Philippines Morning News For October 3

Philippines Morning News For October 3
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Philippines morning newsNFA collects P11.86-million fines from erring grains retailers
The National Food Authority (NFA) collected P11.86 million in fines and enforcement fees from 1,758 grains sellers who violated the country’s grains business laws in January to August.
— Business Mirror

Asian factories rev up in September ahead of year-end spending spree
Factories in Asia’s largest economies cranked up activity in September as a synchronized upswing in growth globally pointed to solid consumption of manufactured goods heading into the lucrative end-of-year shopping season.
— Asia Times

8 infra projects on China’s priority list
The Chinese government has urged the Philippine government to prioritize the approval and implementation of eight infrastructure projects which it proposed for Beijing’s financing assistance, the Department of Finance (DOF) said yesterday.
— The Philippine Star

PSEi climbs back to 8,200
The local stock barometer climbed back to the 8,200 level on Monday, riding on a regional upswing driven by upbeat factory gauge out of China and Japan.
— Philippine Daily Inquirer

Senate version of tax reform to yield P59.9 B
The Senate’s version of the tax reform bill may yield P59.9 billion in additional revenues in the first year of its implementation, way below the projected revenue programmed in the 2018 national budget, initial estimates from the Department of Finance (DOF) showed.
— The Philippine Star

US experts to help PHL boost marine turtle population
The Philippines is banking on the expertise of the National Oceanic and Atmospheric Administration (NOAA) of the United States Department of Commerce to improve its ongoing marine turtle population-management program.
— Business Mirror

Oil prices up anew
Local oil firms will implement another round of price hikes on petroleum products attributed to the continuing effects of the Organization of the Petroleum Exporting Countries’ (OPEC) production cuts.
— Malaya

JICA opens scholarship to Filipinos
The Japan International Cooperation Agency (JICA) announced call for applicants to one of the longest-running international scholarship programs offered by the Japanese government to Filipino professionals who want to study in Japan.
— Manila Bulletin

Duterte warns US of need to cooperate vs illegal drugs
President Rodrigo Duterte has warned that the United States will become “a sorry state” if it does not cooperate with the Philippines on the “serious matter” of illegal drugs.
— Philippine Canadian Inquirer

Skyway execs on Interpol alert over missing P50M
The International Police Organization (Interpol) has issued a “Red Notice” for the arrest of two Indonesians and their Filipino cohorts who allegedly siphoned over P50 million from Citra Metro Manila Tollways Corp. in November 2012.
— The Manila Times

PH to ease entry of foreign retail
Socioeconomic Planning Secretary Ernesto Pernia said foreign retailers wanting to do business in the Philippines will now only be required to shell out $200,000 as capital in order to do business locally on its own, lower than the current requirement of $2.5 million.
— Malaya

UnionBank to issue $1B under MTN program
UNIONBANK of the Philippines, Inc. (UnionBank) will soon foray into the global market by issuing foreign currency debt papers, as part of its fresh fund-raising exercise to support the bank’s debt management and lending activities.
— BusinessWorld Online

Stocks gain as investors pick up bargains
Share prices rallied yesterday as market investors began positioning anew, selecting bargain issues, analysts said.
— The Philippine Star

Franchising sales reach P16 billion in 2016, up by 20%
THE franchising industry accelerated by 20 percent in 2016, from P16 billion total sales registered in 2015, and is expected to sustain the expansion in the next two years, the Department of Trade and Industry said in a statement.
— Sun Star

Davao’s Santos Land investing P1.2B in condo-hotel project
Home grown firm Santos Land Development Corp. is spending P1.2 billion for a condominium building with a hotel component in the city’s Bajada area.
— BusinessWorld Online

Bank economist predicts ‘over heating’ of PH economy
An economist of ING Bank Manila is eyeing a hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates in the last quarter of 2017 on account of possible over heating of the economy, citing rising inflation and rise in trade deficit among others.
— Philippine News Agency

Megaworld to build P3-billion tower for US firm FactSet
Megaworld Corp said Monday it would build a P3-billion office tower that would serve as the regional headquarters of American financial data provider FactSet.

MIAA spending P500m for Terminal 2
The Manila International Airport Authority plans to spend about P500 million to expand the capacity of Ninoy Aquino International Airport Terminal 2 which is being used by Philippine Airlines.

Maynilad automating QC facilities for P84.7M
WEST Zone concessionaire Maynilad Water Services, Inc. is earmarking P84.7 million to improve its facilities and services in Quezon City.
— The Manila Times

Crime rate in Manila drops by 38% for past 12 months
Crime rate in Manila has significantly dropped by 38 percent this year, the Manila Police District (MPD) reported on Monday.
— Manila Bulletin

Cattle output dips in six months to June
DOMESTIC CATTLE production in the first six months fell 0.42% from a year earlier, the Philippine Statistics Authority (PSA) said, while value of cattle during the period rose.
— BusinessWorld Online

Most Filipinos believe drug war kills poor people only, survey shows
Most Filipinos believe only the poor are killed in their country’s war on drugs, and want President Rodrigo Duterte to reveal the identity of alleged narcotics kingpins and charge them in court, a survey released on Monday showed.
— Channel NewsAsia


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.



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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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