila’s claims, analysts say.
— Voice of America

Infrastructure projects to gain from National ID System
The savings from a more efficient delivery of public services with the implementation of a national identification system would help boost funding for vital government projects and programs, according to Philippine Statistics Authority head Lisa Bersales.
— Philippine Star

PH committed to 70% cut in emissions – Legarda
The Philippines, an insignificant contributor to the world’s greenhouse gas emissions, has renewed its vow to cut emissions by 70 percent in 12 years at an international climate change conference, according to Sen. Loren Legarda.
— Philippine Daily Inquirer

SM Prime nets P7.6B as mall expansion pays off
THE country’s largest shopping mall operator recorded a 15% profit increase during the first quarter of 2018, fueled by its strategy of developing more malls and residential projects in the provinces.
— BusinessWorld Online

BPI posts flat net income of P6.25 billion in Q1 2018
The Bank of the Philippine Islands (BPI) saw a flat net income of P6.25 billion during the 1st 3 months of 2018, due to lower non-interest income as well as higher costs and expenses.
— Rappler

BDO raises P8.2B from LTNCDs
BDO Unibank, Inc. raised P8.2 billion from its long-term negotiable certificates of deposit (LTNCD), which it wants to use to manage the bank’s liabilities.
— BusinessWorld Online

Customs seizes P33M smuggled goods
The Bureau of Customs (BOC) has seized nine 40-footer containers containing smuggled with estimated value at P33 million.
— Malaya

Clark earns P1B, remits P700M in ’17
Clark Development Corp. contributed P700 million to the national coffers in the form of dividends in 2017 and posted a net income of P1.03 billion.
— Malaya

‘Bank accounts help cut remittance cost’
COUNTRIES in Asia and the Pacific, including the Philippines, should encourage families of migrant workers to save and open bank accounts, the International Fund for Agricultural Development (Ifad) said in its latest report.
— Business Mirror

PLDT completes partial sale of Rocket stake
PLDT Inc. has completed the partial sale of its stake in Germany-based Rocket Internet, reducing its equity ownership to 2 percent from 6.1 percent previously.
— The Manila Times

GIR slips to $81.1B end-April
The Bangko Sentral ng Pilipinas (BSP) reported a gross international reserves (GIR) of $81.1 billion as of end-April, lower than March’s $80.5 billion.
— Manila Bulletin

Salceda launches P100-M pilot tech-voc training program in Albay
Albay pilots this school year a PHP100-million technical-vocational training program under the newly implemented Universal Access to Quality Tertiary Education Act (UAQTEA) or Republic Act 10931.
— Philippine News Agency

Philippines’ forex buffer hits 3-year low in April
The Bangko Sentral ng Pilipinas (BSP) announced that the country’s foreign exchange buffer hit a new 3-year low in April 2018, dragged by strong outflows and the weaker local currency.
— Philippines Magazine

Globe earns P4.7 billion from P33-B revenues in Q1
For the 1st quarter of this year, Globe Telecom, Inc. posted consolidated service revenues of P33.2 billion, P2.1 billion more than the P31.1 billion it hauled in for the first three months of 2017 and netted P4.7-billion earnings, P900 million higher than its P3.8-billion earnings in the comparative period.
— Manila Bulletin

Oil Companies lower pump prices
Oil companies lowered their pump prices after imposing price hikes for three straight weeks.
— The Manila Times

Court clears former Makati mayor of liability in P2.2-billion building fraud
THE Court of Appeals has ruled that former Makati City mayor Jejomar Erwin Binay Jr., cannot be held administratively liable over the alleged fraudulent construction of the P2.28-billion Makati City Hall Parking Building II following his reelection in 2013.
— Manila Standard

Demolition pushes through before residents celebrate the Ramadan
The demolition of the 3,515-square meter plot in Barangay 26-C, Salmonan, Quezon Boulevard had pushed through despite the resident’s strong opposition early morning of April 07.
— Davao Today

North Gen opens P10M new center
CEBU NORTH GENERAL HOSPITAL (NGH) unveiled on Saturday its newest facility, a Mother and Child Center, a week before the international celebration of Mother’s Day.
— Sun Star

Duty Free Philippines sales dip by 2.3% in 2017
Duty Free Philippines (DFP) has reported a -2.3% sales drop in 2017 (its 30th anniversary year) to $213m compared to $218m the previous year.
— TRBusiness

Grab rivals rush into Philippine gridlock after deal with Uber
A slew of ride-hailing ventures are taking to the gridlocked streets of Manila, undeterred by the market dominance of Grab now that it controls Uber in the Philippines.
— The Business Times

PCC approves Udena’s acquisition of 2Go’s parent firm
The Philippine Competition Commission said Monday it approved the acquisition by Udenna Corp. of the entire outstanding capital stock of KGL Investment B.V., which owns indirect stake in 2Go Group Inc.
— Manila Standard

INC charity walk breaks 2 more world records
Iglesia Ni Cristo (INC) bagged two more world records—the largest charity walk on a single venue and the largest human mosaic—during the Worldwide Walk to Fight Poverty on Sunday.

BTr raises P9-B from T-bills auction
The Bureau of Treasury (BTr) has managed to raise PHP9 billion during the PHP15-billion Treasury bills (T-Bills) auction Monday.
— Philippine News Agency

Rice, corn output up in first quarter of 2018
Rice and corn production improved during the first quarter of the year, according to Agriculture Secretary Manny Piñol.
— Philippines Magazine

Current inflation level not expected to curtail growth
The current inflation level, which grew to 4.5 percent in April, is not expected to significantly impact the country’s economic growth in the near term, IHS Markit Chief Economist Rajiv Biswas said.
— Philippine Canadian Inquirer

4,251 killed in drug war – PNP
More than 4,000 alleged drug personalities have been killed since President Rodrigo Duterte took office in 2016, according to the latest data of #RealNumbersPH.
— The Manila Times


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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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