Philippines morning news for October 1

Philippines morning news for October 1

Philippines morning newsInflation seen rising further in September
The onslaught of Typhoon “Ompong” (international name: Mangkhut), which hit the country’s vegetable basket and pushed up prices, has jacked up inflation to a fresh high in more than nine years in September, economists said.
— Philippine Daily Inquirer

Rice tariff law to be enacted by year-end, PHL tells WTO
MANILA has assured once more the World Trade Organization (WTO) that it maintains to pass its rice tariff law before the year ends, the BusinessMirror learned.
— Business Mirror

Foreign currency loans slip 4.2% in Q2
Foreign currency loans extended by Philippine banks declined by 4.22 percent as borrowers opted to prepay more of their financial obligations, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
— The Philippine Star

China Energy, Glencore to build $1-B integrated LNG plant in PH
With the pioneering venture of an all-Filipino company Limay LNG Power Corp. (LLPC), China Energy Equipment Company (CEEC) and the United Kingdom business unit of Glencore, an Anglo-Swiss multinational commodity trading and mining firm, had been tapped to build the country’s first integrated $1.0-billion floating storage regasification unit (FSRU).
— Manila Bulletin

DOH spending P213M to field more nurses for dengvaxia vaccinees
THE Department of Health (DOH) will be spending another P213 million to deploy more nurses to monitor children vaccinated with Dengvaxia, according to a House Appropriations Committee member.
— Business Mirror

TRABAHO bill sets P25-B for IT-BPO
The Tax Reform for Attracting Better and High-quality Opportunities or TRABAHO bill is allocating PHP25 billion for five years for the information technology and business process outsourcing (IT-BPO) sector to upscale the skills of its employees.
— Philippine News Agency

Property prices rise in Q2 — BSP
Property prices picked up in the second quarter of the year due to strong demand for townhouses and condominium units, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
— The Philippine Star

DTI, Design Center Ensure Gov’t Efforts to Nurture PH Creative Talent
“Today’s conference is Design Center’s initiative to respond to the new demands brought about by this hyper-changing world.”
— AEC News Today/ PR Newswire (media release)

Banks’ FCDU loans total $15.67B in Q2
LOANS extended by banks’ foreign currency deposit units (FCDUs) hit $15.669 billion in the second quarter, up from a year earlier but lower compared to the first three months of 2018, the Bangko Sentral ng Pilipinas (BSP) reported during the weekend.
— The Manila Times

PH net external liabilities down 16.2 percent
The country’s net external liability position as of end-June dropped by 16.2 percent to $28.4 billion from end-March of $33.9 billion, the Bangko Sentral ng Pilipinas (BSP) said, citing revaluation adjustments.
— Manila Bulletin

PH offers prayers, pledges aid to Indonesia after earthquake, tsunami
The Philippine government has offered prayers and pledged assistance to Indonesia following a devastating earthquake and tsunami over the weekend.
— Manila Bulletin

Boracay folk divided over new regulations
Residents and business owners in Boracay await the reopening of the resort island to tourists on Oct. 26.
— Philippine Daily Inquirer

QC builds P58-m women’s dorm to decongest jail
Quezon City Mayor Herbert Bautista on Thursday announced the construction of a P58-million female dormitory for “persons deprived with liberty” inside the Quezon City Police District headquarters in Camp Karingal to relieve the crowded women’s dormitory.
— Manilastandard.net

Philippines is worst Asean vehicle producer in July
The Philippines remained the worst performer in terms of vehicle production in Southeast Asia after being the only country to post a decline in output in the January to July period.
— The Philippine Star

PH net external liability down 16%
The Philippines’ international investment position (IIP) improved as of end-June 2018, in relative terms, given lower net external liabilities, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
— The Manila Times

Broadband speeds improve 30% in Aug.
The Philippines’ mobile and fixed broadband speeds have improved by over 30 percent in August this year compared with the same month last year, according to the Speedtest Global Index Report of Ookla.
— Malaya

Philippines launches safeguard investigation on Vietnamese cement
The Philippines notified Vietnam that it has initiated a preliminary safeguard investigation on the importation of cement from various countries, including Vietnam, according to the Ministry of Industry and Trade.
— Saigon Giai Phong

GMA backs P54-B flood project
A flood control project, which was developed during the administration of former President Fidel V. Ramos but was shelved due to strong opposition from local officials and residents, is being revived to help manage the Pampanga River basin, which has been blamed for the frequent floods in Central Luzon, Speaker Gloria Macapagal-Arroyo said here on Friday.
— Philippine Daily Inquirer

Philippines still a net borrower as of end – June
The Philippines remains a net borrower despite the 16.2 percent decline in its international investment position (IIP) to $28.4 billion in the second quarter of the year from $33.87 billion in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
— The Philippine Star

GSIS grants scholarship to 400 members’ dependents
The Government Service Insurance System (GSIS) has chosen 400 new scholars for Academic Year (AY) 2018-2019 under the GSIS Scholarship Program (GSP).
— Philippine Information Agency

Central Luzon MSMEs seen earning P42.8M from trade fair
Small enterprises based in Central Luzon are expected to earn P42.8 million from a trade fair that will exhibit products from the region.
— Business Mirror

DENR seeks P2-billion budget
The Department of Environment and Natural Resources (DENR) will seek a budget of P2 billion to intensify the government’s supervision over the protected areas (PA) located in different parts of the country.
— Manila Bulletin

Earnings from agricultural exports up 32.25%–report
Revenues from the country’s agricultural exports expanded by 32.25 percent to P331.61 billion in 2017, from P250.75 billion recorded in the previous year, according to the Philippine Statistics Authority (PSA).
— Business Mirror

New HIV infections rising dramatically in Philippines
At least 31 Filipinos are infected with the human immunodeficiency virus (HIV) each day in the Philippines, government data showed with the Department of Health (DOH) voicing alarm over the spread in the Philippines of HIV that causes acquired immunodeficiency syndrome (AIDS).
— Philippines Magazine

Philippine National Bank acquires PNB Savings Bank
Philippine National Bank (PNB) on Saturday announced it has acquired the assets of PNB Savings Bank (PNBSB), its thrift bank subsidiary.
— ABS-CBN

CCP-NPA still pushing through with their plan to remove Duterte from power
Armed Forces of the Philippines (AFP) Assistant Deputy Chief for Operations Brig. Gen. Antonio Parlade Sunday said despite then exposing a plot to unseat President Rodrigo Duterte from power, the communist side is still pushing through with their plan.
— Manila Bulletin

Gov’t easing foreign investment restrictions
The National Economic and Development Authority (NEDA) has assured British businesses that the government is working to ease foreign investment restrictions through the 11th Regular Foreign Investment Negative List (FINL), which is now up for signing by President Duterte.
— The Philippine Star

SSS open to staggered increase in contribution
The Social Security System (SSS) is amenable with the proposal to hike the contribution rate by one percentage point every other year until it reaches 15 percent, with adjustments in the minimum and maximum salary credits.
— Malaya

Gatchalian pushes for affordable, high-quality housing for the poor
Senator Sherwin Gatchalian has called on local and foreign real estate players to support the government’s aim of providing affordable and high-quality socialized housing to poor Filipinos.
— Manila Bulletin

Telenor in talks with potential partners to enter PHL market
NORWAY’S Telenor Group said it is in talks with local companies as it eyes participation in the bidding for the third player slot in the Philippine telco industry.
— BusinessWorld Online

Exporters bag $21M supply deals at CAEXPO
Seventy Philippine companies bagged more than $21.25 million ’ worth of export sales in the country’s recent participation in the China-Asean Expo (CAEXPO) last September 12 to 15 at the Nanning International Convention and Exhibition Center (NICEC) in Guangxi, China.
— Malaya

Cebu Pacific to take delivery of its 1st A320neo aircraft by November
BUDGET carrier Cebu Pacific expects the delivery of its first Airbus A320neo (new engine option) by November, which will be deployed for international routes before the end of 2018.
— BusinessWorld Online

Expansion of firms at risk due to higher rates
Higher interest rates may address the monster inflation in the country but may soon constrict Philippine companies’ capacity to expand as borrowing costs rise, according to industry players.
— The Philippine Star

Farmers, fishermen earn P2M in a day
FARMERS and fishermen who brought their produce to the Department of Agriculture’s TienDA “Malasakit” food outlets in Manila and Quezon City earned about P2 million in a one-day sale on Friday, Agriculture Secretary Emmanuel Piñol said.
— The Manila Times

Yields on gov’t debt surge on inflation expectations
YIELDS ON government securities surged amid expectations of faster inflation towards yearend after the central bank tightened monetary policy rates by 50 basis points (bp) last Thursday.
— BusinessWorld Online

Insights and trends of e-commerce in the Philippines [market analysis]
Second largest country in Southeast Asia, the Philippines is a large and rapidly developing market for e-commerce.
— Asean Up

Gov’t urged to provide electricity subsidy
The biggest business group in the Philippines called on the government to subsidize electricity for businesses, claiming this was needed to enable local industries to compete with those in neighboring countries where such benefit was available.
— Philippine Daily Inquirer

OWWA gives cash aid to families of OFWs affected by Ompong
Almost 6,000 overseas Filipino workers (OFWs) and their families affected by Typhoon Ompong (international code name Mangkhut) have received cash aid from the Overseas Workers Welfare Administration (OWWA).
— Business Mirror

DILG backs proposed task force to end insurgency
The Department of the Interior and Local Government (DILG) has declared its overwhelming support for the military’s call for the creation of an Inter-Agency Task Force to decimate the communist insurgency by mid-2019.
— Manila Bulletin

Tuskers lose to Philippines in a disappointing outing at Asia 7s
The Sri Lankan Tuskers had a disappointing outing in the 2nd leg of the Asia 7s rugby series held in South Korea.
— News 1st

 

Feature photo Asian Development Bank

This week’s Philippines morning news feature photo acknowledges World Teachers’ Day, October 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.

 

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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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