Philippines Morning News For October 2

Philippines manufacturing PMI inches up in September
The Nikkei Philippines Manufacturing Purchasing Managers’ Index, or PMI, edged up in September, indicating the continued subdued growth of the manufacturing economy.
— Nikkei Asian Review

Senate probes Globe, PLDT on extra fee for paper billings
THE Senate is set to look into the additional fee being imposed by telecommunication companies or telcos on subscribers who still want to receive their monthly bill in paper.
— The Manila Times

Philippines to see steady investment from Chinese firms ‘excited’ by the opportunities, top official says
Chinese investors are excited about business opportunities in the Philippines, and after an early surge in the first half of this year, investment should grow steadily, according to the Philippines’ economic planning chief.
— South China Morning Post

Power firm invests P1B
Alsons Consolidated Resources, Inc. (ACR) approved an investment of up to P1 billion in the 15.1 megawatts (MW) Siguil hydro power project to the direct owner of the project company, Siguil Hydro Power Corp.
— Malaya

Peso likely to stay at P51:$1 this yr – BMI
Roughly balanced upside and downside pressures could keep the peso in P51:$1 territory for the rest of the year, BMI Research said.
— The Manila Times

Philippines’ Duterte snubs graft probe, refutes charges of hiding millions
Philippine President Rodrigo Duterte has said he would not cooperate with a special anti-corruption prosecutor’s investigation into allegations he acquired ill-gotten wealth, vowing he would “not submit” to its authority.
— Business Standard

Philippines Plans Charter Change to Ease Foreign Ownership Limit
The Philippines plans to amend its Constitution next year to help ease restrictions on foreign investment, Finance Secretary Carlos Dominguez said.
— Bloomberg

Market to remain volatile
The stock market may still see some volatility this week because of continuing tug of war between the optimists and pessimists after the market reached new highs and as global uncertainties continue.
— The Philippine Star

Conglomerate hikes investment in MRT
Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) has increased to around P20 billion the proposed investment for the rehabilitation of Metro Rail Transit (MRT) line 3 to cover expenses for the buyout of the government and private sector stakeholders.
— Malaya

Like ADB, adviser sees need for PPP to hit infra targets
IF THE Duterte administration wants to see all the planned infrastructure projects built during its six-year term, it should use the Public–Private Partnership (PPP) mechanism to speed up construction and better manage these projects, an adviser said.
— Sun Star

Taiwan eyes 30% hike in bilateral trade with PH
aiwan is optimistic its bilateral trade with the Philippines will increase by 30 percent in the next two years, as the two countries intensify export promotion activities.
— Philippine News Agency

Govt subsidies to electricity, gas firms reached P10.9B in 2015
Filipinos extended P10.9 billion in tax perks to electricity, gas, steam and air- conditioning supply firms in 2015, according to the Philippine Statistics Authority (PSA).
— Business Mirror

QRCS Delivers Shelter Maintenance Equipment to Philippines Counterpart [EN/AR]
Qatar Red Crescent Society’s (QRCS) mission in the Philippines has recently delivered to the Philippine Red Cross (PRC) 1000 Basic Emergency Shelter Kits (BESKs) under the 2nd phase of the relief programme launched by QRCS for the benefit of victims of Typhoon Haiyan of 2013.
— ReliefWeb

Rights group calls for removal of PH from UN Human Rights Council
Philippine Universal Periodic Review (UPR) Watch is calling on the revocation of Philippines’ membership at the UN Human Rights Council (UNHRC).
— Update Philippines

Philippines fails to meet Sept. 30 deadline to retake Marawi
Philippine security forces have failed to meet its announced Sept. 30 deadline to retake the southern city of Marawi from the pro-Islamic State (IS) fighters that laid siege to the city more than four months ago, an Army commander said on Sunday.
— Xinhua

Real estate prices ease in second quarter — BSP
HOME PRICES declined in the second quarter, with costs to acquire single units down a tenth from a year ago, the Bangko Sentral ng Pilipinas (BSP) announced over the weekend.
— BusinessWorld Online

Maute death toll now 749
According to Joint Task Force Ranao deputy coMarawi Citymmander Col. Romeo Brawner, figures are as of 6 a.m. Saturday showed an increase of 13 from Friday’s data.
— Northbound Philippines

PH to relax foreign equity cap: DOF
Finance secretary Carlos Dominguez III told Japanese businessmen that the move to relax foreign ownership restrictions in certain industries via amendments to the Constitution may commence next year in fulfillment of the President’s commitment to open up the economy to more long-term, job-generating foreign direct investments (FDIs).
— Malaya

Yields on gov’t debt drop
LOCAL GOVERNMENT securities (GS) rallied last week despite continued expectations of another interest rate hike in the US as well as its tax reform plans.
— BusinessWorld Online

US businessmen back tax reform
The American Chamber of Commerce of the Philippines has expressed its support for the government’s tax reform program, which it described as “fair and progressive” while providing additional revenues to fund the government’s programs, the Department of Finance (DOF) said.
— The Philippine Star

Inflation rising but policy steady — poll
PRICES of basic goods and services likely rose faster in September, led by higher food, oil, and utility costs, according to analysts in a BusinessWorld poll who nevertheless said this is unlikely to prompt rate adjustments by the central bank anytime soon.
— BusinessWorld Online

Clarification on stolen funds from Bangladesh
First, the statement that Bangladesh has yet to recover part of the $81 million stolen from it despite the turnover of the funds to the Bangko Sentral ng Pilipinas (BSP) for safekeeping is not true. On Nov. 10, 2016, the Anti-Money Laundering Council (AMLC) and the BSP turned over to the Bangladeshi government approximately P700 million in two currencies — $4.63 million and P488.2 million.
— Inquirer.net

Phl’s net liability position up in June
The country’s international investment position (IIP) weakened as of end-June due to higher net liability position, according to the Bangko Sentral ng Pillipinas (BSP).
— The Philippine Star

PLDT to provide Wi-Fi to over 2,300 buses by end-2017
More than 2,300 public transport buses in the country are getting some technological upgrades: Wi-Fi connectivity, closed-circuit television (CCTV) cameras, and vehicle trackers.
— Rappler

Quirino’s forest work gets P175M
The Department of Environment and Natural Resources will put out P175 million for two forest protection programs in this province.
— Manilastandard.net

BIR to sanction firms evading eFPS system
The Bureau of Internal Revenue (BIR) will sanction big business enterprises across the country which do not file tax returns and pay taxes via the electronic filing and payment system (eFPS), as required.
— Manila Bulletin

Feature photo Ronald Tagra
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 2 added by Stella-maris Ewudolu on October 2, 2017
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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.