Philippines Morning News For November 8

Trade gap widens to $3.93 billion in Sept 2018
Philippine imports hit an all-time high in September while exports remained weak, bringing the trade deficit to $3.93 billion, the highest in nine months amid sustained purchase of capital goods needed for the government’s ambitious infrastructure program, the Philippine Statistics Authority (PSA) reported yesterday, a day before the release of third quarter economic performance.
— The Philippine Star

Japan allots P22.7 billion for air defense, MRT-3 rehab
The government of Japan has provided P22.7 billion worth of aid to the Philippines to enhance the country’s air defense capabilities and rehabilitate the Metro Rail Transit Line 3 (MRT-3), the Department of Foreign Affairs (DFA) said yesterday.
— The Philippine Star

Philippines To Sign $3.3-Billion Railway Loan Deal With China
Philippine President Duterte and his Chinese counterpart Xi Jinping are set to sign this month a 175-billion pesos ($3.3 billion) credit deal to build the South Railways project, a 639-kilometer standard gauge railway line between Manila and Bicol.
— Investvine

BOI-approved investments up 26%
Investments approved by the Board of Investments (BOI) rose 26 percent in the January to October period from a year ago driven by projects in five key industries.
— The Philippine Star

Foreign reserves dropped to 7-year low of $74.77 billion
The country’s gross international reserves dropped to a seven-year low of $74.77 billion in October, after the government settled some of its foreign exchange obligations and the Bangko Sentral ng Pilipinas helped tempered the fluctuation of the peso against the US dollar.
— Manilastandard.net

DOF sees Q3 GDP growth hitting 6.5%; Q2 now 6.2%
THE Department of Finance (DOF) sees the country’s gross domestic product (GDP) growth for the third quarter to hit 6.5 percent, due to growth in expenditures, among others.
— Business Mirror

Gov’t names provisional 3rd major telco
A CONSORTIUM formed by China Telecommunications Corp., Dennis A. Uy’s Udenna Corp. and its subsidiary Chelsea Logistics Holdings Corp. and franchise holder Mindanao Islamic Telephone Company, Inc. (Mislatel) emerged as provisional winner in the government’s search for the country’s third major telecommunications service provider after its two contenders were disqualified.
— BusinessWorld Online

SSS releases P443M worth of EC benefit
THE Social Security System (SSS) reported yesterday that P442.38 million worth of benefits was disbursed to over 17,619 Employees Compensation (EC) pensioners from Jan. 2017 to Oct. 2018, following President Rodrigo R. Duterte’s approval of the EC benefit increase last May.
— BusinessWorld Online

No signing seen on PHL-China oil exploration during Xi’s visit
NO deals on joint exploration are expected to be signed during the visit of Chinese President Xi Jinping this month, two Cabinet members said on Wednesday, but did not rule out the possibility that discussions on the matter might at least be included later in the agenda.
— Business Mirror

New import tack unlikely to spoil 500,000 MT rice tender, NFA says
The National Food Authority (NFA) on Wednesday expressed confidence that bidders are unlikely to back out from the open tender for the supply of some 500,000 metric tons (MT) of rice via open tender, amid some traders’ concerns over import regulations.
— Business Mirror

PH agri output dips in July-Sept
THE Philippines’ agricultural output decreased by 0.83 percent in the third quarter of 2018, which was blamed on the typhoons that hit the country in the period.
— The Manila Times

Metro Manila P25 wage hike to take effect Nov. 22
THE P25 daily increase for minimum wage earners in private companies in the National Capital Region (NCR) takes effect on Nov. 22 following its publication in a newspaper yesterday, Nov. 7.
— BusinessWorld Online

Filipinos and critical illness financing gap
Impact of illnesses on one’s finances have made Filipinos more conscious about their health.
— Philippine News Agency

Ceza inks magnetic levitation train manufacturing agreement with two China companies
The Philippines may soon see its first manufacturing hub for magnetic levitation (maglev) trains, considered as the world’s fastest and most advanced commuter train, after the Cagayan Economic Zone Authority (Ceza) entered into an agreement with two Chinese firms to put up the facility.
— Business Mirror

Duterte threatened deployment ban if OFW in UAE executed: Bello
PRESIDENT Rodrigo R. Duterte would have declared a total ban on the deployment of Filipino workers to the United Arab Emirates (UAE) if its government pushed through with the execution of Jennifer Dalquez.
— BusinessWorld Online

Rights Lawyer Gunned Down in Philippines
Unidentified gunmen killed a crusading human rights lawyer in the central Philippines, police said Wednesday, in the latest attack targeting an attorney in the country.
— Benar News

Globe nine-month profit grows 37%
The Philippines’ Globe Telecom has reported a nearly 37% increase in net profit for the first nine months of 2018 to 15.1 billion pesos ($284.5 million) as a result of strong demand for mobile data.
— Telecomasia.net

Build back bitter? Five lessons five years after Typhoon Haiyan
Exactly five years ago, Typhoon Haiyan (local name: Yolanda) ravaged some of the poorest provinces of Central Philippines.
— New Mandala

Debt market activity to remain strong next year on steady need for funds
THE LOCAL debt market will likely see equally brisk activity in 2019 to match this year’s level amid a steady need for funding for both government and corporate players, bond traders said.
— BusinessWorld Online

QC to put up drug rehab center for women, recovery clinic
In line with Quezon City’s campaign against illegal drugs, Quezon City Vice Mayor Joy Belmonte bared on Wednesday plans to put up a drug rehabilitation facility for women and a recovery clinic for voluntary surrenderers to treat more effectively drug-dependents in the city.
— Philippine News Agency

Feature photo E2S

This week’s Philippines morning news feature photo acknowledges World Tsunami Awareness Day, November 5.

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

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 November 8 added by Stella-maris Ewudolu on November 8, 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.