Philippines Morning News For July 27

Philippines Morning News For July 27
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Philippines morning newsPhilippines to remain fastest growing economy in region: Fitch
The Philippines will likely remain the fastest growing economy in Southeast Asia for the next five years, Fitch Ratings said in its report “Asia Pacific Sovereign Overview 3Q17” released on July 25.

Duterte renews his anti-West, pro-China views
Philippine President Rodrigo Duterte delivered his second State of the Nation Address (SONA) with characteristic fire, lashing out at his critics and vowing to continue his brutal crackdown on illegal drugs despite widespread international condemnation.
— Asia Times

‘Philippines not giving up territory to China’
The Philippines will not lose even a “single inch” of territory to China if ever it proceeds with its joint exploration deal with the Asian giant, which is claiming almost the entire South China Sea.
— The Philippine Star

PH shares close above 8,000 for 1st time in 11 months
Philippine shares set a new high for 2017, with the Philippine Stock Exchange (PSE) index closing at its highest level in 11 months. Real estate and oil exploration led the way.
— ABS-CBN (video)

Peso drops on strong US data ahead of Fed decision
THE PESO weakened anew versus the dollar on Wednesday due to upbeat US economic reports and as investors stayed on the sidelines ahead of the close of the Federal Reserve’s policy meeting.
— BusinessWorld Online

PetroEnergy sees 33% more profit on shift to renewables
PetroEnergy Resources Corp. (PERC) expects its profit to grow by about 33 percent this year on higher electricity sales as it shifts from oil and gas exploration to renewable energy production, company officials said yesterday.
— The Philippine Star

Marawi rehab cost balloons to P20B
THE Duterte administration will spend as much as P20 billion for the rehabilitation of Marawi City in Lanao del Sur, which has been under siege by terrorists from the Maute group since May 23.
— The Manila Online

NPA rakes in P1.2B a year in extortion activities – DND
Defense Secretary Delfin Lorenzana on Tuesday revealed that the communist New People’s Army (NPA) is able to rake in P1.2 billion each year in its extortion activities in Eastern Mindanao alone.
— Manila Bulletin

Chinese top foreign nationals barred from entering PHL
CHINESE TOURISTS topped the list of the more than 2,700 foreigners who were barred from entering the country in the first half of 2017, the Bureau of Immigration (BI) disclosed on Wednesday.
— BusinessWorld Online

VAT on low-cost housing to worsen backlog
The lifting of the value-added tax exemptions on low-cost housing as proposed by the tax reform bill would exacerbate the growing backlog for houses, property stakeholders said.
— The Philippines Star

‘Rightsizing’ of govt to affect 900,000 employees
THE Duterte administration’s plan to downscale government offices through a “rightsizing” bill will affect at least 900,000 state workers, Budget Secretary Benjamin Diokno said Wednesday.
— The Manila Online

Congress fast-tracking PHL shift to federalism
In the absence of the 25-man constitutional commission (Con-com), the leadership of the 17th Congress on Wednesday agreed to create a technical working group (TWG) that will draft the proposed revisions to the 1987 Constitution to hasten the shift to federalism.
— Business Mirror

Casinos’ inclusion in dirty-money surveillance alone not enough to keep PHL out of blacklist
THE RECENT INCLUSION of casinos under the watch of the Anti-Money Laundering Council (AMLC) does not automatically assure that the Philippines has completely cured its deficiency in curbing dirty money flows.
— BusinessWorld Online

Top business leaders give families of fallen Marawi troopers P1.25M each
The families of the fallen government troops in Marawi City have received at least P1.25 million each in donation from the country’s top businessmen.
— Manila Bulletin

Govt debt up 7.9% at P6.41T in June
NATIONAL government debt rose to P6.41 trillion in June as the government issued more securities and the peso continued to trade weaker against the dollar, the Bureau of the Treasury (BTr) said on Wednesday.
— The Manila Online

Shell launches advanced V-Power fuel
PILIPINAS Shell formally launched its latest breakthrough in fuel technology, an advanced V-Power fuel on Wednesday, July 26, at the Marco Polo Hotel, Davao City.
— Sun Star

Fitch sees PH growth avg at 6.6% in 5 yrs
DEBT watcher Fitch Ratings said Philippine economic growth in the next five years could average above percent as the country continued to hold strong external position and macroeconomic fundamentals.
— The Manila Online

‘Ban on brazilian meat imports to hike retail price of canned goods’
The Philippine Association of Meat Processors Inc. (Pampi) warned that the government’s decision to ban meat imports from Brazil could result inasmuch as a 15-percent increase in the retail price of some processed-meat products sold locally.
— Business Mirror

Fastest-rising Manila properties are from sea-reclaimed land
IN MANILA, the crowded Philippine capital of more than 12 million inhabitants, land that was reclaimed from the sea is selling like hot cakes. Real estate values in the Manila Bay area, home to casinos like City of Dreams Manila and Solaire Resort and Casino, are projected to rise 30% to as much as P250,000 ($4,900) a square meter by year-end, according to Colliers International.
— BusinessWorld Online

US donated 2 intel aircraft to help patrol vast PH waters
The Armed Forces of the Philippines (AFP) will use the two US donated Cessna 208B “Caravan” aircraft, which are fitted with intelligence, surveillance, and reconnaissance (ISR), to patrol the country’s vast maritime domains and borders, AFP spokesperson Brig. Gen. Restito Padilla said on Wednesday.
— Update Philippines

Makati’s half-year traffic fine collection hits P33M
The Makati City government has collected over P33 million in fines for traffic violation tickets issued from January to June this year.
— Philippine Daily Inquirer

Philippines to consult ASEAN on joint China sea oil search
The Philippines tried on Wednesday (Jul 26) to reassure Southeast Asian neighbours about its proposal to partner with Beijing in oil exploration in the disputed South China Sea, promising to consult them on any plans.
— Channel NewsAsia

Philippines to remain fastest growing economy in region: Fitch
The Philippines will likely remain the fastest growing economy in Southeast Asia for the next five years, Fitch Ratings said in its report “Asia Pacific Sovereign Overview 3Q17” released on July 25.

Special Report: Malnutrition costs Philippines P328B (First of three parts)
EVERY week, Miranda (not her real name) receives just P140 from her husband working as a construction worker in Mandaue City.
— Sun Star

Holcim Philippines to invest $54M in next 2 years
HOLCIM Philippines, Inc. is investing $54 million over the next two years to increase its capacity in order to support the government’s flagship infrastructure projects.
— BusinessWorld Online

Land distribution, social reforms at stake in terminated GRP-NDFP talks
A week before President Rodrigo Duterte delivered his second State of the Nation Address, negotiators were engaged on a table battle to discuss reforms which would hopefully end the armed conflict.
— Davao Today


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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