Philippines Morning News For July 24

CTA junks P292-M tax demand vs energy firm
THE COURT of Tax Appeals (CTA) has ordered the cancellation and withdrawal of the Bureau of Internal Revenue’s (BIR) P292-million tax assessment against energy and power firm Conal Holdings Corporation over the lack of legal and factual bases.
— BusinessWorld Online

PAL sets aside $2 B for fleet expansion program
Philippine Airlines (PAL) is setting aside at least $2 billion for its massive fleet expansion program from now through 2019 as the Lucio Tan-led company strives to join the league of the world’s best airlines.
— The Philippine Star

Govt seized P1.4-billion fake goods in Jan-June
The government confiscated P1.4 billion worth of counterfeit products, mostly optical media, in January to June, according to the latest data from the Intellectual Property Office of the Philippines (IPOPHL).
— Business Mirror

Imported vehicle sales up 6% in H1
SALES of imported vehicles grew six percent in the first half of the year compared to last year on strong demand amid stable economic growth, the Association of Vehicle Importers and Distributors (AVID) said on Friday.
— The Manila Times

SSS, national gov’t release over P4.6B for educ loan program
State-run Social Security System (SSS), in partnership with the National Government (NG), has disbursed more than P4.61 billion for its education beneficiaries since it rolled out the Education Assistance Loan Program (EALP) in 2012.
— Philippine Information Agency

Coalition rates Duterte ‘lower than expected’
President Rodrigo Duterte scored 4.63, or “lower than expected,” in the rating scale of the Movement for Good Governance (MGG), which evaluated his first-year performance based on the metrics that he himself had set out to do when he was running for office.
— Philippine Daily Inquirer

Sugar tax to double 3-in-1 coffee prices
Imposing tax on sugar-sweetened beverages (SSB) like powdered juice and instant coffee will double their cost and thereby hurt the poorest of the poor, according to a recent study by the University of Asia and the Pacific.
— The Philippine Star

Proposed tax reform needs revisions – lawmakers
Lawmakers from the House of Representatives and the Senate have called for revisions in the submitted comprehensive tax reform program (CTRP) of the government as these are considered anti-poor in nature.
— Manila Bulletin

Duterte’s 2nd SONA: Workers come out from workplaces as promises for their welfare fail
More than 300 workers from Southern Tagalog, National Capital Region, Southern Mindanao Region and CARAGA (Region XIII) in Mindanao converged in a camp-out at the historic Mendiola Bridge in Manila.
— Davao Today

P2.6 billion labor cases settled during Duterte’s 1st year
Apart from attaining milestones in addressing overseas Filipino workers’ concerns and in intensifying the campaign against contractualization, the Department of Labor and Employment (DOLE) has sustained a stable and just industrial climate.
— Philippine Information Agency

Duterte’s second SONA to be ‘frank, hopeful’
President Rodrigo Duterte will report on the state of the country a year after he assumed office at his second State of the Nation Address (SONA) on July 24.
— CNN Philippines

Landbank implements $40-M project for ARMM
State-run Land Bank of the Philippines has started the implementation of a $40-million project, which aims to jumpstart agribusiness investments in the Autonomous Region in Muslim Mindanao (ARMM).
— The Philippine Star

Metrobank loses over P14B in market value amid fraud issue
Metropolitan Bank & Trust Company (Metrobank), lender owned by business tycoon George Ty, lost P14.63 billion in market value in a day, as the Bangko Sentral ng Pilipinas (BSP) launched its investigation into the alleged P900-million fraud case involving a senior bank official.
— Rappler

Philippine Forces Hunt Terrorists at Sea
As fighting between terrorists and government forces in Mindanao continues, the Philippine government has rolled out countermeasures to prevent the escape of members of the ISIS-inspired Maute group via maritime routes. Manila has announced two major maritime security initiatives to prevent ISIS-inspired militants from fleeing to neighboring islands near the Malaysian and Indonesian borders.
— The Maritime Executive

Suppression of workers’ rights feared as Congress extends ML in Mindanao
Labor leaders from various places in the country expressed fear and concern over more cases of suppression of their rights as lawmakers on Saturday voted 461 to 18 the extension of the imposition of Martial Law and the suspension of the writ of habeas corpus in Mindanao.
— Davao Today

House approves 210 bills during 1st regular session
Producing a total of 210 bills in the past year, the first regular session of the 17th Congress has so far been “productive,” as far as the House of Representatives under the leadership of Speaker Pantaleon Alvarez is concerned.
— The Philippine Star

Oil: The Philippines Is Challenging China Again Over A Disputed Sea
More than two years ago Philippine energy officials called off drilling for oil and natural gas in a sensitive part of the South China Sea that Beijing claims as its own. The Southeast Asian country’s Department of Energy froze that ambition because the Philippines was preparing for world court arbitration with China over who has the more rightful rights to the tract of sea.
— Forbes

Govt to put up P4-B research facility in Benham Bank–Piñol
The Department of Agriculture (DA) is planning to construct a P4-billion rig, which will serve as a multipurpose facility, in the shallowest portion of the Philippine Rise next year.
— Business Mirror

Banks tighten standards for real estate, housing loans
Banks continued to tighten lending standards for commercial real estate and housing loans for six straight quarters amid a steady rise in prices, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.
— The Philippine Star

No end in sight as Philippine city siege enters third month
Two months after militants launched an assault on one of the biggest southern cities in the Philippines, the fighting is dragging on, and President Rodrigo Duterte says he is prepared to wait for a year for it to end.
— Saudi Gazette

Peso only currency to weaken in region
The peso was the only currency in the region that depreciated against the dollar year-to-date, Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo said Friday.
— Philippine Daily Inquirer

Phl external position seen recovering in H2
The Bangko Sentral ng Pilipinas (BSP) expects the country’s external payment position to improve in the second half due to the sustained inflow of remittances from overseas Filipino workers as well as receipts from the business process outsourcing (BPO) and tourism sectors.
— The Philippine Star

Philippine Property Stocks Rally Will Keep Going: $20 Billion Manager
Philippine real-estate stocks will extend a market-beating rally, the country’s biggest money manager is betting, unfazed by the most expensive valuation in four years.
— Bloomberg

Exports of coconut products declined by 38% in March
Philippine exports of virgin coconut oil (VCO) fell by 38 percent year-on-year in volume last March to 1,538 metric tons valued at $5.4 million or about P260 million, three months before an organization of American heart doctors advised against VCO in one’s diet
— Philippine Daily Inquirer

Chelsea Logistics kicks off IPO on strong note
CHELSEA LOGISTICS Corp. (CLC) kicks off the offer period for its P5.8-billion initial public offering (IPO) today with strong demand expected as the company owned by Davao businessman Dennis A. Uy hopes to move on from the substantial restatement of the financial statement of 2GO Group, Inc.
— BusinessWorld Online

Rice output likely grew 11% in Q2
The country’s palay production in the second quarter likely expanded by 11 percent to 4.1 million metric tons (MMT), from 3.69 MMT recorded a year ago, according to the latest report of the Philippine Statistics Authority (PSA).
— Business Mirror

BSP exec eyes recovery of PH’s BOP position in 2nd half of 2017
A ranking Bangko Sentral ng Pilipinas (BSP) executive is optimistic on the recovery of the country’s balance of payment (BOP) position in the second half of 2017.
— Philippine News Agency

Davao solon to prioritize bills on traffic crisis, universal healthcare
DAVAO Representative Karlo Nograles is hopeful that President Rodrigo Duterte will prioritize House bills which seek to address the current traffic crisis.
— Sun Star

Poe urges Duterte: Tell your allies to pass emergency traffic powers
Ahead of his 2nd State of the Nation Address (SONA) on Monday, July 24, Senator Grace Poe urged President Rodrigo Duterte to nudge his allies in the Senate to pass the bill granting him emergency powers to respond to problems of traffic and congestion.
— Rappler

Economists see inflation slowing to 3.3% in full-yr
ECONOMISTS surveyed by the Bangko Sentral ng Pilipinas (BSP) expect inflation to settle at 3.3 percent this year, citing downward pressures from lower global oil prices, electricity rates, and uncertainty about the global economy.
— The Manila Times

Gov’t exceeds budget deficit ceiling in H1
The Duterte administration exceeded its budget deficit ceiling in the first semester of the year to P154 billion after expenditure sustained its robust growth pace in June, while revenues fell below target during the month.
— Manila Bulletin

BI set to deport 44 foreign nationals suspected of kidnapping casino high rollers
THE BUREAU of Immigration (BI) is set to deport the arrested 44 foreign nationals believed to be a part of a kidnap-for-ransom (KFR) group targeting casino high rollers in the country in recent months. The BI, in a statement released yesterday, disclosed that Immigration Commissioner Jaime H. Morente has ordered the bureau’s legal division to start on the deportation proceeding against the 42 Chinese and 2 Malaysian nationals, who are also facing kidnapping complaints before the Department of Justice (DoJ).
— BusinessWorld Online

Feature photo Brian Evans
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 July 24 added by Stella-maris Ewudolu on July 24, 2017
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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.