Philippines Morning News For June 28

Philippines Morning News For June 28

Philippines morning news

Moody’s keeps PHL grade but flags risks
MOODY’s Investors Service kept its rating on the Philippines yesterday, even as it flagged local political developments and potential overheating risks that could weigh on the economy’s otherwise robust growth potential.
— BusinessWorld Online

Government programs P195-B domestic borrowings in Q3
The government is set to borrow P195 billion from domestic sources through the issuance of Treasury bills and Treasury bonds in the third quarter, the Bureau of the Treasury (BTr) said yesterday.
— The Philippine Star

Philippines needs to find another export instead of people
When you arrive at most airports around the globe, the VIP line is for celebrities, politicians and tycoons. In the Philippines, the VIPs are OFWs.
— Asia Times

PHL auto output growth seen leading ASEAN
THE PHILIPPINES is expected to be the region’s fastest-growing car production hub in the next five years, BMI Research said, driven by robust consumer demand and the government’s support through policies aimed to grow the domestic automotive industry.
— BusinessWorld Online

Grand Land to shell out P1.8B for Davao project
Gaisano-owned Grand Land, Inc. is spending an initial P1.8 billion for the residential component of its mixed-use project here covering an 8-hectare area within the city’s Buhangin district.
— BusinessWorld Online

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China donates P15M for Marawi relief, rehabilitation
In a sign of solidarity with the Philippines, China has donated P15 million for the relief and rehabilitation of the war-torn city of Marawi.
— Manila Bulletin

159 bullets found among donations for Marawi
It was not the kind of “help” Mohaimen Mutalib had in mind when he initiated a relief operation for the displaced residents of his native Marawi City.
— Philippine Daily Inquirer

Melco Resorts to hike capital stock to P11.9B
THE operator of City of Dreams Manila secured shareholders’ approval to boost its authorized capital stock ahead of a proposed equity offering to repay debt and bankroll expansion.
— BusinessWorld Online

Robinsons Retail sets P4-B capex to ramp up network’s expansion
ROBINSONS Retail Holdings, Inc. (RRHI) is hiking capital expenditures (capex) to ramp up the expansion of its existing formats beyond Metro Manila, as the Gokongwei-led retailer continues to pursue mergers and acquisitions to accelerate growth.
— BusinessWorld Online

Cholera breaks out in IS-Philippines war zone in Marawi
There are fears disease could spread unchecked after a quarter of a million people are forced to leave their homes amid fighting.
— Sky News

Gun store with ASG links used as front to arm Maute – PNP
The Philippine National Police (PNP) is investigating reports of a gun store in Mindanao reportedly being used as a front to arm the Maute Group and its allies responsible for the attack in Marawi City.
— Manila Bulletin

Death toll in evacuation camps rises to 27
AT least 27 Marawi refugees staying in evacuation camps have died, the Department of Health (DoH) said on Monday.
— The Manila Times

Wages of 1,000 MMDA traffic enforcers unpaid
Over 1,000 Metro Manila Development Authority (MMDA) traffic enforcers have not reported for work over non-payment of their salaries since February, MMDA Chairman Danilo Lim said on Tuesday.
— The Manila Times

Salt tax proposal draws anger from lawmakers and consumer groups
A bill to impose a tax on the salt content of processed foods has been criticised by Filipino politicians and consumer groups, who accuse it of being a stealthy means to raise revenues.
— Food Navigator Asia

Philippine DA considers launching mango pilot area in Bataan
The Department of Agriculture (DA) in the Philippines said it is looking into setting up a program to ramp up mango production, with Bataan being considered as a pilot area.
— Fresh Plaza

Filippino veg farmers urged to take advantage of growing Asia Pacific demand
Global seed supplier East-West Seed is banking on the potential of Filipino vegetable farmers to be able to capture the growing Asia Pacific market, which is expected to worth US$3 billion by 2021.
— Fresh Plaza

Import and Export Procedures in the Philippines – Best Practices
The Philippines is an archipelago comprising of 7,641 islands. The country shares maritime borders with China, Indonesia, Japan, Malaysia, Taiwan, Vietnam, and the island nation of Palau. In 2015, the Philippines exported goods valued at US$77.9 billion and imported products worth US$76.8 billion.
— Asean Briefing

Solar Power Industry in the Philippines
In this article, I will discuss and explain the advantages and potential business opportunities of solar energy in the Philippines. There has been a general expansion in solar power generation in Asia as opposed to Europe and the rest of the world, and ASEAN countries, including the Philippines have a greater growth potential.
— Asean Briefing

BSP clears Manulife move to engage in trust business
Manulife Asset Management and Trust Corp., the asset management arm of Manufacturers Life Insurance Co. (Phils.) Inc., has received a certificate of authority to engage in trust and other fiduciary business in the Philippines from the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

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DTI chief: Philippines reaped gains from ASEAN chairmanship, foreign trips
Trade Secretary Ramon Lopez justified on Tuesday that presidential foreign trips are “very productive visits” as international commitments and business investments flourished after President Rodrigo Duterte led this year’s Association of Southeast Asian Nations summit.
— The Philippine Star

Constitutional ban on nuclear weapons
IN 1987, the newly restored Philippine democracy adopted a new constitution with a startling provision that read: “The Philippines, consistent with the national interest, adopts and pursues a policy of freedom from nuclear weapons in its territory.”
— Business Mirror

DOT, LGUs work to prevent strain on tourism sites
THE Department of Tourism (DOT) is working with local government units (LGUs) and host communities to protect the country’s tourism jewels by defining the carrying capacity of each destination.
— Sun Star

Gov’t won’t extend QR exemption on rice — DTI
THE PHILIPPINES will no longer extend the temporary use of quantitative restrictions (QR) on rice which will expire by end-June, the Department of Trade and Industry (DTI) said on Tuesday.
— BusinessWorld Online

 

Feature photo Rain Rannu
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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