Philippines morning news for October 8

Philippines morning news for October 8

Philippines morning newsDBS: $100/barrel oil to weigh on PH growth
The Philippine economy will likely suffer if global oil prices average $100 per barrel next year, Singapore-based bank DBS warned in a report.
— The Manila Times

Foreign reserves hit 7-year low of $75.1b
The country’s gross international reserves fell $2.77 billion in September to hit a seven-year low of $75.16 billion, as the Bangko Sentral ng Pilipinas moved to temper the depreciation of the peso against the US dollar.
— Manilastandard.net

Dominguez warns: Economy to ‘choke to death’ sans deficit-financed infra
The sustained growth of the Philippines demands that the government spend aggressively for key infrastructure projects that will remove “chokepoints” preventing the country from operating at optimum capacity, according to the head of the Duterte administration’s economic team.
— Philippine Daily Inquirer

Davao gets P150-M China donation for school buildings
The government of the People’s Republic of China, through its embassy in the Philippines, has donated PHP150 million for the construction of 13 school buildings in this city.
— Philippine News Agency

WB readies $300-M loan to improve gov’t revenue, spending efficiency
THE WORLD BANK is preparing a $300-million loan for the government designed to improve revenue and spending efficiency.
— BusinessWorld Online

SSS allots P1.61-B in loans for ‘Ompong’ victims
The Social Security System (SSS) said it has allocated PHP1.61 billion for the calamity assistance program (CAP) for more than 1 million active members and pensioners who were affected by Typhoon Ompong last September.
— Philippine News Agency

GOCC subsidies decline to P5 B in August
The national government granted P5.037 billion in subsidies to government-owned and controlled corporations (GOCCs) last August, the Bureau of the Treasury (BTr) reported.
— The Philippine Star

Puerto Princesa signs P250M water treatment deal
Ecosystem Technologies Intl. Inc., a firm involved in sewerage and septage facilities, has signed a contract with the local government of Puerto Princesa in Palawan for a water sanitation project.
— Malaya

High poverty vexes consumer markets
The poverty threshold in 2015 of about P9,064 per month for a family of five made almost 22 million Filipinos, out of a total population of 101 million, poor.
— Philippine Daily Inquirer

Manila key to apparel brand’s growth in SEA
Japanese global apparel retailer Uniqlo on October 5 opened its first flagship store in Manila, its biggest in Southeast Asia, which it has tapped as a platform for the brand’s growth in the region and globally.
— Malaya

EFTA to conduct roadshows in PH
The European Free Trade Association (EFTA), which is composed of four wealthy nations – Switzerland, Norway, Liechtenstein, and Iceland – will be conducting a series of technical roadshows in the country to take advantage of the Philippines-EFTA comprehensive free trade agreement.
— Manila Bulletin

US firms eye ICT investments in PH
Twenty-five US-based companies will explore opportunities in the information communication technology business in the Philippines, according to Alegria Limjoco, president of the Philippine Chamber of Commerce and Industry (PCCI).
— Malaya

DBP funds 2 major building projects in Cebu
State-run Development Bank of the Philippines (DBP) has extended P4.5 billion in loans for the construction of two major buildings in Cebu, which are seen to improve the delivery of basic government services and boost the economy in the province.
— The Philippine Star

Canada to fund 9 projects for women, girls in Philippines
Canada will fund 9 projects for women and girls in the Philippines, as it sets gender equality and empowerment among its priorities in the Southeast Asian country.
— Philippines Magazine

ASEAN+3 think tank flags financial stress levels in the Philippines
THE PHILIPPINES is among the main sources of “financial stress” within the Association of Southeast Asian Nations (ASEAN), which became elevated in early 2018, although still below historical levels.
— BusinessWorld Online

PH fintech firm sets P1.5B fund for SMEs
Philippine-based financial technology firm First First Circle is allotting P1.5 billion in loans to small and medium enterprises (SMEs).
— Malaya

Proposed EO amendment to open oil exploration to new players
A proposed amendment to reinstate farm-in, farm-out deals under Executive Order (EO) 556 will allow the prompt entry of two foreign investors in the resource-rich petroleum blocks off Palawan basin, according to the country’s top energy official.
— Manila Bulletin

Chelsea to buy 6 more ships for $100M
THE logistics and shipping arm of Udenna Corp., the holding company of magnate Dennis A. Uy’s businesses, is once again flexing its financial muscle—this time to the tune of $100 million—to expand its fleet of vessels by six more ships through 2020.
— Business Mirror

Infrastructure, connectivity issues impeding PHL e-payments growth
DIGITAL PAYMENTS remain pivotal in financial inclusion, industry players said, as physical and cultural issues are seen to be key barriers in serving the unbanked sector.
— BusinessWorld Online

‘War is over’
Armed Forces of the Philippines (AFP) chief Gen. Carlito Galvez Jr. has officially declared the end of war between the Philippine military and the Moro Islamic Libe-ration Front (MILF).
— The Manila Times

Embassy keen to facilitate PH, India news agency tie-up
The Indian Embassy in Manila is interested to facilitate a partnership between Philippine and Indian news agencies to broaden the two nations’ knowledge about each other.
— Philippine News Agency

‘Mandatory insurance rule of POEA to hurt OFWs’
A migrant rights group warned that the new policy of the Philippine Overseas Employment Administration (POEA) on mandatory insurance will lead to the displacement of overseas Filipino workers (OFWs).
— Business Mirror

Telco investor eyes more infra projects
After making the largest investment to date in a Philippine technology company, global investment firm Kohlberg Kravis Roberts & Co. (KKR) is looking at investing in infrastructure in a potential venture with Metro Pacific Investment Corp. (MPIC) next year.
— Malaya

PH needs to solve supply constraints to hit exports target: DTI
The Philippines has to address the supply constraints in raw materials that limit the output of exporters in order to achieve the 8 percent to 9 percent exports growth target for this year, the country’s top trade official said.
— Philippine Canadian Inquirer

Onion farmers get PRDP fund assistance
The provincial government here recently gave funding assistance for farmers in Aritao town, the onion capital of the province.
— Manilastandard.net

Inflation impact on Bicol worse than that of ‘Ompong’ – solon
The impact of double digit inflation in the Bicol region, at 10.1 percent, was worse than that of Typhoon “Ompong” (international name: Mangkhut), according to Albay Rep. Joey Salceda, a noted economist.
— Philippine Daily Inquirer

Intolerant leaders for intolerant citizens: illiberal values in the Philippines
Electoral democracy allows us to vote a dictator into power. Free, fair, and competitive elections do not always guarantee that politicians with deepest commitments to democratic values always win.
— New Mandala

Bring criminal liability age down, prosecutor says
THE chief prosecutor of the cities of Navotas and Malabon is in favor of lowering the age for criminal liability.
— Manilastandard.net

Philippines’ Marawi conflict “not only about religion”, study finds
A study by International Alert shows that the armed conflict in the southern Philippines city of Marawi last year was not only about religion.
— Sight

‘Trabaho’ bill to stem job generation in BPOs after all, study showed
The latest tax reform bill championed by the country’s economic managers could result in tepid hiring of new workers in the business process outsourcing (BPO) industry by the year 2022—or just 300,000 vacancies from the previous estimate of 550,000, a study showed.
— Philippine Daily Inquirer

Katarina Rodriguez wins Miss World Philippines 2018
Katarina Rodriguez is the new Miss World Philippines titleholder.
— PEP.ph

Commission on Human Rights to probe Cebu killings
The Commission on Human Rights (CHR) will probe the recent spate of drug-related killings in this city, including the supposed shooting incident in a mountainside village that left 5 people dead, among them a call center agent.
— Rappler

Japan military officer killed during US-Philippine drill
Japan’s military said Sunday one of its members was killed in a car crash in the Philippines during joint exercises with US and Filipino troops.
— ABS-CBN News

 

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.

 

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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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