Philippines Morning News For June 14

RoK to lend Philippines one billion USD to develop infrastructure
The Republic of Korea will provide a loan of one billion USD for the Philippines to develop infrastructure, according to Yonhap news agency.
— Vietnam plus

FDI up 17% in Q1
The net inflow of foreign direct investments (FDI) into the Philippines rose 17 percent to $1.56 billion in the first quarter from $1.34 billion in the same period last year as the country continues to enjoy strong macroeconomic fundamentals, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippines Star

San Miguel to build P1-T new petrochem plant
SAN Miguel Corp. (SMC) on Tuesday bared plans to build a new petrochemical refinery in the Philippines worth P1 trillion, with construction to possibly start in the next six months, SMC President and Chief Operating Officer (COO) Ramon Ang said.
— The Manila Times

Free Wi-Fi for 2017 to cost P3 billion; 13,000 sites planned
THE GOVERNMENT is spending P3 billion to provide free internet access with a target of 13,000 sites nationwide this year.
— BusinessWorld Online

Philippines: Maynilad Water inks $217.9m debt deal with JICA, Japanese banks
Maynilad Water Services Inc, a water and wastewater services provider, has signed a $217.9 million (P10.8 billion) loan agreement with Japan International Cooperation Agency (JICA) and three leading Japanese commercial banks.
— Deal Street Asia

Philippines: Bonham Strand to acquire controlling stake in Medco for $2.2m
Bonham Strand Investments Ltd, an investment holding company in British Virgin Islands, is planning to acquire 69.67 per cent controlling stake in Philippine-based Medco Holdings Inc for up to $2.2 million (P110.58 million).
— Deal Street Asia

Central banks across Asia rebuilding forex defense with Fed poised for fresh rate hike
Foreign-exchange reserves are being rebuilt as monetary authorities brace for the Federal Reserve’s third rate hike in six months.
— BusinessWorld Online

BSP set to unify rediscount rates offered to banks
THE BANGKO SENTRAL ng Pilipinas (BSP) will soon set unified rates for Philippine banks looking to secure loans under the peso rediscount window, as it decided to lift preferential rates extended to thrift and rural banks due to low availments.
— BusinessWorld Online

Aguirre urges SC to order terrorists’ detention in Taguig
Justice Secretary Vitaliano Aguirre II on Tuesday urged the Supreme Court (SC) to order the detention of arrested Maute group members in Taguig City instead of Cagayan de Oro City.
— Philippine Daily Inquirer

Tax reform to provide family of 4 with P15K windfall
THE Department of Finance (DoF) belied the “erroneous and bloated computations” by critics regarding the impact of the revenue-enhancing provisions under the proposed Tax Reform for Acceleration and Inclusion Act (Train), saying the bill will provide a family of four earning P25,000 a month with an annual windfall of more than P15,000.
— The Manila Times

Lawless waters test SE Asian nations in fight against Islamic State
Militants, pirates, drug traffickers, gun runners – the waters between Borneo and the southern Philippines have them all, but as an Islamic State faction burst on the scene in recent weeks, this corner of Southeast Asia plumbed new levels of insecurity.
— ABS-CBN

Interpol asked to arrest DDS whistleblower Lascañas
Justice Secretary Vitaliano Aguirre II has ordered the National Bureau of Investigation (NBI) to coordinate with the Interpol to track down and arrest retired policeman Arturo Lascañas, the self-confessed leader of the Davao death squad (DDS) who implicated President Duterte in the killings.
— The Philippines Star

Gov’t to arrest people inciting rebellion through Internet
The government is ready to arrest people allegedly inciting rebellion through the Internet in connection to the Islamic State-linked attack in Marawi City.
— Manila Bulletin

Islamic State calls for more attacks during Ramadan
With its strongholds in Iraq and Syria slipping from its grasp, the Islamic State (IS) group called on followers to launch attacks in the United States, Europe, Russia, Australia, Iraq, Syria, Iran, and the Philippines during the Islamic holy month of Ramadan which began in late May.
— Manila Bulletin

PHP1.6M worth of ‘shabu’ seized in northern Negros city
About PHP1.6 million worth of suspected “shabu” or methamphetamine hydrochloride was confiscated by police operatives in a buy-bust at Barangay Palampas, San Carlos City, Negros Occidental Monday afternoon.
— Philippine News Agency

Christians borrowing hijabs to flee IS-held Philippines town
Christians in a Philippines town are disguising themselves by borrowing hijabs to escape the Islamic State (IS) terrorists group that has been holding 1,500 people hostage.
— India.com

CIMB Research retains Add for Bermaz Auto
CIMB Equities Research is maintaining its Add for Bermaz Auto with a slightly lower RM2.15 target price, still based on 13 times CY18F price-to-earnings (P/E) (three year historical mean).
— The Star Online

Commodities Decreased as Fundamentals Continue to Weaken
Commodities eased in May on weakening fundamentals across most sectors, according to Credit Suisse Asset Management.
— Hellenic Shipping News Worldwide

Singapore-based clean energy firm Equis to sell India portfolio
Singapore-based renewable energy developer Equis Energy wants to sell its entire India portfolio, comprising green energy platforms Energon and Energon Soleq, two people aware of the development said.
— Deal Street Asia

Asia Pacific Advanced Farming Market to Be Worth $5.83 Billion by 2022
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Asia Pacific Advanced Farming Market: Drivers, Opportunities, Trends, and Forecasts, 2016–2022”.
— Wire Update

Feature photo Mekong
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 June 14 added by Stella-maris Ewudolu on June 14, 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.