Philippines Morning News For September 18

Philippines Morning News For September 18
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Philippines morning newsPH external debt drops by 1.8% to $72.5 billion in Q2 2017
The country’s total debt owed to foreign creditors dropped in the 2nd quarter of 2017, according to the Bangko Sentral ng Pilipinas (BSP).
— Rappler

Peso seen sideways on US data
THE PESO may move sideways this week as the expected effect of two hurricanes on the United States could temper potentially hawkish remarks in the upcoming Federal Reserve meeting following upbeat an inflation report.
— BusinessWorld Online

Market seen gaining momentum this week
The stock market is expected to gain momentum this week as the Chinese ghost month is coming to a close, analysts said.
— The Philippine Star

Ayala to invest $150 M in green vehicles
Ayala Corp., the Philippines’ oldest conglomerate, plans to invest $150 million in automobile manufacturing, taking advantage of a global move toward green cars as it expands outside its core businesses of property and banking.
— Manila Bulletin

San Miguel to drop bottled water business in ‘sustainability initiative’
San Miguel Corp. announced Sunday it is discontinuing its bottled water business as part of its move to a more environmentally sustainable business model.

PSA reports 55% drop in Q2 foreign investment approvals
Foreign investments approved by the country’s seven investment promotion agencies (IPA) fell 54.9 percent in the second quarter, the Philippine Statistics Authority reported over the weekend.
— The Philippine Star

Remittances hit $16.1B
On a year-to-date basis, cash remittances from overseas Filipinos (OFWs) coursed through banks posted 5.0 percent growth, reaching $16.1 billion in January to July 2017.
— Malaya

BOP rebounds in Q2
The country’s balance of payments position (BOP) rebounded in the second quarter of this year, yielding a surplus of $289 million after posting a deficit in the first quarter of the year.
— Malaya

Globe, Mercato roll out digital-payment project
THE country’s largest night food park Mercato Centrale (Mercato) is adding merchants of micro, small and medium enterprises (MSMEs) in the provinces with the digital-payment and microfinance arms of Globe Telecom Inc. to cater to the latter’s 60 million mobile subscribers.
— Business Mirror

GOCC subsidies decline 52% in July
SUBSIDIES to state-owned firms declined over 52% in July, according to Bureau of the Treasury data.
— BusinessWorld Online

Solar Philippines to bring cheap power to rural areas
SOLAR Philippines Power Project Holdings, Inc. said it was shifting its focus to underserved and unserved areas as part of its mission to make cheap and reliable electricity accessible to every Filipino.
— The Manila Times

Weak peso, lower revenues cut BSP profit in 7 mos
Efforts to temper currency fluctuations as well as lower revenues pulled down the earnings of the Bangko Sentral ng Pilipinas (BSP) in the first seven months of the year as the peso emerged as the worst performing currency in the region.
— The Philippine Star

PHL to import cattle from Brazil in 2018
The Department of Agriculture (DA) has allocated P1 billion for the importation of cattle from Brazil next year to boost Philippine dairy production, according to Agriculture Secretary Emmanuel F. Piñol.
— Business Mirror

PH Rise spawning ground of world’s most expensive tuna – defense chief
The Philippines is planning to establish permanent structures in Benham Rise, now Philippine Rise to protect the country’s sovereign rights. Moreover, the military will also establish naval presence in that side of the country.
— Update Philippines

‘Economic diversification to shield peso from uncertainties’
The Department of Finance (DOF) said the Philippines should not rely too much on remittances and the business- processing outsourcing (BPO) industry to prevent the peso from depreciating too much whenever there are uncertainties in advanced economies.
— Business Mirror

French company grows sites in PH
A RISING global demand for cars has encouraged a French automotive supplier, which operates a facility in Cebu, to strengthen its Philippine operations.
— Sun Star

MGB cuts procedures for mining permits
The Mines and Geosciences Bureau said over the weekend it will rationalize the requirements for different types of mining applications.

PhilHealth gets bulk of gov’t subsidy in July
The Philippine Health Insurance Corp. (PhilHealth), a government-owned and/or -controlled corporation (GOCC) that administers the state’s health insurance program, cornered the bulk of subsidies given away by the national government in July.

More Korean firms leaving Philippines
Thousands of local jobs have been lost since late last year and hundreds more are set to follow in the coming months as the number of Korean manufacturing companies leaving the Philippines for Vietnam continues to rise.
— The Philippine Star

Maute terror base overrun; priest rescued
The vicar general of Marawi City, Fr. Teresito “Chito” Soganub, and another hostage were rescued from Islamic State-inspired terrorists during a battle with government forces on Saturday night, Secretary Jesus Dureza, presidential adviser on the peace process, said on Sunday.
— Philippine Daily Inquirer

Dominguez named region’s finance chief of the year, but declined award
The head of the Duterte administration’s economic team was named Finance Minister of the Year for East Asia Pacific by the publication GlobalMarkets, but Finance Secretary Carlos G. Dominguez III declined what should have been his first award, citing that the reform agenda was not just a personal work but also a team effort.


Feature photo Department of Foreign Affairs and Trade
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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