Philippines morning news for October 17

Philippines morning news for October 17

Philippines morning newsPhilippines cuts 2018 GDP growth goal, raises inflation targets
The Philippine government has shaved its economic growth target for this year and raised inflation forecasts for 2018 and 2019, reflecting caution as soaring consumer prices curb expansion in one of Asia’s fastest growing economies.
— Today Online

Gov’t to rework 2019 budget with likely ₱41-B foregone fuel excise tax revenue
The government will rework the proposed 2019 budget in the wake of possible foregone revenue arising from the suspension of additional excise tax on fuel next year.
— CNN Philippines

PHL jumps 12 rungs up Global Competitiveness Index of 140 economies
MANILA has jumped 12 notches in the Global Competitiveness Index 4.0 to 56th among 140 economies on the backbone of a strong labor market and macroeconomic stability.
— Business Mirror

Boracay dry run: More workers than tourists
Six months after it was shut down for rehabilitation, Boracay reopened for a dry run, but only a handful of tourists came to enjoy the resort island.
— The Philippine Star

Roque leaves Malacañang, eyes return to Congress
Harry Roque had come under fire for controversial comments as Presidential Spokesperson on a number of occasions, including supposedly lying about the President’s whereabouts.
— CNN Philippines (video)

New car sales in Philippines likely to suffer first drop in 7 years
New car sales this year in the Philippines are likely to sustain the first decline in seven years due largely to newly implemented higher excise taxes on automobiles.
— ABS-CBN News

Retailers to be allowed to directly import rice
For the first time ever, the government will allow grains retailers to directly import rice, which could effectively reduce the cost of rice to be sold in the local markets.
— Manila Bulletin

‘Financially unsustainable’: ABS-CBN mobile services to end on Nov. 30
ABS-CBN Convergence Inc. — the mobile telecommunications unit of broadcast giant ABS-CBN Corp. — announced Tuesday services under the ABS-CBNmobile brand will end next month after the business proved to be “financially unsustainable.”
— Philippines Magazine

US commits P1.35B more to Marawi rehab over next 3 years
The United States will pour in an additional P1.35 billion in aid over the next three years for the rehabilitation of communities directly affected by the Marawi siege.
— Philippines Magazine

Magnitude 4.8 quake jolts Ilocos Norte
A magnitude 4.8 earthquake struck Ilocos Norte province Wednesday dawn, the Philippine Institute of Volcanology and Seismology (Phivolcs) said.
— ABS-CBN News

Typhoons cut Q3 palay output by 4.2% to 3.25 MMT–PSA
Typhoon damage could cut the country’s palay (unmilled rice) output in the third quarter by 4.2 percent to 3.25 million metric tons, from last year’s 3.39 MMT volume, according to the Philippine Statistics Authority (PSA).
— Business Mirror

MISLEADING: Facebook albums say ‘no media coverage of some Duterte achievements’
Two Facebook albums show various “achievements” by the current administration which are allegedly not reported by the “mainstream media.”
— Rappler

DoE donates 200 e-trikes to Boracay
The Energy Department donated 200 electric tricycles to residents of Boracay to support the tourism development in the country’s top resort island following its six-month rehabilitation.
— Manilastandard.net

Seized goods distributed to victims of ‘Ompong’
The Bureau of Customs (BOC) has turned over seized clothes and shoes to the Department of Social Welfare and Development (DSWD) for distribution to families affected by typhoon “Ompong” (Mangkhut).
— Manila Bulletin

TRABAHO Bill could cut apparel work force by 40%
APPAREL exporters said layoffs in the industry could amount to 40% of the workforce if investment incentives are rationalized under the Tax Reform for Attracting Better and Higher-Quality Opportunities (TRABAHO) bill.
— BusinessWorld Online

Philippine navy to send ship, 300 sailors to take part in ASEAN-China maritime military exercises
The Philippine Navy will send a military transport ship to participate in the upcoming ASEAN-China maritime military exercises, a navy spokesman said on Tuesday.
— Xinhua

Displaced residents suffering from slow Marawi rehab, group says
Foreign investors and businesses are being favored over homeless residents in the government’s slow-moving rehabilitation of Marawi City, a year after President Rodrigo Duterte declared it “liberated” from terrorists, a Bangsamoro activist group said on Tuesday.
— The Philippine Star

DA foots P20-m NV irrigation work
The Department of Agriculture in Cagayan Valley recently turned over an irrigation project to boost agricultural production of farmers in this town.
— Manilastandard.net

BSP tightens standards for savings, loan associations
THE CENTRAL BANK is tightening rules covering non-stock savings and loan associations (NSSLAs) by capping service fees and requiring risk management protocols to enhance oversight.
— BusinessWorld Online

For the Philippines, caught between the US and China, trade war is an opportunity to move up the value chain
As the trade war escalates between the US and China – the world’s two largest economies – their trade partners are becoming increasingly wary.
— South China Morning Post

Gobi Partners follows up on the Philippines with $10m early-stage Indonesia fund
Gobi Partners has established a US$10 million venture fund dedicated to investing in early-stage startups in Indonesia.
— Tech in Asia

PSBank raising P8 billion via stock rights offer
Philippine Savings Bank (PSBank) is raising as much as P8 billion through the sale of shares to existing shareholders in the first quarter of next year.
— The Philippine Star

Poor filipinos are surviving on leftover food from garbage | Pagpag
Pagpag is a term given to left-over food, meat picked from garbage and dumps, which is then washed, cooked and sold to poor communities in Manila, Philippines. This is their daily staple food.
— India Today

House pushes for property valuation reforms
The House of Representatives approved on second reading a measure seeking to reform the country’s real property valuation and assessment system.
— Philippine News Agency

Philippines missing from US list of planned trade talks
The U.S. Trade Representative’s office told Congress on Tuesday it intends to open trade talks with the European Union, the United Kingdom and Japan.
— Nikkei Asian Review (paywall)

No more rate hikes possible in 2018
The Bangko Sentral ng Pilipinas (BSP) may take a breather after raising interest rates by a total of 150 basis points in four consecutive rate-setting meetings since May to anchor rising inflationary expectations.
— The Philippine Star

Food products from Philippines aim for export to Russia
Food products from the Philippines, particularly fruits, coconuts, cacao, nuts, vegetables and fish, have a big export potential in Russia according to the Philippine Trade and Investment Center in Moscow.
— Fresh Plaza

A new law to reverse PH’s HIV epidemic
The HIV epidemic in the Philippines has been characterized as the most explosive worldwide: While new HIV rates are going down globally, the number of new HIV cases in the country has continued to rise dramatically in the last 10 years.
— Inquirer.net

NEA: 57 power co-ops granted P1.8B in loans
ELECTRIC cooperatives (ECs) in the Philippines have obtained loans amounting to P1.8 billion from the National Electrification Administration (NEA), the agency said on Tuesday.
— The Manila Times

Things You Need to Know about Number Coding in the Philippines
There are things that we are bound to accept because it was already existing even before we had the ability to question its existence.
— Yahoo News

 

Feature photo cornellcurrent

This week’s Philippines morning news feature photo acknowledges International Day for the Eradication of Poverty, October 17.

 

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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