Philippines Morning News For October 5

Philippines Morning News For October 5
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Philippines morning newsWorld Bank cuts PH growth forecast to 6.6%
The World Bank has once again cut its 2017 growth forecast for the Philippines, citing delays in the implementation of the government’s “Build Build Build” program.
The Manila Times 

Remittances seen rising 23% to $33 B this year
The flow of remittances to the Philippines is seen to further grow by 23 percent and eclipse last year’s record, making it the third largest remittance volume worldwide this year, the World Bank said in a report.

Tourism receipts up 15% in H1
Tourism receipts grew 14.89 percent in the first six months of the year, driven by higher tourist arrivals, the Department of Tourism (DOT) said.

72% in Metro Manila watch digitally-enabled TV
Seven in 10 households in Metro Manila with TV sets are on digital and 1 in 2 homes without cable have ABS-CBN’s TVplus digital box, the country’s largest media and entertainment network said Wednesday.

Sept inflation seen at 3.4% – DoF
Headline inflation likely accelerated to 3.4 percent in September, the Finance department said, driven by higher prices of food and non-food commodities.
The Manila Times 

Mindanao backbone ahead of target – NGCP
National Grid Corp. of the Philippines (NGCP) is aiming to finish a critical Mindanao transmission project by the first quarter of 2019.
The Manila Times 

Church watchdog welcomes fresh Philippine election delay
A church-backed Philippine poll watchdog has welcomed another postponement of village and youth leader elections scheduled for later this month.

Growth seen slowing as infrastructure program drags
The slower-than-expected implementation of the government’s infrastructure projects has forced the World Bank to cut its growth forecast for the Philippines this year and in 2018, although the country’s GDP expansion is still seen to outpace regional average.

The role of the peso in stabilizing the economy
Last Sunday New Zealand and Samoa just switched from standard time to daylight saving time (DST). In the next few weeks, Paraguay is also set to switch to DST. Let me clarify, though, that this article is not about a call for the Philippines to adopt DST. DST was actually enforced for a short period in the 1990s to alleviate the energy crisis the country was experiencing then. However, as our power generation and transmission capacities improved, the practice was subsequently abandoned.

Index climbs to new record high
Share prices continued to climb yesterday, boosting the index to hit a new record high at 8,344.05.

ECCP lauds further easing of foreign limits in retail
The entry of more foreign retailers will benefit the Philippine economy as it will create more jobs and boost the spending power of consumers, an official of a top foreign business group said.

More ENCASH ATMs in the pipeline
Electronic Network Cash Tellers Inc. (ENCASH) is deploying more automated teller machines (ATMs) for partner institutions all over the country as part of its mission to provide solutions for the financial concerns of underserved local communities.

Duterte’s take on fake news
A proposed law curbing the proliferation of “fake news” is unlikely to be passed in the country, President Duterte said on Wednesday.
Manila Bulletin

MRT trains operating on ‘tampered’ safety parts
Are the lives of the 500,000 or so daily riders of the Metro Rail Transit 3 (MRT3) in danger?
Manila Bulletin 

Philippines confirms environment minister who supports open pit mining ban
Philippine lawmakers have confirmed former armed forces chief Roy Cimatu as the country’s environment and natural resources minister despite mounting pressure from pro-mining groups hurt by policies he has vowed to keep in place.

Fast Asia Open: Australia trade balance, Philippines CPI
President Donald Trump sent Puerto Rico’s $74bn of outstanding bonds plunging on Wednesday after he said “you can say goodbye” to the territory’s debt in the wake of the devastation caused there by Hurricane Maria.
The Financial Times 

Duterte: Impeach Morales, Sereno
PRESIDENT Rodrigo Duterte on Wednesday said he would pursue impeachment complaints against Ombudsman Conchita Carpio-Morales and Chief Justice Maria Lourdes Sereno, accusing them of being part of a “conspiracy” to oust him through a probe into his supposed ill-gotten wealth.
The Manila Times 

Where Are Russia-Philippines Defense Ties Under Duterte?
The Philippines has never really been a significant defense partner for Russia in the past, particularly given Manila’s traditional, decades-long alliance with the United States. But Russia-Philippine military ties have been in the spotlight over the past year as Philippine President Rodrigo Duterte, a self-avowed socialist, has been looking to diversify his country’s ties away from Washington and towards other countries, including Beijing and Moscow.
The Diplomat 

Who is the Philippines’ New Army Chief?
This week, Philippine defense officials confirmed that Major General Rolando Joselito Bautista, the overall commander in Marawi City, would be elevated to become the head of the Philippine Army. The change, which will be confirmed on October 5 during a turnover ceremony attended by President Rodrigo Duterte, is yet another sign of Bautista’s quick rise within the Philippine military at a critical juncture in both the country’s security as well as Duterte’s presidency.
The Diplomat

Philippines Moving Toward Embraer Super Tucano Order
The Philippines is making progress in a program to acquire six Embraer Super Tucanos to fill a light-attack
Aviation Week 

China and the Philippines partnering in rooting out drug scourge
Illicit drugs and narcotics harm public health in a destructive way, give rise to corruption and crimes, hinder economic growth and, in a long run, might wreak havoc on national security and social order. Therefore, any narcotics-related crimes must be effectively addressed, strictly prohibited and punished in accordance with law.

European companies look to Philippines for outsourcing: officials
European companies are looking to outsource operations in the Philippines to capitalize on a young workforce, whose skills need to be upgraded to meet demand, officials said.

Tax reforms won’t require policy response: Espenilla
The Philippines’ plan to overhaul its tax system will only have a modest inflationary impact and will not need a monetary policy response, said the central bank governor, who also brushed off a sharp decline in the peso currency in an upbeat message on the economy.
ABS-CBN / Reuters 

Protect data privacy or be held liable, official warns
Public and private organizations need to do more to protect their data and comply with the Data Privacy Act of 2012, an official of the National Privacy Commission (NPC) said Wednesday.


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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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.

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