Philippines morning news for January 16

Philippines morning news for January 16

Philippines morning news

The new Boracay: not how you remember it
The world’s most popular Asean beach of 2018 is again open for business after having undergone a six-month-long overhaul under armed military guard.
— AEC News Today (video)

NG allots P4.71 trillion for TRIP infrastructure program in next three years
The national government intends to spend some P4.71 trillion in the next three years for ongoing and new projects identified under the three-year rolling infrastructure plan (TRIP).
— Business Mirror

Remittances increased 3.1% to $26.1 billion in eleven months
Money sent home by Filipinos working overseas rose 2.8 percent in November 2018 to $2.32 billion from $2.26 billion a year earlier, the Bangko Sentral ng Pilipinas said Tuesday.
— Manilastandard.net

Economic growth seen hitting 6.8-7.2% this year
Investment bank First Metro Investment Corp. (FMIC) believes the Philippine economy will regain momentum this year on the back of the mid-term elections and infrastructure and consumption spending, among others.
— The Manila Times

‘Little fallout’ expected from Hanjin bankruptcy
The Philippine financial system is unlikely to be shaken by the bankruptcy of a Subic-based shipbuilder, a Fitch unit said, although challenges should be expected overall given a possible economic slowdown.
— The Manila Times

DENR to fine establishments up to P200,000 for polluting Manila Bay
Environment Secretary Roy Cimatu said on Tuesday, January 15, that establishments in the Manila Bay Area without proper sewerage treatment plants (STPs) could be fined between P20,000 and P200,000.
— Rappler

Magnitude 5.9 quake jolts Davao Oriental
A magnitude 5.9 earthquake struck off Davao Oriental province Wednesday dawn, the Philippine Institute of Volcanology and Seismology (Phivolcs) said.
— ABS-CBN News

GSIS grants P190M in cash benefits to active members
THE Government Service Insurance System (GSIS) released a total of P190 million in cash benefit to its active members on December 22, 2018.
— Business Mirror

Russia group looks to invest P8 billion for Mindanao banana plantation
A Russian group is eyeing the Philippine banana market as it looks to invest P8 billion for a plantation in the Mindanao region, Agriculture Secretary Emmanuel Piñol said.
— The Philippine Star

‘Favored’ firm got P81M in kickbacks
A HOUSE investigation on Tuesday found that Aremar Construction Corp., the contractor allegedly favored by Budget Secretary Benjamin Diokno, had received P81.1 million in kickbacks as part of bid-rigging schemes.
— The Manila Times

ADB eyes credit facility for insurance pool
THE ASIAN Development Bank (ADB) said the Philippines will benefit from a fast-disbursing parametric insurance pool, eyeing a credit facility for the program.
— BusinessWorld Online

BCDA to bid Clark airport access road worth P5.4 B
The Bases Conversion Development Authority (BCDA) is bidding out the construction of airport to New Clark City access road – phase 2 and 3 – with approved combined budget of P5.397 billion.
— Manila Bulletin

Banks win break on trading-desk capital as Basel tones down rule
BIG investment banks scored a victory in their campaign to soften global rules, as regulators reduced the capital hit from new trading-book standards by nearly half.
— Business Mirror

NHA palay procurement hits 1M bags
The National Food Authority (NFA) has already procured a total of 50,000 metric tons (MT) or 1 million bags of palay (unmilled rice) in the first two weeks of 2019.
— The Manila Times

Davao court junks motion to issue hold departure order vs Trillanes
A Davao court on Tuesday rejected the motion to issue a hold departure order against Senator Antonio Trillanes IV.
— CNN Philippines

Temporary homes help Marawi folk return to normalcy
Mayor Majul Gandamra has been working on temporary housing in his battle-scarred city.
— Manilastandard.net

DOLE to assist 3,800 Hanjin workers
The Department of Labor and Employment (DOLE) said it would assist some 3,800 workers of Korean shipbuilding firm Hanjin Heavy Industries and Construction Corporation to look for jobs, after the company went bankrupt.
— Rappler

DFA scraps birth certificate requirement for passports
Birth certificates will no longer be among the requirements for renewing passports, the Department of Foreign Affairs (DFA) said yesterday as it downplayed the impact of the passport data controversy on national security.
— The Philippine Star

Hanjin’s bankrupt PH unit now officially under corporate rehabilitation
The Philippine unit of global shipbuilding giant, Hanjin, is now officially under corporate rehabilitation.
— ABS-CBN News (video)

Some politicians interested in marijuana trade – Atienza
Buhay party-list Rep. Lito Atienza said several lawmakers wanted to legalize medical marijuana because they themselves were eager to go into the business of cultivating the plant and running dispensaries.
— The Manila Times

DFA on passport mess: ‘No assurance on safety and security of some data’
The Department of Foreign Affairs (DFA) finally issued an official statement on the possible personal data leak of passport holders.
— CNN Philippines

BTr raises P8B from tap facility
The Bureau of the Treasury (BTr) raised an additional P8 billion from its tap facility window for one-year IOUs last Monday, with strong investor demand reflected in the offer.
— Malaya

Developer to invest P25 billion in 5 years
Laguna-based P.A. Alvarez Properties and Development Corporation (P.A. Properties) is investing roughly P25 billion for the development of 25 affordable housing projects over a five-year period in various parts in Luzon.
— Manila Bulletin

BPI taps Chinese firm for digitalization plan
LISTED Bank of the Philippine Islands (BPI) has partnered with a Chinese technology company to bolster its digital platform as part of efforts to increase financial inclusion in the country and embrace self-service banking.
— The Manila Times

Business owners nix another round of wage hikes
Despite strong opposition being put up by business owners and employers, workers group Trade Union Congress of the Philippines (TUCP) is mulling the filing of wage increase petitions in all regional wage boards to raise the salary of workers amid the increases in the prices of food and services caused by the implementation of new excise tax on fuel under the Tax Reform for Acceleration and Inclusion (TRAIN) law this year.
— Philippine News Agency

Banks ready to extend financing for PUV modernization program
Private banks have expressed interest in financing the country’s shift toward the utilization of modern public utility vehicles (PUV), according to the Department of Transportation (DOTr).
— The Philippine Star

Daraga, Cotabato City placed under Comelec control
Daraga town in Albay and Cotabato City have been placed under the control of the Commission on Elections (Comelec) in connection with the May polls.
— The Philippine Star

Trillanes pleads ‘not guilty’ to 4 counts of libel
Senator Antonio Trillanes IV pleaded “not guilty” to four counts of libel filed against him by former vice mayor Paolo Duterte and lawyer Manases Carpio.
— Philippine News Agency

PHL could be Asia’s turnaround story in 2019
After last year’s inflation shock, a 5-percent slump in the currency and a widening current-account deficit, pressure is starting to ease.
— Business Mirror

‘New collar jobs’: IBM launches tech education push in PH
IBM launched in the Philippines Tuesday its technology education program that aims to make senior high school and college students more easily employable for “new collar jobs” after graduation.
— ABS-CBN News

Consumer group raps oil firms for VAT overcharging
Advocacy group Laban Konsyumer, Inc. (LKI) has formally lodged its complaint with the Department of Finance (DOF) on the “overcharging raps” allegedly committed by the oil companies relative to the pass-on of value-added taxes (VAT) as component of excise taxes in the overall pump prices.
— Manila Bulletin

What are the issues facing the Philippine workforce?
What are the top issues facing the Philippine workforce this 2019? Newly elected Management Association of the Philippines President Riza Mantaring shares her views.
— ABS-CBN News (video)

Philippine office market could take a hit over tax proposal that could hurt outsourcing and Chinese online gaming firms
Demand for office space in the Philippines from two big job creators – business process outsourcing and Chinese online gaming – could take a hit if a proposed tax change goes into effect and the US-China trade war isn’t resolved.
— South China Morning Post

PNP gets P694-M new equipment
Philippine National Police (PNP) chief Director General Oscar Albayalde on Monday led the turnover of almost 18,300 newly-procured police equipment worth PHP694 million to further boost the police’s operational capability and visibility.
— Philippine News Agency

Anti-5/6 loan program needs add’l funding
The Department of Trade and Industry (DTI) is eyeing another P1.5 billion for the Pondo sa Pagbabago at Pag-asenso (P3) to cover more micro businesses.
— Malaya

DFA to shoulder repatriation of drowned newlyweds’ bodies
The Department of Foreign Affairs (DFA) will shoulder the expenses for the repatriation of the remains of the newlywed couple who drowned while on their honeymoon in Maldives.
— The Philippine Star

 

Feature photo jahcordova

 

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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