Philippines Morning News For August 18

Net ‘hot money’ inflow hit six-month high of $206.47M in July
The Bangko Sentral ng Pilipinas yesterday reported a net “hot money” inflow of $206.47 million in July, the highest in six months, partly on the back of investors’ positive reaction to the President’s report on his first year in office.
— Philippine Daily Inquirer

Peso slips to fresh low
THE PESO slipped to another near 11-year low amid strong appetite for the dollar intraday despite upbeat Philippine economic growth data and dovish minutes form the US Federal Reserve.
— BusinessWorld Online

Philippine GDP grows faster by 6.5% in Q2 2017
As agriculture recovers and government spending picks up, the country’s gross domestic product (GDP) grew 6.5% in the 2nd quarter of 2017, recovering from a slowdown for the past 3 quarters.
— Rappler

Software firm, Philippine banks in talks for cloud-based technology use
INTERNATIONAL software company Oradian is currently in talks with several Philippine banks for partnerships on the foreign firm’s cloud-based technology to be used in the lenders’ core banking business.
— BusinessWorld Online

Dual face tactics jettison China-Philippine detente
Days after the Philippines and China signaled a new modus vivendi in the South China Sea, bilateral relations are once again under strain over military posturing in the strategic waterway.
— Asia Times

Joint exploration in West PH Sea open to all ‘foreign entitites’
A joint exploration in the disputed West Philippine Sea (South China Sea) is open to all not only to China but also to other countries, said Malacañang on Thursday.
— Philippine Canadian Inquirer

LTRFB allows Grab, U-Hop to take in Uber drivers
The Land Transportation Franchising and Regulatory Board (LTFRB) on Thursday allowed transport network companies (TNCs) Grab and U-Hop to accommodate drivers affected by the one-month suspension imposed on Uber for challenging transport regulations.
— Manila Bulletin

Investment banks see faster H2 economic growth
Investment banks expect the country’s economic expansion to accelerate in the second half after a stronger-than-expected gross domestic product (GDP) growth in the second quarter.
— The Philippine Star

PH shares extend gains to a 4th day
The stronger-than-forecast second quarter Gross Domestic Product growth helped propel Philippine shares to a fourth straight day of gains. But some analysts were still disappointed with the growth rate.
— ABS-CBN (video)

Uber offers to pay P10M to lift suspension
Uber on Thursday offered to pay P10 million to lift its 1-month suspension, as it sought a settlement with regulators.
— ABS-CBN

Philippines Courts China, Japan for $135 Billion Power Push
The Philippines is seeking investment from China and Japan for $135 billion worth of power projects that President Rodrigo Duterte’s government is ready to fast-track.
— Bloomberg

DMCI’s Nickel shipments drop 71%
DMCI Mining Corp. reported a drastic drop in nickel shipments during the first half of the year, as its two operating subsidiaries remained suspended during the period.
— Sun Star

Immigration offers visa upon arrival to Chinese tourists, investors
The Bureau of Immigration (BI), in a move to attract more Chinese investors and tourists into the country, will grant Chinese nationals visas upon arrival (VUA) in the Philippines.
— Philippine News Agency

DOF traces Q2 growth to infrastructure spending
The Department of Finance (DOF) on Thursday traced the country’s continued expansion in the second quarter to the massive trillion-peso infrastructure buildup program that the economic managers quickly dubbed as the “Build, Build, Build” (BBB) program.
— Business Mirror

Robin Padilla donates P5 M for Marawi kids
Actor Robin Padilla has donated P5 million to the Department of Social Welfare and Development (DSWD) for psychosocial intervention for children affected by the Marawi crisis.
— The Philippine Star

P100 M for Pampanga poultry industry sought; Piñol activates biosecurity teams
Agriculture Secretary Manny Piñol has requested from President Duterte a P100-million fund to cushion the impact of the avian flu on Pampanga’s poultry farm industry.
— Manila Bulletin

PSEi up 0.33% on GDP results
The stock market was again in the black on Thursday as investors were cheered by news that economic growth had picked up in the second quarter.
— The Manila Times

PetroEnergy’s income surges 180% to $6.55m
Listed PetroEnergy Resources Corp. said Thursday consolidated net income in the first six months jumped 180 percent to $6.55 million from $2.34 million in the same period last year, on strong income contribution from renewable energy projects.
— Manilastandard.net

BJMP rebids P16M City Jail building
This as the Bureau of Jail Management and Penology (BJMP) which has allocated some P16 million for a new four-storey building to house the inmates now cramped inside the cells, has again posted the infrastructure project for rebidding.
— Philippine Information Agency

Chile, Philippines to restart FTA talks
Chile’s Ambassador to the Philippines Jose Miguel Capdevila is confident that it will just be a matter of time before Manila and Santiago sign a free trade deal (FTA) that will usher in vibrant exchanges of products, investments and people.
— The Manila Times

Feature photo Stephanie Azarias & Alexander Olpindo
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 August 18 added by Stella-maris Ewudolu on August 18, 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.