Philippines Morning News For January 7, 2019

PH inflation averages 5.2 pct in 2018, highest since 2008
The country’s inflation cooled to a 7-month low last month, going below most analyst estimates, but as Bruce Rodriguez reports government still has work to do before inflation could be fully tamed.
— ABS-CBN News (video)

GOCC dividends rise 32% in 2018 to over P40B
GOVERNMENT-OWNED and -controlled corporations (GOCCs) remitted a record P40.18 billion worth of dividends to the national government in 2018, the Department of Finance (DoF) said in a statement over the weekend.
— BusinessWorld Online

Death toll from Philippine storm, landslides climbs to 126
The death toll from a storm that devastated the Philippines shortly after Christmas rose to 126, authorities said on Sunday (Jan 6), adding landslides caused by torrential rain were the top cause.
— Channel NewsAsia

Philippine court orders arrest of Japanese casino mogul Okada
A Philippine court has ordered the arrest of Japanese pachinko billionaire Kazuo Okada, about a month after the country’s Department of Justice recommended the filing of charges against him over three counts of fraud.
— Reuters

‘Usman’ damage to infra, agri reaches ₱4.2 B
Damage to infrastructure and agriculture caused by the onslaught of Tropical Depression Usman has reached ₱4.2 billion, the National Disaster Risk Reduction and Management Council (NDRRMC) said in its report Sunday.
— CNN Philippines

Gov’t debt yields decline
YIELDS on government securities (GS) went down in the first trading week of the year amid lower inflation prospects.
— BusinessWorld Onine

DTI chief: chances dim of seeing congress pass ‘trabaho’ bill by June
IT will be difficult to slip the second tax-reform package past the Senate before the 17th Congress ends in June, the country’s trade chief has conceded.
— Business Mirror

Sabah CM to meet southern Philippine leaders on cross-border crime
Sabah Chief Minister Mohd Shafie Apdal is expected to discuss several important issues with as yet unnamed leaders from southern Philippines when they visit the state capital next week.
— Malaysiakini

P3B port to rise in Batangas City
The Batangas Port Planners and Development Inc. (BPPDI), one of the companies under the Leviste group, will develop a 40-hectare port and mixed-used facility in Batangas City.
— Malaya

WB to raise rural incomes halfway to target
THE World Bank (WB) said its assistance to farmers and fisherfolk in the Philippines has increased their income by 15% over four years, or halfway to the 30% target of income growth by 2021.
— BusinessWorld Onine

DA allots P3.4 billion for farmers in Bicol
The Department of Agriculture (DA) has earmarked P3.4 billion in financial aid for thousands of farmers who were likely to lose income after their crops were destroyed by Tropical Depression “Usman.”
— Philippine Daily Inquirer

DOLE to provide jobs to 3K ‘Usman’-hit workers in Bicol
Around 3,000 affected workers displaced by Tropical Depression Usman in the Bicol Region will initially benefit from the emergency employment assistance of the Department of Labor and Employment (DOLE).
— Philippine News Agency

Combined efforts needed to rid PH of malnutrition
An independent children’s rights organization has underscored the need for the combined efforts of parents and government agencies that will implement the First 1,000 Days Law to completely eliminate malnutrition in the country.
— Philippine Canadian Inquirer

Bangko Sentral expected to cut interest rates in Q2
Capital Economics, a London-based research agency, said it expects the Bangko Sentral ng Pilipinas to start easing its policy stance as early as the second quarter this year, amid the declining inflation rate.
— Manilastandard.net

PT&T, 5G close security deal to help firms vs cyber attacks
PHILIPPINE Telegraph and Telephone Corp. (PT&T) has struck a deal with security solutions provider 5G Security Inc. to empower both companies to provide cybersecurity solutions to enterprises in the country.
— Business Mirror

Davao City to allow online payment of taxes for local businesses
The city government of Davao will open an online payment system to provide business owners a more convenient way to settle their taxes starting January 7, 2018, City Treasurer’s Office acting head Erwin Alparaque said.
— Manila Bulletin

PRRD ready to spend P46-B for new houses in Bicol
President Rodrigo R. Duterte said that the government is “ready to spend” approximately PHP46 billion to build at least 300 sturdier houses in the Bicol region in the wake of Tropical Depression Usman.
— Philippine News Agency

SRA sets price cap on sugar
The Sugar Regulatory Administration (SRA) has set an ideal price cap on sugar, a move seen to stop profiteering in the local market, especially when farmgate prices for the sweetener are low.
— Manila Bulletin

BSP’s monetary policy seen to loosen in Q2
THE Bangko Sentral ng Pilipinas (BSP) is likely to loosen its monetary policy as early as the second quarter of 2019 on account of easing price pressures, according to London-based Capital Economics.
— The Manila Times

Firms embrace more sustainable practices
Some of the country’s conglomerates are embracing more sustainable practices including a major reduction in the use of plastics.
— The Philippine Star

Factoring, a funding option for SMEs, says exec
The Philippines is one of the countries in developing Asia where factoring and receivables finance is expected to take stronger hold with the passage of the Personal Property Security Act (PPSA), according to a factoring executive.
— Malaya

Taiwan opens more scholarship slots for Pinoys
The Taipei Economic and Cultural Office in the Philippines has once again provided various scholarship programs for qualified Filipino students.
— Manilastandard.net

Astoria opens P1.5-billion resort in Boracay
Local hotel chain Astoria Hotels & Resorts (AHR) has opened its second sustainable resort in Boracay Island, Astoria Current, with development cost of P1.5 billion.
— Manila Bulletin

Fireworks-related injuries rise to 319
The number of fireworks-related injuries (FWRIs) has risen to 319 after the Department of Health (DOH) on Saturday reported 31 more cases recorded in various regions of the country from 6 a.m. of January 3 until 5:59 a.m. of January 5.
— Philippine News Agency

PH port operator bags Sudan deal
International Container Terminal Service Inc. (ICTSI) will soon be operating the South Port Container Terminal (SPCT) in Sudan.
— Malaya

Developers want higher socialized housing price
Socialized housing producers are urging the Housing and Urban Development Coordinating Council (HUDCC) and the National Economic Development Authority (NEDA) to reconsider and increase the present price ceiling for socialized housing from P480,000 to P533,333.
— Manila Bulletin

Mayor tagged in Batocabe slay loses party backing for May polls
The political party of Daraga Mayor Carlwyn Baldo said Sunday it has withdrawn support for his re-election bid after he was tagged as the alleged mastermind in the killing of Cong. Rodel Batocabe.
— ABS-CBN News

Sarangani abaca cooperative signs China supply deal
A cooperative in Sarangani province is expanding its abaca production area to about 1,000 hectares as it started selling its products to China.
— BusinessWorld Online

Feature photo Michael Landicho

This week’s Philippines morning news feature photo depicts the effects of tropical storm Usman in the regions of Bicol and Eastern Visayas.

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 January 7 added by Stella-maris Ewudolu on January 7, 2019
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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.