Philippines Morning News For June 20

Central bank revises 2017 net FDI forecast up to $8B
The central bank revised its forecast for net foreign direct investments (FDI) this year up by $1 billion on perceptions of improving local economic indicators and global economic prospects.
— The Manila Times

175 Marawi teachers still missing
More than a hundred teachers affected by the nearly monthlong Marawi siege who remain unaccounted for may not have been held hostage by the Islamic State-inspired Maute terrorist group.
— Philippine Daily Inquirer

CIMB Research projects tepid auto industry demand growth in 2017
CIMB IB Research has maintained its “Underweight” rating for the automotive (auto) sector and said May 2017 total industry volume (TIV) rose 13% year-on-year (y-o-y) and 18% month-on-month (m-o-m), driven by new model launches and pre-Hari Raya promotions.
— The Edge Markets MY

Smoking prevalence in PH projected to drop to 15%
With the launching of a national smoking quitline, the Department of Health (DOH) hopes to bring down the smoking prevalence in the country to 15 percent by the end of President Rodrigo Duterte’s term.
— Philippine Daily Inquirer

Israel, Philippines Sign $19.7M Contract
Representatives of the Philippines military and the Israel Defense Forces last week signed a contract to provide Philippines with 28 light armored vehicles from Israel at a cost of $19.7 million, according to a report by the Philippines News Agency.
— The Jewish Press

MPIC unit to borrow P23.6B for CALAX project
THE METRO PACIFIC group is raising P23.6 billion to partly fund the construction of the Cavite-Laguna Expressway (CALAX) after breaking ground on the Laguna segment of the project yesterday.
— BusinessWorld Online

Unicef calls the Philippines the “global epicenter” of live-streamed child pornography
One in four young Filipinos have been sexually violated, according to a report released this week by the UN children’s agency Unicef and the Philippine government.
— SBS

Indonesia, Malaysia, Philippines inaugurate trilateral maritime patrols
Tarakan, N Kalimantan (ANTARA News) – The defense ministers of Indonesia, Malaysia, and the Philippines inaugurated the trilateral coordinated maritime patrols of “Indomalphi” as a response to addressing security challenges in the countries maritime borders.
— Antara News

Government set to borrow P889.7 B in 2018
The government is set to borrow P889.7 billion from local and foreign lenders in 2018 to plug the budget shortfall, the Bureau of the Treasury (BTr) said yesterday.
— The Philippine Star

Why South Korea, Qatar, The Philippines and Kuwait Face Major Geopolitical Risks To Their Markets
Having one of the most powerful nations on the planet as your friend used to be a good thing – for geopolitics, and also for markets.
— Value Walk

Philippines to attract more FDI despite global uncertainties — BSP
THE CENTRAL BANK expects a fresh high for foreign direct investments (FDI) this year, with strong economic growth prospects and the country’s infrastructure push expected to attract investors to the Philippines despite nagging global uncertainties.
— BusinessWorld Online

DOTr launches PUV Modernization Program
The Department of Transportation (DOTr) officially launched Monday (June 19) the Public Utility Vehicle (PUV) Modernization Program which seeks to provide safe, comfortable and environmentally sustainable mode of public transport to commuters.
— Philippine News Agency

Peso slips as demand boosts greenback
THE PESO fell slightly yesterday amid strong demand for the dollar following mixed data out of the world’s largest economy.
— BusinessWorld Online

12 Davao DA execs indicted over negotiated contract
State prosecutors indicted 12 Department of Agriculture (DA) Davao regional officials at the Sandiganbayan over the allegedly anomalous procurement of P3.04 million worth of disinfectants.
— Philippine Daily Inquirer

Bargain-hunting pushes PH stock barometer back to 7,900
The local stock barometer climbed back to the 7,900 mark on Monday as last week’s market pullback spurred selective bargain-hunting.
— Philippine Daily Inquirer

PH Digest: AboitizPower’s $600m bonds offer okayed; Manila Water, CWD ink JV
The Securities and Exchange Commission has permitted Aboitiz Power Corp to proceed with its $600 million public offering of retail bonds, while Manila Water and Calasiao Water District signed a joint venture that will run a new water system.
— Deal Street Asia

BoP slides back to deficit in May after 2-yr high surplus
THE Philippines’ balance of payments (BoP) slumped back to a deficit in May on the back of the central bank’s foreign exchange operations and the debt payments by the national government, wiping out a two-year high surplus in April, official data showed on Monday.
— The Manila Times

ISIS-LINKED MILITANTS LEFT MILLIONS WORTH OF METH IN PHILIPPINES
Eleven bags of high-grade meth were recovered by the Philippines military Sunday in the besieged southern city of Marawi. Worth somewhere in the range of $2 million to $5 million, the drugs were found in a house thought to have been occupied by Maute militants. The Maute group is believed to support ISIS and receive its funding from the local drug trade.
— VICE News

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.

Philippines Morning News For June 20 added by Stella-maris Ewudolu on June 20, 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.