Philippines Morning News For June 8

Philippines Morning News For June 8
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Philippines morning news

Low prices to pile more pressure on beleaguered nickel miners
Global nickel miners are coming under renewed pressure to cut costs or close capacity as a flood of cheap ore pushes prices to one-year lows, with analysts seeing little prospect of recovery.
— Daily Times

BPI systems glitch sparks depositors’ outrage
AYALA-led Bank of the Philippine Islands (BPI) was hit by a technical glitch on Wednesday, with clients complaining of their balances being wiped out or going negative.
— The Manila Times

SKorea offers $1B to fund PH infra projects
The South Korean government is offering up to $1 billion to finance Philippine infrastructure projects in 2017 to 2022, the National Economic and Development Authority (NEDA) said Wednesday.
— The Manila Times

Long battle feared as militants hold on in Philippine city
With bomb-proof tunnels, anti-tank weapons hidden in mosques, human shields and a “mastery” of the terrain, Islamist militants holed up in a southern Philippine city are proving a far tougher opponent than military chiefs expected.
— The News International

First tax reform tranche addresses PHL’s fiscal weakness — Fitch
THE SECOND of three premier credit raters yesterday welcomed the House of Representatives’ approval last week of the Executive’s first of up to five tax reform packages, saying this will address the Philippines’ fiscal weakness even if the final version was watered down from the original proposal.
— Business World Online

KTM Philippines inaugurates new plant, rolls out special Duke 390
KTM Asia Motorcycle Manufacturing, Inc. (KAMMI) begins local production of select KTM models in the Philippines. KAMMI is a joint venture partnership between Adventure Cycle Philippines, Inc., owned by AC Industrial Technology Holdings, Inc. (AC Industrials), a member of Ayala Group of Companies, and Austrian motorcycle manufacturer KTM AG (Kronreif & Trunkenpolz Mattighofen AG). The KTM Philippines plant is located at the Laguna Technopark in Sta. Rosa, Laguna.
— MotoPinas

Philippines lifts deployment ban on workers
Returning Filipino expatriates to Qatar are happy after the Department of Labour and Employment (DOLE) in the Philippines lifted the deployment ban yesterday.
— Gulf Times

Term deposits yield mixed
Term deposit rates showed mixed results during yesterday’s auction as trust entities continued to wind up their holdings in the overnight deposit and term deposit facilities.
— The Philippines Star

Philippine carrier to buy seven Airbus jets for $812 mn
The Philippines’ largest airline Cebu Pacific is ordering seven Airbus A321ceo aircraft in a deal worth $812 million to meet growing domestic and regional demand, the airline said Wednesday.
— The Star Online

Phl cited for best mining mngm’t practices
The Philippines has received citations for adopting best practices and global standards on the management of extractive industries, including mining, and oil and gas companies, the Department of Finance (DOF) said yesterday.
— The Philippines Star

NEDA clears 4 infra projects worth P542 B
Four infrastructure projects with a combined value of P541.6 billion have been approved by the National Economic and Development Authority’s Investment Coordination Committee (ICC).
— The Philippines Star

Cemex bullish on growth amid ‘Build, Build, Build’
LISTED company Cemex Holdings Philippines is bullish about its growth prospects amid hopes of being contracted to supply for infrastructure projects under the government’s Build, Build, Build program.
— The Manila Times

LRT-1 operator completes P1-B train rehab program
The operator of the Light Rail Transit Line 1 (LRT-1) has completed a P1-billion program to rehabilitate light rail vehicles (LRVs) of the train system, a move expected to allow it to deploy additional trips and provide comfort to passengers.
— The Philippines Star

Tax reform bill supports PH fiscal priorities – Fitch
CREDIT watchdog Fitch Ratings sees the recently approved Tax Reform for Acceleration and Inclusion (Train) bill at the House of Representatives as positive for the Duterte administration’s fiscal priorities.
— The Manila Times

DTI tightens rules on steel imports
The Department of Trade and Industry (DTI) has come out with a proposal that will tighten requirements for steel imports to better ensure the safety of consumers.
— The Philippines Star

DMCI Homes hits 2017 sales target early
DMCI Homes Inc., the residential development arm of Consunji-led DMCI Holdings Inc., has already hit its full-year sales target of P25.5 billion in just seven months.
— The Philippines Star

Buying binge lifts PSEi back to 8,000 level
INVESTORS went on a buying binge Wednesday, positive that existing geopolitical jitters would not affect the Philippine market, and lifted the benchmark PSEi back to the 8,000 level.
— The Manila Times

Concepcion Industries allots P500 M for 3-year expansion
Concepcion Industrial Corp. (CIC), the listed provider of air conditioning solutions and refrigerators owned by the Concepcion family, is investing at least P500 million within the next three years to expand its manufacturing capacity.
— The Philippines Star

First Holdings attains 52% carbon neutrality level
First Philippine Holdings Corp. (FPH) has expanded the scope of information available to the public in its 2016 Annual Report by supplementing it with a Sustainability Report, adhering to the standards set by the Netherlands-based Global Reporting Initiative (GRI).
— The Philippines Star

Grab eyes stronger foothold in e-payments
Southeast Asian ride-hailing app Grab wants to strengthen its foothold in the electronic payments market within the next two years through greater engagement in the region’s transportation sector, company executives said.
— The Philippines Star

Employees of Smartmatic, Comelec charged over tinkering with election server
THERE could soon be a legal basis to the claim of former senator Ferdinand “Bongbong” Marcos of fraud during the May 9, 2016 vice presidential elections.
— The Manila Times

Export Summary-Algeria buys wheat, Philippines buys soymeal
Snapshot of the global export markets for grains, oilseeds and edible oils as reported by government and private sources as of the end of business on Wednesday:
— The Times of India

First year of CTRP to yield P285B revenue
The government expects to generate P285.7 billion in net revenue for the first year of implementation of the Comprehensive Tax Reform Program (CTRP)’s five packages, documents released by the Department of Finance (DoF) on Wednesday showed.
— The Manila Times

‘PacMom’ wins a round vs BIR in P1.4-M tax case
The Court of Tax Appeals (CTA) has canceled the P1.4-million tax liability of Dionisia Pacquiao, the celebrity mother of boxing champ and Sen. Manny Pacquiao, because the Bureau of Internal Revenue (BIR) violated her right to due process.
– Philippine Daily Inquirer

Court: Neighbors can sue pot grower for stinky smells
A pot farm’s neighbor can sue them for smells and other nuisances that could harm their property values, a federal appeals court ruled Wednesday.
– Philippine Daily Inquirer


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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