Philippines Morning News For July 20

Philippines Morning News For July 20

Philippines morning newsCustoms collections up 21% to P211.8B in first six months
The Bureau of Customs posted a measly increase in its collection of import duties and other taxes in June, thus missing its target for the month.
— Philippine Daily Inquirer

Crackdown still on, but LTFRB in a rush to OK 11K cars
The Land Transportation Franchising and Regulatory Board (LTFRB) held a technical working group meeting on Wednesday with transport network companies (TNCs) but stood firm on its decision to push through with its July 26 crackdown on thousands of app-based drivers who will remain “colorum.”
— Philippine Daily Inquirer

Philippines: Chelsea Logistics all set for $1.5m IPO
Chelsea Logistics Holding Inc has received the approval of the Philippine Stock Exchange (PSE) for its $1.5 million (P8 billion) initial public offering (IPO).
— Deal Street Asia

Casinos now convered by ‘dirty money’ law
The Philippines’ drive against illicit money gets a big boost as President Rodrigo Duterte approves the inclusion of casinos in the anti-money laundering act. One lawmaker says this couldn’t have come at a better time after the country narrowly escaped being blacklisted by the global body on anti-money laundering.
— ABS-CBN (video)

BOP deficit widens to 7-month high in June
The country’s balance of payments (BOP) recorded a deficit for the second straight month in June, the widest in seven months amid the continued weakening of the peso against the dollar, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

Peso flirts with 51: $1 level
The peso flirted anew yesterday with the 51 to $1 level, shedding 17 centavos to close at its weakest level in almost 11 years due to the country’s weakening external payments position as well as the impending rising possibility of another rate hike in the US.
— The Philippine Star

DSWD gives jobs for over 14k poor in Vizcaya
More than 14,000 poor villagers will be given jobs in this province by the Department of Social Welfare and Development (DSWD) through its Cash for Work Program.
— Philippine Information Agency

Stock index touches 8,000 in intraday trade
The benchmark Philippine Stock Exchange index (PSEi) advanced yesterday and even breached the key 8,000 level in intraday trading ahead of the second-quarter earnings-reporting season and in anticipation of the much-awaited tax reform program, BDO Unibank chief strategist Jonathan Ravelas said.

M’sia targets Philippines to import more palm oil, rubber
The Philippines is expected to buy more palm oil from Malaysia as exporters ramp up promotional activities with the Philippines International Trade Corp.
— New Straits Times Online

Gov’t cancels backchannel talks with Reds due to recent NPA attacks
The government has cancelled backchannel talks with communist rebels due to recent attacks perpetrated by the New People’s Army (NPA).
— ABS-CBN (video)

Over P2B worth of assets held by old central bank up for privatization
AT LEAST P2 billion worth of state assets will be up for sale, including real property owned by the defunct Central Bank of the Philippines and the national government, as well as shares of stock, the Department of Finance (DoF) said.
— BusinessWorld Online

Singapore to help PH fight terrorists
Singapore has offered to help the Philippines fight the Islamic State-linked Maute Group by providing the Armed Forces of the Philippines surveillance drones and urban warfare training.
— The Manila Times

Mindanao investments down 63% in 1st half
Investments in Mindanao dropped by a hefty 63 percent in the first half of the year to P6.87 billion from P18.42 billion in the same period last year, but Trade and Industry Secretary Ramon M. Lopez expressed confidence of a strong rebound once the war in Marawi City is over, saying the government will pour in so much resources to implement a new masterplanned urban development to ensure Marawi can rise from the ashes a lot stronger, becoming a catalyst in the realization of the Mindanao promise.
— Manila Bulletin

Australia completes P1.6-B strategic civil service program
Amanda Gorely, Australia’s Ambassador to the Philippines, has led the ceremonial handover of human resource and organizational development knowledge products to senior executives at 27 Philippines Government agencies.
— Philippine News Agency

Palace authorizes streamlined procurement with new EO
PRESIDENT Rodrigo R. Duterte signed Executive Order (EO) No. 34 simplifying procurement process by allowing government agencies to proceed with some transactions without obtaining the approval of the Government Procurement Policy Board (GPPB).
— BusinessWorld Online

MVP open to selling his entire Inquirer stake
Manuel Pangilinan will divest and sell his shares in the Inquirer Group if the offer price is right.
— Rappler

Philrealty buys affiliate’s assets to increase recurring income
PHILIPPINE Realty and Holdings Corp. (Philrealty) said it has acquired some assets of its insurance unit in exchange for shares as it tries to increase its recurring income. The property developer also expressed plans to purchase a property in Baguio City.
— Business Mirror


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.



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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.

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