Philippines Morning News For March 24

Philippines Morning News For March 24
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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.


Philippines morning news

Philippine Peso’s Troubles Just Beginning

You can spin voters and the media, but currency traders are a harder lot to fool. That’s dawning on Filipinos as markets render a damning verdict on Rodrigo Duterte’s 266 days in the presidential palace.
– Barron’s Asia

SEC suspends licenses of 84 lenders
In support of President Duterte’s crackdown on usurious lending, the Securities and Exchange Commission has suspended the primary licenses of 84 lending companies which were found conducting lending operations without authority.
– Philippine Daily Inquirer

Myths in the Philippines’ tax reform bill
The current tax reform proposal of the Duterte administration promises to improve the Philippines’ competitiveness mainly by reducing income tax rates and cutting exemptions in value-added tax (VAT) and other fiscal incentives. The proposal has somehow created three myths in taxation.
– BusinessWorld Online

Philippines’ spectacular growth set to continue, Manila says
The Philippine economy is expected to expand between 6.5 and 7 per cent in the first quarter or faster, the economic planning minister said on Thursday, putting the government on track to meet its full-year target.
– The National

Gov’t posted P2.2-B budget surplus in January
Double-digit jumps in the collections of the two biggest tax agencies alongside steady growth in government spending brought the state’s budget position to a surplus of P2.2 billion in January.
– Philippine Daily Inquirer

Philippine Navy sends warship to patrol Benham Rise
The Philippine Navy sent one of its most capable warships to Benham Rise in the wake of reports that China showed interest in the territory that’s been declared a part of the country’s continental shelf.
– Rappler

Duterte blasts ‘US inaction’ in South China Sea
Philippine President Rodrigo Duterte on Thursday accused the United States of having a provocative stance on the South China Sea and said its inaction when China started building man-made islands was the cause of tensions now besetting the region.
– Reuters

Philippines plans to raise at least $596 mln from retail bond sale
The Philippines plans to sell at least 30 billion pesos ($596 million) worth of three-year retail treasury bonds to provide small investors with safe investment options, the Bureau of Treasury said on Thursday.
– Reuters

Coca-Cola Philippines to buy more local sugar: Piñol
Coca-Cola Femsa Philippines (CCFP) will buy more sugar from Filipino planters who became restive lately over issues of product patronage and marketing, Agriculture Secretary Manny Piñol announced on Friday, March 24.
– Manila Bulletin

Philippines: Metrobank sets $2b debt listing plan
Metropolitan Bank & Trust Company has set a $2 billion debt programme on the Philippine Stock Exchange to achieve further market and funding flexibilities.
– Deal Street Asia

Lazada on mission to spur e-commerce
As Lazada celebrates its fifth year in the Philippines, the people behind Southeast Asia’s largest online marketplace are embarking on a mission: to make the country one of the “dominant players” in the global e-commerce industry.
– Philippine Daily Inquirer

Philippine militants take two Filipinos captive, hours after troops rescue Malaysians
Philippine militants took two crew captive from a cargo ship on Thursday, only hours after soldiers rescued two Malaysians held for about eight months on a southern island, officials said.
— Channel NewsAsia

Duterte says China promised not to build structures on Panatag Shoal
The Philippines and China have apparently agreed to put friendship ahead of its territorial spat for now.
— Manila Bulletin

Scrapping NPA ‘tax’ no requirement for peace talks: gov’t
Government negotiators insisted Thursday President Rodrigo Duterte’s demand that communist rebels stop collecting revolutionary taxes was no precondition for the resumption of formal talks.

Tuberculosis risk 23 times higher in Philippine detention facilities
Every day, 38 Filipinos die from tuberculosis (TB), a highly contagious but preventable disease. According to the 2016 Global Tuberculosis Report, the Philippines ranked eighth among the 30 countries with the largest number of TB cases in the world.

New York Times takes over Philippine Daily Inquirer
THAT isn’t at all an exaggeration. It in fact happened yesterday, when the Philippine Daily Inquirer (PDI) published as its most important article for the day—called the “banner headline”—an extremely biased New York Times (NYT) opinion piece disguised as a news story that was extremely condemnatory of President Duterte.
— The Manila Times

Forget jet skis, Chinese choppers can take Duterte to disputed islands
President Rodrigo Duterte has backtracked on his campaign promise to take a jet ski to the disputed islands in the West Philippine Sea to assert the country’s sovereignty.
— Phil Star

NPAs occupy village in North Cotabato town
Communist rebels occupied an upland barangay in Antipas town in North Cotabato early Thursday and forced hundreds of villagers to leave at gunpoint, authorities claim.
— Phil Star

Ask govt to stop killings, UN rapporteur urges tourism chief
Instead of asking the media to “tone down” its reports on killings, Tourism Secretary Wanda Teo must ask the government to stop the killings linked to the war on drugs, a United Nations rapporteur said.

Groups vow ‘rising resistance’ as Duterte floats martial law anew
Human rights group Karapatan on Thursday criticized President Rodrigo Duterte for again mentioning martial law, saying doing so will not solve illegal drugs and terrorism.
— Phil Star

Rethink postponing barangay polls, Duterte told
Two senators on Thursday said that President Rodrigo Duterte should rethink postponing the barangay elections further, saying doing so would deprive voters the right to choose their leaders.
— Phil Star

Cybercriminals’ new modus operandi? Stealing data for ransom
The Philippine National Police (PNP) warned the public about a new type of cybercrime targeting laptop and mobile-phone users.

Gov’t selling at least P30-B retail bonds
THE GOVERNMENT will sell at least P30 billion worth of three-year retail treasury bonds (RTBs) starting March 28, the Treasury bureau announced yesterday, explaining that this debt offer aimed partly at enticing more of the general public “to get into the habit of investing.”
— Business World

Revenue growth outpaces spending to yield Jan. surplus
THE GOVERNMENT began the year with a fiscal surplus as revenues grew faster than spending, according to data released yesterday by the Treasury bureau.
— Business World

Economic planner sees Q1 GDP growing at least 6.5-7%
The Philippines is among the world’s fastest-growing economies with gross domestic product (GDP) expanding by 6.8% in 2016, a three-year high.
— Business World

GFNi says unit removed from DENR list of mines up for closure
LISTED Global Ferronickel Holdings, Inc. (GFNi) said its subsidiary has been removed from the Environment department’s list of operational metal mines up for closure.
— Business World

PHL stocks rise on bargain hunting ahead of BSP
STOCKS saw an uptick on Thursday on bargain hunting and ahead of the Bangko Sentral ng Pilipinas’ (BSP) decision to keep monetary policy settings steady
— Business World

PH-China agree on P24.5-B Davao expressway project
Finance secretary Carlos G. Dominguez III and Chinese Vice Minister Fu Ziying, who is also China’s International Trade Representative recently forged an agreement for the conduct of preliminary feasibility studies for the proposed P24.5-billion Davao City Expressway and the Panay-Guimaras-Negros Island Bridges Project that will help decongest the city’s downtown areas.
— Manila Bulletin

Duterte: Myanmar should use the many opportunities for education and training that Philippines offer
In his address Duterte, stressed the importance of inclusive economic growth in the region. “In trade and investment, we must sustain our growth rates so that everyone, I mean everyone in our societies enjoy the blessings of prosperity.”
— Consult-Myanmar

Why Duterte’s big election promise was always doomed to fail
President Duterte made a presidential campaign promise to win back the disputed territory of Sabah. He already knew he would never be able to deliver.
— Asean Today

PIA to launch info kiosk in La Union to promote ASEAN
The Philippine Information Agency (PIA) through its La Union Information Center will open to the public an information kiosk at the CSI Mall here.
— Philippine Information Agency



Feature photo: Ericson Moredo

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Philippines morning news roundup 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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