Philippines morning news for October 22

Philippines morning news for October 22

Philippines morning newsAnti-inflation measures to stoke budget, trade deficits
Banking giant HSBC believes that government efforts to address above-target inflation will lead to wider budget and current account deficits.
— The Manila Times

Economists raise PH inflation forecasts up to 2020
Private sector economists polled by the central bank raised their inflation estimates for 2018 until 2020 due to continued elevated inflation expectations, but most were optimistic of easing price pressures if government will not delay anti-inflation measures.
— Manila Bulletin

Manila ranks second among 100 ‘super cities’
Manila has regained the second spot among the world’s top 100 ‘super cities’ for the outsourcing industry which is now being transformed by digital services.
— Manilastandard.net

Cebu City proposes P8.1-B budget for 2019, up P1B from 2018
CEBU CITY’s executive department has proposed an P8.1 billion budget for 2019, about a billion higher than this year allocation.
— BusinessWorld Online

1,470 Filipino workers displaced in Al Khobar to receive assistance
About 1,470 overseas Filipino workers (OFWs) who were displaced after their employer locked them out of their workplace in Al Khobar, Saudi Arabia, will be receiving assistance from the Philippine government, said the Department of Labor and Employment (DOLE).
— The Nation

Marawi rehab completion still expected by end-2021, groundbreaking set Oct. 31
THE CEREMONIAL groundbreaking for war-torn Marawi City’s rehabilitation will hold on Oct. 31, Secretary Eduardo D. del Rosario, Task Force Bangon Marawi (TFBM) chairperson, announced last Friday.
— BusinessWorld Online

Teenage pregnancy bleeds PHL economy some P33 billion a year
THE Philippine economy loses a whopping P33 billion annually due to foregone economic opportunities of teenage mothers, according to the Commission on Population (Popcom).
— Business Mirror

MPTC infuses $20M into Indonesia infra firm
The tollways arm of Metro Pacific Investments Corp. is investing an additional $20 million in Indonesia on top of investments recently made to raise its stake to over three-fourths in an Indonesian infrastructure company.
— The Philippine Star

Tech giant Google set to open 1st operations center in Philippines
TECH giant Google LLC is opening its first operations center in the Philippines, which will provide support for its users and customers in the United States, Australia, New Zealand, United Kingdom, as well as the Philippines.
— BusinessWorld Online

Common Ground Launches Flagship Venue In Philippines
Malaysia’s leading co-working space, Common Ground, today announced its debut in the Philippines through a partnership with MVP Global Infrastructure Group (MVP Global) as part of its regional expansion strategy.
— AEC News Today/ PR Newswire (media release)

P25-B wire rod plant to rise in PH
SteelAsia Manufacturing Corp., the country’s largest steel manufacturer, has started new projects for two wire rod mills with estimated investments of P25 billion to produce 1 million tons a year that could serve as the platform for the resurgence of the manufacturing industry in the country.
— Manila Bulletin

Manila sees P50 billion earnings from reclamation project
The city of Manila stands to earn at least P50 billion in revenue from the 148-hectare Solar City reclamation project, Mayor Joseph Estrada said over the weekend.
— The Philippine Star

Int’l lawmakers call out human rights violations against de Lima, Trillanes
A global group of parliaments said it was “resolved to send an official mission” to inquire into what it calls “political persecution” of Senators Leila de Lima and Antonio Trillanes IV.
— CNN Philippines

Labor group to insist on P334 wage hike in Metro Manila
A major labor group said Sunday it will insist on its petition for a P334 wage increase in Metro Manila despite possible objections from employers.
— ABS-CBN News

Expect big deals and some choppy waters to navigate when Xi Jinping goes to Manila
Ahead of Chinese President Xi Jinping’s visit to Manila next month, the Philippines is leaving nothing to chance to ensure a smooth and fruitful trip for one of the world’s most powerful leaders.
— South China Morning Post

Health expenditures rise 8% in 2017
The country spent more for healthcare last year with out-of-pocket expenses growing steeply, the Philippine Statistics Authority (PSA) reported.
— The Philippine Star

PEZA chief open to hike in GIE perk under TRABAHO bill
Philippine Economic Zone Authority (PEZA) Director General Charito Plaza on Thursday reiterated her call to legislators not to scrap the gross income earned (GIE) incentive under the Tax Reform for Attracting Better and High-Quality Opportunities or TRABAHO bill, but the agency is willing to increase the tax rate of this perk.
— Philippine News Agency

P500,000 reward up over farmers’ slay in Negros Occidental
A P500,000 reward will be given in exchange for information that would lead to the arrest of gunmen who killed 9 farmers at Hacienda Nene in Barangay Bulanon, Sagay City, on Saturday night, October 20.
— Rappler

‘Ompong’ ruins P353-M irrigation facilities in Cordillera
The National Irrigation Administration (NIA) – Cordillera reported on Thursday that more than PHP353-million worth of irrigation facilities, both in communal and national irrigation systems, were destroyed by Typhoon Ompong last September.
— Northbound Philippines

Estrada: Manila Solar City to provide P50b, 500k jobs
The City of Manila stands to earn at least P50 billion in revenues and create more than 500,000 jobs once the Philippine Reclamation Authority issues a “notice to proceed” for the Manila Solar City Reclamation Project, Manila Mayor Joseph Estrada said.
— Manilastandard.net

Public Trust in Vaccines Plummets After Philippines Dengue Crisis
The ability to fight future pandemics could be at risk following a plunge in public confidence in vaccines in the Philippines, according to a report from the London School of Hygiene & Tropical Medicine.
— Voice of America

PSE set to top capital raising goal of P200b
The Philippine Stock Exchange expects capital raising from the equities market to surpass the P200-billion target this year despite the current volatility.
— Manilastandard.net

Cancel Boracay casino licenses, TF tells Pagcor
THE Boracay Inter-Agency Task Force (BIATF) has requested the state-owned Philippine Amusement and Gaming Corp. (Pagcor) to pull the licenses of all casinos in the island paradise.
— Business Mirror

Gov’t charting return to foreign debt marts
THE GOVERNMENT is now charting the country’s return to the dollar, euro, yuan and yen debt markets, the Finance chief said on Friday last week.
— BusinessWorld Online

Palace changes tune on P16 billion frigates deal — Alejano
Magdalo Rep. Gary Alejano yesterday accused Malacañang of changing its tune on the controversial P16-billion frigates procurement by the Philippine Navy.
— The Philippine Star

Filipino domestic workers in Hong Kong facing more expenses as new law forces them to make social security contributions back home
Hong Kong’s Filipino domestic workers have been hit with another mandatory fee by their home government, a week after vowing to fight against a plan to make domestic helpers take out insurance costing HK$1,200 (US$153) before heading abroad.
— Philippines Magazine

Central Luzon traders earn P50m from 4-day trade fair
San Fernando, Pampanga—About 162 manufacturers and producers sold P50 million worth of products during the four-day 20th Likha ng Central Luzon Trade Fair held at the trade hall of the Megamall in Mandaluyong.
— Manilastandard.net

PH mulls tapping Norway funds
The Duterte administration is looking at tapping the Norway sovereign wealth fund, the world’s largest, while at the same time planning to sell another dollar-denominated global bond before the end of this year.
— Manila Bulletin

MWSS told to pay ex-workers P455M in separation benefits
The Commission on Audit (CoA) has ordered the Metropolitan Waterworks and Sewerage System (MWSS) to grant its former employees unpaid separation benefits estimated at P455 million.
— The Manila Times

Davao summit to roll out apps for farmers, halal
A mobile application that will help farmers connect directly with buyers will be one of the new technologies that will be introduced during the 2018 LivEx, an innovation summit organized by ICT-Davao, Inc., to be held here on Oct. 22.
— BusinessWorld Online

 

Feature photo Michael McDonald

This week’s Philippines morning news feature photo acknowledges World Development Information Day, October 24.

 

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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