Philippines Morning News For June 5

Philippines Morning News For June 5
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Philippines morning news

Phl manufacturing outperforms in Asean
The Philippine manufacturing sector outperformed those of other Southeast Asian countries in May as it remains firmly in expansion territory during the month, according to the latest reading of the Nikkei ASEAN Manufacturing Purchasing Managers’ Index (PMI).
— The Philippine Star

Analysts expect May inflation at 3.1%-3.5%
A panel of private Philippine bank analysts estimated that headline inflation likely moderated to an average of 3.3 percent in May from 3.4 percent in April, given slower increases in food and fuel prices during the fifth month of the year.
— The Manila Times

Indonesia: 1,200 IS militants in Philippines
There are about 1,200 Islamic State (IS) operatives in the Philippines, including foreigners, said Indonesian Defence Minister Ryamizard Ryacudu on Sunday (June 4) amid an ongoing siege in the southern Philippine city of Marawi.
— Bangkok Post

Indonesia banks expected to enter Philippines next year
New partnership: Financial Services Authority (OJK) chairman Muliaman Hadad (right) shakes hands with Bangko Sentral ng Pilipinas Governor Amando M. Tetangco after signing a letter of intent in Jakarta on Sunday.
— The Jakarta Post

Phl infra projects in Russia to get $1-B funding
VTB Bank, one of the leading universal banks in Russia and majority owned by its government, has committed to pour in $1 billion to finance key infrastructure and other projects of Philippine companies to be developed in Russia and in former Soviet Republics.
— The Philippine Star

Manila, Jakarta taking initial steps to integration
IT is happening in small increments but the Bangko Sentral ng Pilipinas (BSP) should soon begin bilateral discussions with its Indonesian counterpart on the entry of banks and financial institutions in each other’s jurisdiction. This was as marked by the signing of a letter of intent (LOI) between Manila and Jakarta over the weekend.
— Business Mirror

Factory growth seen at 6% in next 2 years
Barcelona-based think tank FocusEconomics said the country’s manufacturing sector would continue to expand close to six percent over the next two years.
— The Philippine Star

NEDA rolls out new Philippines development plan
Malacañang has ordered the implementation of the new medium term development plan that aims to transform the country into an upper-middle income economy by 2022 through rapid poverty reduction in rural areas.
— The Philippine Star

Industry seeks change in tax on sugar-sweetened beverage
THE beverage industry intends to make a counter proposal on the tax on sugar-sweetened beverages before the Senate to impose the tax on sugar content and not per liter.
— The Manila Times

Final tax reform bill to raise P130 B in revenues
The final version of the tax reform bill recently approved by the House of Representatives is seen to generate P130 billion in additional revenues for the government, the Department of Finance (DOF) said.
— The Philippine Star

PhilExport welcomes exports ‘enhanced VAT refund system’
THE Philippine Exporters Confederation Inc. (PhilExport) has welcomed the inclusion of an “enhanced value-added tax (VAT) refund system” for export sales in the Lower House-approved comprehensive tax reform package.
— The Manila Times

6 business trends to watch, and how Filipinos can cope or capitalize
In this fast-paced digital age, the business market has only gotten more competitive. However, financial adviser Peter Lundgreen believes Filipinos has what it takes to thrive in this market.
– Philippine Daily Inquirer

Fruits output up 2.6% in Q1
Production of the country’s major fruit crops improved in the first quarter of 2017, according to the Philippine Statistics Authority (PSA).
— The Philippine Star

DOLE sets new rules for benefits, loans of displaced OFWs
The Department of Labor and Employment is drafting new guidelines in the grant of benefits and loans to displaced and repatriated overseas Filipino workers.
– Philippine Daily Inquirer

PCA eyes P3.5 budget in 2018
The Philippine Coconut Authority (PCA) is looking at a P3.5-billion budget next year, more than double its current allocation, as it plans to increase planting of coconut trees nationwide.
— The Philippine Star

Araneta completes PhilWeb acquisition
GREGORIO Araneta, Inc. (GA, Inc.) has officially acquired listed technology services provider PhilWeb Corp. (WEB) after businessman Roberto Ongpin completed the sale of 118.5 million shares priced at P2.60 each.
— The Manila Times

SMC interested in MRT-3 rehab
San Miguel Corp. (SMC), the diversified conglomerate, is interested in the rehabilitation of the Metro Rail Transit Line 3 (MRT) and is open to working with other conglo-merates for the project.
— The Philippine Star

Smart’s LTE, 3G speeds fastest in PH – report
PLDT wireless subsidiary Smart Communications posted the highest average download speeds for both 3G and LTE amid steadily improving scores through the months, the latest J.P.Morgan study showed.
— The Manila Times

LGUs to receive P522.75-B IRA in 2018
Local government units (LGUs) will receive P522.75 billion in total internal revenue allotments (IRA) in 2018, the Department of Budget and Management said.
— The Philippine Star

Phl needs more time to get credit upgrade — Credit Suisse
Credit Suisse said the Philippines has to wait to get another upgrade from S&P Global Ratings and Moody’s Investors Service even with the passage of the government’s tax reform program.
— The Philippine Star

Udenna to hike ownership in 2GO to 35%
Udenna Corp., the holding company of businessman Dennis Uy, is looking to increase its ownership in logistics giant 2GO to 35 percent from 28.2 percent, according to documents related to the planned initial public offering of its subsidiary Chelsea Logistics Corp. (CLC) in July.
— The Philippine Star

Vista Land retains top credit rating
Credit Rating and Investors Services Philippines Inc. (CRISP), a local debt watcher, has affirmed Vista Land’s ‘AAA’ issuer rating with a stable outlook.
— The Philippine Star

Hedcor starts Bukidnon hydropower plant in Q4
Hedcor Inc., the hydropower subsidiary of Aboitiz Power Corp., will start commissioning the 69-megawatt (MW) Manolo Fortich hydropower plant in Bukidnon in the fourth quarter of the year.
— The Philippine Star

Credit Suisse sees PH upgrade from Fitch
CREDIT Suisse sees the likelihood of a credit rating upgrade for the Philippines from Fitch Ratings if the Tax Reform for Acceleration and Inclusion Act (Train), approved by the House of Representatives on Wednesday, makes it through the Senate largely unchanged.
— The Manila Times

PetroEnergy, partners pursue studies on Phl oil prospects
Resources Corp. and its partners are pursuing technical studies on several local oil prospects to prepare drilling when the international oil market improves.
— The Philippine Star

P3 lending program rolls out nationwide
Microentrepreneurs across the country can now have access to cheap and easy credit through the government’s “Pondo sa Pagbabago at Pag-asenso” (P3) program, the Department of Trade and Industry (DTI) said.
— The Philippine Star

Phl leads in internet speed increase
Akamai, a leading content delivery network services provider for media and software delivery, and cloud security solution, recently came out with its State of the Internet Q1 2017 Report.
— The Philippine Star

Meralco earmarks P18 B for capex
Power distributor Manila Electric Co. (Meralco) is earmarking over P18 billion in capital expenditures (capex) to expand and upgrade its network in 2018 to meet the growing power needs in its franchise area.
— The Philippine Star

Subsidies to GOCCs reach P2.15 B in April
The national government granted P2.15 billion in subsidies to state corporations in April,  down 55 percent from the P4.83 billion released the same month last year, the Bureau of the Treasury (BTr) reported.
— The Philippine Star


Feature photo uusc4all/ Jeff Pearcy
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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