Philippines Morning News For October 10

World Bank: Easing of migration rules to cut poverty in Asean
Southeast Asian countries like the Philippines will have a better chance of reducing poverty if governments will lift the restrictions to migration, the World Bank said on Monday.
— The Business Mirror

Gov’t makes full award of Treasury bills
THE GOVERNMENT made a full award of the P15 billion it planned to raise through the auction of Treasury bills (T-bills) yesterday, with strong demand driving yields lower as market players scramble to get hold of short-term papers.
— Business World

Megaworld pins hope on BPOs to drive demand
MEGAWORLD Corp. on Monday said it expects to have one million square meters (sq.m.) of office space inventory by the end of 2017, as the property developer remains confident the business process outsourcing (BPO) sector will continue to drive demand.
— Business World

SE Asia Stocks-Philippines posts record closing high; others lukewarm
Philippine shares posted a record closing
high on Monday as expectations of a tax overhaul kept investors
upbeat.
— Reuters

Philippines ag imports from US to increase 10% and reach $2.75B
The value of agricultural products that the Philippines will import from the United States this year would likely reach $2.75 billion, 10 percent higher than the $2.5-billion import bill recorded last year, according to the latest report of the Global Agricultural Information Network (Gain) report.
— Fresh Plaza

Manila’s next big challenge is constitutional reform
One of the core commitments of President Rodrigo Duterte is to shepherd the transition of the Philippines to a federal form of government – an undertaking that requires a complete overhaul of the country’s constitution.
— Asia Times

High Court poised to reject de Lima’s petition for release from jail
The majority of the Supreme Court judges are set to reject Senator Leila de Lima’s petition for her release from jail and for the dismissal of the illegal drug charges filed against her, The Manila Times Online reported on Monday.
— Thai PBS

Honeymoon period over, Duterte told
CRITICS of President Rodrigo Duterte on Monday called for a stop to extrajudicial killings and a rethink of the war on drugs following the 18-point drop in the Chief Executive’s net satisfaction rating.
— The Manila Times

Agus power plant rehab pitched for Chinese funding
The rehabilitation of the Agus-Pulangui hydropower complex in Mindanao is one of the projects included in a second list proposed for Chinese funding, a Cabinet official said.|
— The Manila Times

Smart upgrading cell sites in Marikina, Quezon City
PLDT Inc.’s wireless subsidiary Smart Communications Inc. is upgrading its cell sites in Marikina and Quezon City beginning this month to deliver improved Long Term Evolution (LTE) and 3G services for customers.
— Philstar

Chinese tourist influx draws global premium brands to Duty Free stores
The Department of Tourism (DOT) plans to bring in more global premium brands into the country’s duty free industry to cash in on the growing number of Chinese tourists.
— Philstar

Suspected ‘narco generals’ may face criminal raps: PNP
Dismissed police generals Joel Pagdilao and Edgardo Tinio could face criminal charges if investigators find enough evidence that they directly participated in the narcotics trade, the Philippine National Police said Tuesday.
— ABS-CBN

Tax bureau sets CATS audit
The Bureau of Internal Revenue (BIR) probe of alleged tax violations by CATS Motors Inc. (presently Auto Nation Group Inc.) has moved forward with the luxury car importer having been notified of an audit.
— The Manila Times

PEZA-approved investment pledges up 94.12% at P196.5B
Investment pledges approved by the Philippine Economic Zone Authority (PEZA) nearly doubled in the first nine months of the year, officials said on Monday.
— The Manila Times

Peso slips on mixed US jobs data
THE PESO dipped on Monday as strong US unemployment data revived bets of a December Federal Reserve policy move despite soft non-farm payroll figures.
— Business World

Business groups urge retention of zero VAT for PEZA locators
Local business groups and the Joint Foreign Chambers (JFC) of the Philippines jointly called on Congress yesterday to retain the zero value-added tax (VAT) provisions for Philippine Economic Zone Authority (PEZA) locators in Senate Bill 1592.
— Philstar

Employee tax perks at stake
All is fair in tax reform. This is the clear message of the first package of the comprehensive tax reform program initiated by the Department of Finance (DOF) dubbed as the Tax Reform for Acceleration and Inclusion (TRAIN). One of the TRAIN’s objectives is to simplify the country’s personal income tax system by lowering income tax rates and broadening the tax base brackets.
— Philstar

Duterte dismisses ERC chair for grave misconduct
President Rodrigo Duterte has ordered the dismissal of Energy Regulatory Commission (ERC) chair Jose Vicente Salazar who was found guilty of two counts of simple misconduct and one count of grave misconduct in connection with various administrative charges filed against him by concerned ERC employees.
— Philippine News Agency

Megaworld expands office inventory
Property firm Megaworld Corp. will expand its office space inventory by 500,000 square meters to meet strong demand over the next three years owing to the country’s sustained economic growth.
— Philippine News Agency

International mission urges stop to killings in Philippines
A mission of international parliamentarians and civil society leaders has urged Philippine President Rodrigo Duterte’s government to stop what it says is the alarming number of drug suspects being killed in the campaign against illegal drugs and the administration’s aggressive efforts to silence its critics.
— WTHR

Philippines apologizes to China for using Taiwan logo at ceremony
The Philippines apologized to China on Monday for a “grievous but purely unintentional” mistake after it displayed the logo of the defense ministry of Taiwan, not China, at an event last week marking Beijing’s donation of 3,000 rifles to Manila.
— ABS-CBN

Panelo: War on drugs to go on despite dip in Duterte’s ratings
Despite the double-digit declines in his public satisfaction and trust ratings, President Duterte remains “unperturbed” and will pursue his campaign against illegal drugs, Chief Presidential Legal Counsel Salvador Panelo said on Monday.
— Philippines Daily Inquirer

Lapeña sacks 38 Customs execs, brings in trusted people
Customs Commissioner Isidro Lapeña has relieved 38 bureau officials who apparently disregarded his marching orders to stop corruption and “benchmarking” in their respective posts.
— Philippine Daily Inquirer

Robredo gets P20M more for propoor programs
The Senate on Monday granted the Office of the Vice President (OVP) P20 million on top of its P443-million budget for next year to finance Vice President Leni Robredo’s flagship antipoverty program “Angat Buhay.”
— Philippines Daily Inquirer

Duterte signs EO creating bank for OFWs
President Rodrigo Duterte has signed an executive order (EO) that will pave the way for the creation of an Overseas Filipino Bank (OFB) dedicated to provide financial products and services tailored to the requirements of overseas Filipinos.
— Philippine News Agency

Philippines Seeks to Improve Relations with US
The Philippines appears to be seeking a return to stronger economic relations with the United States. Experts say the change may be designed to balance the Philippines’ increasing dependence on China.
— Voice of America

Philippines’ Duterte orders special bank for overseas Filipinos
Philippine President Rodrigo Duterte has ordered the creation of a bank catering to Filipinos overseas, the presidential office said yesterday, fulfilling a campaign promise to a sector which catapulted him to power.
— Daily Mirror/ Reuters

Globe plans issuance of retail bonds in 2018
Globe Telecom Inc. is planning to issue retail bonds next year to support its funding requirements.
— Philstar

Coast Guard outpost eyed off Cagayan to secure Philippine Rise
The Department of Transportation (DOTr) is planning to put an outpost of the Philippine Coast Guard (PCG) in the eastern coast of Cagayan province to protect the country’s territory.
— Rappler

Feature photo Bernard Spragg. NZ
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 October 10 added by Leakhena Khat on October 10, 2017
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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.