Philippines Morning News For October 9

Govt to earn P24 billion in taxes annually from Mighty-JTI deal
THE Department of Finance (DOF) estimates government revenues in the form of sin tax from the acquisition of Japan Tobacco International Inc. (JTI) of Mighty Corp. can reach P24 billion per year, assuming that cigarette demand remains constant.
— The Business Mirror

Satisfaction, trust ratings of Duterte down — SWS
Public satisfaction and trust in President Duterte saw double-digit declines in the third week of September, a slump in his 15-month-old presidency that gave him the lowest ratings since he came to power, according to the latest survey by Social Weather Stations (SWS).
— Philippines Daily Inquirer

Airlines see strong passenger traffic growth
The global trade organization of airlines is expecting overall strong passenger traffic growth in 2017, with demand up by 7.2 percent in August this year.
— Philippines Daily Inquirer

Banks warned on transaction security
Banks will be liable for “serious” offenses they fail to adopt multi-factor authentication (MFA) for card transactions, the Bangko Sentral ng Pilipinas (BSP) said.
— The Manila Times

Tax reform news could buoy PSEi
The stock market could see volatility this week but the overall outlook remains positive, analysts said, aided by strong fundamentals and optimism over the government’s tax reform plans.
— The Manila Times

De Lima to stay in jail
Sen. Leila de Lima is expected to remain in prison as majority of the Supreme Court (SC) justices are set to deny her petition to dismiss the illegal-drugs charges filed against her.
— The Manila Times

Poverty, discontent fuel extremism in Mindanao
WHEN government troops finally rid Marawi City of terrorists, and when they have taken out all the unexploded ordnance and booby traps, the government will have to confront two problems at once—rebuilding the ruined Islamic city and snuffing out the embers of extremism in Mindanao.
— The Manila Times

Factory output likely down 2% in Aug
PHILIPPINE manufacturing output likely fell 2 percent in August, decelerating further from July’s 1.1-percent contraction in July, Moody’s Analytics said in an estimate ahead of the release of official data this week.
— The Manila Times

NEDA commits to address gaps in data gathering
The National Economic and Development Authority (NEDA) has committed to address data gaps in monitoring the country’s progress in attaining targets under the Sustainable Development Agenda of the United Nations (UN).
— Philstar

Exclusive: Inside Isil’s forgotten outpost in the Philippines
For years it has been Islamic State’s forgotten outpost, but the perils of ignoring Isil’s growing influence in the Philippines came to the fore this weekend when a Filipino doctor was charged with plotting terrorist attacks in New York.
— Telegraph

Philippines to extradite New York plotter to US: Minister
A Filipino suspect in a thwarted jihadist plot targeting New York’s subway and Times Square will be extradited to the United States, the Philippine justice secretary said on Sunday (Oct 8).
— Channel NewsAsia

Economic managers to brief US business leaders on investment prospects in PHL
THE economic managers will hold the fourth Philippine Economic Briefing in New York City this week to update leaders of the American business community on key developments of the economy and where they may invest, according to the Department of Finance (DOF).
— The Business Mirror

Finance chief confident Congress will approve revenue proposals
THE Department of Finance (DOF) is confident that Congress will approve the revenue streams proposed under the first package of the comprehensive tax-reform program (CTRP), pointing out that it should be sufficient to fund both the social programs and infrastructure projects of the Duterte administration.
— The Business Mirror

PHL buying record-high agri goods from US
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.
— The Business Mirror

Feed maker responds to gov’t call for agri development
The Philippine Foremost Milling Corp. (PFMC), one of the country’s leading flour and animal feed makers, has responded to President Duterte’s call on the private sector to help more livestock raisers, fisherfolk and farmers.
— Philstar

Philippines drug war may fuel spread of diseases
These days, death is often at the door: death by bullet, death by blood.
— SentinelSource

PHL at risk of being removed from UN Human Rights Council — HRW
There is enough basis to consider the removal of the Philippines from the United Nations Human Rights Council (UNHRC), international group Human Rights Watch said over the weekend.
— GMA Net Work

Singapore: GIC completes stake buy in Philippines’ EDC, picks 9% in Sweden’s Verisure
A consortium backed by Singapore’s GIC has completed the acquisition of up to 31.7 per cent stake in the Philippines’ Energy Development Corporation (EDC). The sovereign wealth fund has also acquired a minority stake in Sweden’s home alarm systems provider Verisure Midholding AB.
— DealStreetAsia

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 9 added by Leakhena Khat on October 9, 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.