Philippines Morning News For October 11

Philippines’ Jan-July FDI rises 52.1pc y/y to $6.7bn
Net foreign direct investments in the Philippines jumped 52.1 percent in the first seven months of this year from a year earlier to $6.7 billion, the central bank said on Wednesday.
— Business Recorder

PHL gets $7.54-billion loan for infra buildup from ADB
The Asian Development Bank is extending $7.54 billion worth of loans to the Philippines starting next year until 2021, according to the ADB’s updated Country Operations Business Plan (COBP).
— Business Mirror

Philippines sees decade of 7 percent growth from infrastructure drive
The Philippines expects economic growth to recover to 7-8 percent target next year despite global uncertainties, as it pushes ahead with massive infrastructure spending plans, the country’s budget secretary said on Wednesday.
— Today Online

DTI: Rice to cost P38/kg after ‘unimpeded’ imports
The selling price of imported regular milled rice is expected to cost about P38 a kilogram after new stocks come in unimpeded from abroad, Trade Secretary Ramon Lopez said on Wednesday.
— CNN Philippines

Duterte’s Luster Dulls as Rice Prices Soar in Philippines
Through controversy after controversy, President Rodrigo Duterte of the Philippines has always been able to count on his appeal among the nation’s poor. But soaring prices for staples like rice are starting to alienate that vital base of support.
— The New York Times

PHL rice inventory at lowest level in 11 yrs
THE country’s rice stockpile in September plunged to its lowest level in nearly 11 years as the inventory of commercial warehouses dropped by more than a third, according to the latest report of the Philippine Statistics Authority (PSA).
— Business Mirror

Trade gap widens in Aug.
The country’s trade gap expanded to $3.51 billion in August as imports continue to grow faster than exports, data released by the Philippine Statistics Authority (PSA) showed.
— Malaya

Banks actively tap rediscount loans, availments reach record P30.6 billion
Rediscount loans extended to local banks to finance the expansion needs of businesses and households hit a record P30.6 billion in the first nine months amid the series of interest rate hikes by the Bangko Sentral ng Pilipinas (BSP) to check rising inflation.
— The Philippine Star

Far from powerful: PH passport places 75th in power index
The Philippines ranked 75th in the world’s most powerful passport list, allowing visa free travel to only 66 destinations, according to the 2018 Henley Passport Index.
— ABS-CBN News

DOF: Chinese loans not tied to joint oil exploration in disputed waters
Big-ticket infrastructure and development projects will be rolled out by the Philippines in cooperation with China—with three loan accords due for signing before year-end—despite a territorial dispute between the two over sections of the West Philippine Sea.
— Philippine Daily Inquirer

PH extends US$300K aid to Indonesia
The Philippines has donated US$300,000 worth humanitarian assistance to Palu, Indonesia after it was hit by a deadly earthquake and tsunami two weeks ago.
— Manila Bulletin

Election fever heats up as filing of candidacies begins
The election fever heats up in the Philippines as candidates begin filing their certificates of candidacy (COCs) on Thursday, October 11, for the midterm polls seen as a referendum on President Rodrigo Duterte’s government.
— Rappler

China leaves Duterte’s dream train at the station
Soon after winning the presidency in mid-2016, Philippine leader Rodrigo Duterte vowed to build a modern railway across the underdeveloped southern island of Mindanao, a promise that drew loud applause from the well-dressed audience invited to his first State of the Nation Address.
— Asia Times

FDA warns public vs 5 food products, supplements
The consumers were advised to avoid purchasing five food products and supplements that were found unregistered, the Food and Drug Administration said.
— Manila Bulletin

Senate passes Universal Health Care Bill
The Senate on Wednesday passed on third and final reading a bill that seeks to provide adequate healthcare services to Filipinos.
— CNN Philippines

Taiwan donates P13.5-M aid to ‘Ompong’-hit northern Luzon
Victims of Typhoon Ompong in northern Luzon are set to receive USD250,000 or approximately PHP13.5-million worth of assistance from Taiwan.
— Philippine News Agency

How China’s online gambling addiction is reshaping Manila
A Filipina-looking dealer looks intently at the webcam, enticing bettors to place their bets. She does not speak, but smiles with her eyes as another voice in Mandarin speaks for her.
— Rappler

DOF: Loans for 3 infrastructure projects with China to be signed before year-end
THE Department of Finance (DOF) said big-ticket infrastructure projects to be rolled out by the Philippines in cooperation with China are proceeding as discussed, with an initial three loan accords due for signing before the year ends.
— Business Mirror

House to put Robredo back in line of succession of draft constitution
The House of Representatives will put Vice President Leni Robredo back into the line of succession during the shift to federalism under the lower chamber’s draft constitution.
— Rappler

Philippines revs up flagging green energy engine
Deep below the ancient volcanoes scattered around the Philippines sits a simmering stockpile of intense heat that officials hope will help revive the nation’s sputtering green energy machine.
— Malay Mail

Philippines seen as new front for war among Chinese fintech firms
The Philippines will likely become the latest financial technology battleground for Chinese tech players.
— The Philippine Star

China serves as Philippines’ top export market destination: statistics agency
China currently serves as a top export market destination for the Philippines, valued at nearly 940 million U.S. dollars or 15.3 percent of the latter’s total exports in August, Philippine Statistics Authority (PSA) has said.
— Xinhua

Online hiring for HR declines in Malaysia, blooms in Philippines
According to the latest Monster Employment Index, HR and admin talent is in-demand in the Philippines, but suffering decline in Malaysia and Singapore.
— HRM Asia

TDF yields hit fresh high
YIELDS fetched for term deposits surged to a fresh high yesterday even as demand cooled from a week ago, with players again crowding the seven-day papers at a time of market uncertainty.
— BusinessWorld Online

US reiterates offer to sell F-16 jets to PH: Lorenzana
The US government reiterated its offer to supply the Philippines with the Lockheed Martin F-16.
— Philippine News Agency

Duterte leaves for Asean meeting in Bali
PRESIDENT Rodrigo Duterte on Wednesday, October 10, left the country to attend the Association of Southeast Asian Nations (Asean) Leaders’ Gathering in Bali, Indonesia.
— Sun Star

Philippines and US to announce FTA talks in November
The U.S. and the Philippines plan to jointly announce the start of their free trade negotiations by next month as the two allies bolster economic partnership amid uncertainty over their security ties.
— Nikkei Asian Review (paywall)

12.2-million Pinoys rate themselves as poor—SWS
A majority of Filipinos considered themselves as poor, the latest Social Weather Stations survey revealed Tuesday.
— Manilastandard.net

Duterte, Widodo to discuss terrorism; PH, Indonesia military officials meet monthly to address ISIS threat
President Duterte and Indonesian President Joko Widodo are set to discuss terrorism when they meet during the Association of Southeast Asian Nations (ASEAN) Leaders’ Gathering here Thursday.
— Manila Bulletin

Self-rated poverty worsens in Q3 amid inflation pressures
SOCIAL WEATHER STATIONS (SWS), a polling organization, said Tuesday that more than 12.2 million families self-rated themselves as poor, equivalent to 52% of respondents in a study conducted at the end of September, up from 48% a quarter earlier.
— BusinessWorld Online

After Veloso, another Pinay on death row in Indonesia
After Mary Jane Veloso, another Filipina is on death row in Indonesia for drug charges, Manila’s envoy here said Wednesday.
— ABS-CBN News

Failure to win PHL orders dampens Vietnam rice prices
PRICES of unmilled rice fell further in Vietnam after it failed to obtain a government-to-government order from the Philippines in the second half of May and increased China import tariffs in July, according to the United States Department of Agriculture.
— BusinessWorld Online

Feature photo JL Javier

This week’s Philippines morning news feature photo acknowledges World Mental Health Day, October 10.

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 October 11 added by Stella-maris Ewudolu on October 11, 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.