Philippines Morning News For August 23

Peso climbs on BSP intervention
THE PESO started the week stronger versus the greenback, erasing a near 11-year low logged the previous session, after it tracked regional peers and buoyed by the central bank’s intervention intraday to limit the local currency’s sharp swings.
— BusinessWorld Online

Housing could see 69% cut in Duterte’s 2018 budget despite huge gap
Already swamped with complaints on human-rights violations, President Duterte could be taken to task anew for apparently neglecting another basic right—housing.
— Business Mirror

Unicef airs concern on impact of drugs war on Filipino kids
The United Nations Children’s Fund (Unicef) Philippines has expressed deep concern on the impact of the war on drugs on Filipino children.
— Inquirer.net

Japan Tobacco to buy Philippine cigarette maker Mighty Corp for $936m
In a big-bang cross-border deal, Japan Tobacco Inc is set to acquire Philippine-based tobacco firm Mighty Corp for $936 million (P46.8 billion).
— Deal Street Asia

PHL tech outsourcing market seen at $500 million by 2021 —IDC
TECHNOLOGY outsourcing services in the Philippines are expected to attract spending of over $500 million by 2021, International Data Corp. (IDC) said in a report.
— BusinessWorld Online

Farm-gate price of rice went up by 3.48%–report
The average farm-gate price of paddy rice as of the first week of August rose by 3.48 percent to P19.59 per kilogram (kg), from P18.93 per kg a year ago, according to the Philippine Statistics Authority (PSA).
— Business Mirror

7 companies buy bid documents for P12.5-B new Clark Int’l Airport terminal
The government invites investors to bid for the new Clark International Airport terminal, the first project under the government’s hybrid public-private partnership scheme. Local and foreign firms are expressing interest in the project, seen to decongest the country’s main gateway, the Ninoy Aquino International Airport.
— ABS-CBN (video)

IT-BPM INDUSTRY: CCAP moves to keep PH competitive advantage
The Contact Center Association of the Philippines (CCAP) highlights its competence in customer experience in the global contact center industry, a differentiation that will keep the country’s competitive advantage.
— Malaya

BSP tightens governance standards for banks, other financial institutions
The Bangko Sentral ng Pilipinas (BSP) has adopted tighter corporate governance standards for banks and non-banks aimed at promoting prudence and greater accountability.
— The Philippine Star

U.S. calls for ‘full accountability’ in Kian delos Santos killing
The United States called for “full accountability” in the killing of 17-year-old Kian delos Santos, as Philippine authorities probe his death at the hands of the Caloocan City police.
— Rappler

PH shares close flat on light trade
Philippine shares started the shortened trading week with a flat close on light volume. Investors, however, did buy up shares in Philweb Corporation and mining stocks.
— ABS-CBN (video)

Harnessing power of data key to Asean digital leadership
CREATING digitally enabled member-states in the soonest possible time is what the Asean ICT Masterplan (AIM) 2020 aims for. Moving the region to quickly implement its vision of a secure, sustainable, integrated and inclusive by transforming digitally.
— Malaya

MVP group revives bid to buy gov’t stake in MRT3
Infrastructure giant Metro Pacific Investments Corp. is reviving an offer to buy out the government’s interest in the busy Metro Rail Transit Line 3 in Metro Manila, its chair Manuel V. Pangilinan said.
— Philippine Daily Inquirer

PH is ‘most attractive’ location in Asia
GROSS yields for property investments in the Philippines are the highest in Asia, making it the “most attractive” location for foreign investors in the region, according to property management and research firm Colliers International.
— Sun Star

S&P maintains PH growth forecast
S&P Global Ratings is keeping its full-year growth forecast for the Philippines at 6.4 percent, noting that the second-quarter result released last week was within expectations.
— The Manila Times

Bacolod gets P65-M for health office facelift
The Department of Health has allotted PHP65 million for the construction and rehabilitation of the City Health Office (CHO) here.
— Philippine News Agency

Polloc freeport investment seen boosting ‘halal hub’
PORT OPERATOR Bangsamoro Terminal Services, Inc. (BTSI) is investing P129 million in the Polloc Freeport and Economic Zone in Maguindanao, which is being positioned by the Autonomous Region in Muslim Mindanao (ARMM) as a halal hub.
— BusinessWorld Online

Letter: Reject Philippines leader
Any halfway rational superpower, in particular the United States, would seemingly have very little that’s worthwhile to gain from lending material and moral support to a brutal thug like Philippines President Rodrigo Duterte. This person actually brags about establishing vigilante gangs of the most violent sort for the supposed purpose of “fighting crime.” Duterte glories in his role as a national leader who views the commission of mass homicide as a perfectly “normal” instrumentality of governance.
— The Columbian

LTFRB now eyeing Grab’s ‘high rates’
Land Transportation and Franchising Regulatory Board (LTFRB) yesterday warned transport network company (TNC) Grab that it could be penalized if proven that it has increased it rates beyond its allowable cap following the suspension of Uber last week.
— Malaya

Full award made on P15-B T-bonds
The Bureau of the Treasury (BTr) awarded in full the P15 billion in reissued 10-year bonds as investors swamped the auction after reports of a strong second quarter economic growth.
— The Philippine Star

DSWD prepares P1.45-B for Tropical Storm Isang
The Department of Social Welfare and Development (DSWD) has prepared P1.45 billion worth of resources in anticipation of the damage that could be brought by Tropical Storm Isang (Hato).
— Rappler

Ghost month casts gloom on stocks
The stock market was flat yesterday as investors opted to be cautious on the first day of the so-called ghost month.
— The Philippine Star

Senate approves Expanded Anti-Red Tape Act on 3rd reading
THE Senate has passed on third and final reading a priority bill of the Duterte administration which seeks to reduce the requirements and streamline processes in starting and operating businesses.
— BusinessWorld Online

DA lifts ban in transporting poultry, its byproducts to other parts of PH
City Of San Fernando, Pampanga – Live poultry and its byproducts, including eggs can now be transported from Luzon to other parts of the country after the Department of Agriculture (DA) lifted the ban based on the recommendation of biosecurity experts.
— Manila Bulletin

QC gives villages P129.1-m tax share
QUEZON City Mayor Herbert Bautista has turned over P129.1 million to the 142 barangays of the city’s six districts as their share of real property taxes for the second quarter of 2017.
— Manilastandard.net

Davao OK’s online tax payment ordinance
Councilors here voted with finality an ordinance that will soon allow residents and business owners to pay local taxes online.
— Davao Today

QC Council passes ordinance granting P5k emergency medical assistance for elderlies
The Quezon City Council has passed an ordinance granting a P5,000 emergency medical assistance for elderly residents admitted in hospitals owned by the city government.
— Philippine Information Agency

Customs broker: I was asked ₱5M to meet Paolo Duterte
Customs broker Mark Taguba said a group allegedly connected to the son of President Rodrigo Duterte asked him for millions of pesos to help him move his shipments through Customs without scrutiny.
— CNN Philippines

Philippine mango production drops by 10%
Mango production in the first half of the year declined by nearly 10 percent to 654,100 metric tons (MT), from 724,870 MT posted a year ago, according to data from the Philippine Statistics Authority (PSA).
— Fresh Plaza

Feature photo ILO in Asia and the Pacific
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 23 added by Stella-maris Ewudolu on August 23, 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.