Philippines Morning News For September 25

$200-M loan eyed for Customs rehab
The World Bank is firming up a $200-million loan for a project aimed at modernizing the graft-laden Bureau of Customs.
— Philippine Daily Inquirer

Philippines third worst polluter of oceans, report says
Environmental group Greenpeace has ranked the Philippines as the “third-worst polluter into the world’s oceans” after China and Indonesia in a report released Friday in Manila.
— The Philippine Star

Peso seen to depreciate vs US dollar this week
THE PESO could depreciate versus the dollar this week amid renewed bets of a monetary policy hike in the United States, with market players anticipating clearer hints from scheduled speeches of members of the Federal Reserve.
— BusinessWorld Online

Stocks to move sideways
After hitting a new record high, the benchmark index is expected to move sideways this week on growing tension overseas.
— Manilastandard.net

Phl, France to ink agri, food security agreement
The Philippines and France are set to enter into a bilateral cooperation agreement aimed at strengthening both countries’ thrust on food security and sustainable agriculture.
— The Philippine Star

House set on approving P3.767-trillion General Appropriation Bill tomorrow
The House of Representatives is set on passing on third and final reading the 2018 P3.767-trillion General Appropriations Bill (GAB) on Tuesday, September 26.
— Manila Bulletin

Female employees in Philippines no long required to wear high heels at work
The Philippine government’s order to stop companies from requiring women employees to wear high-heels at work took effect on Sunday.
— Xinhua

Yields on gov’t debt rise
EXPECTATIONS of another rate hike by the US central bank and geopolitical tensions in East Asia sent market players into a mode of caution, pushing yields on local government securities (GS) upwards.
— BusinessWorld Online

China gamblers fuel growth of Philippine casinos
Chinese gamblers are fueling the growth of the casino market in the Philippines and there is still much room to grow given the rosy prospects of visa-free access for Chinese visitors and junket-based proxy betting, Morgan Stanley said in a recent report.
— The Philippine Star

Amendments to food-safety law sought
The National Meat Inspection Service (NMIS) is urging Congress to amend Republic Act (RA) 10611 to revert the regulation of prepackaged food and processed-meat products to the Department of Agriculture (DA).
— Business Mirror

Cebu Pacific honors 20% discount for senior citizens, PWDs online
Gokongwei-led budget carrier Cebu Pacific upgraded its systems to implement the 20% discount on domestic flight tickets for senior citizens and persons with disabilities (PWDs), even for bookings made online.
— Rappler

Govt to halt financial aid for UCPB in 2019
The Duterte administration will stop supporting United Coconut Planters Bank (UCBP) in 2019 with a view of selling its majority stake in the bank, a Cabinet official said.
— The Manila Times

PH exporters stay upbeat on growth projections in 2017
EXPORTERS are confident of a double-digit growth this year on the back of projections that major markets will continue to recover, the peso’s depreciation, and efforts to double funding for overseas product promotions.
— Sun Star

Citihub opening more container housing for low-income tenants
A SOCIAL ENTERPRISE is offering low-income workers accommodation built with surplus shipping containers nearer their workplaces, potentially saving them long commutes.
— BusinessWorld Online

Philippines revives plan to join Trans-Pacific trade bloc
The Philippines is reviving its plan to join the Trans-Pacific Partnership (TPP) even as the mega-trade deal pushes through without the US, the Department of Trade and Industry said.
— The Philippine Star

DOT to reinvigorate Japan tourist market
The Philippines is looking to enter into new partnerships with Japan to boost tourist arrivals.
— The Philippine Star

NFA’s rice-procurement program gets P7-B budget
A member of the House Committee on Appropriations said last Sunday the national government has allocated P7 billion to enable the National Food Authority (NFA) to buy 388,889 metric tons (MT) of unhusked rice from farmers next year.
— Business Mirror

Philippines: ICTSI gets Petron stake in Manila North Harbor for $34.3m
Philippine-listed International Container Terminal Services Inc (ICTSI) is acquiring Petron Corporation’s entire interest of 10.449 million shares in Manila North Harbor Philippines Inc (MNHPI) for about $34.3 million (P1.75 billion).
— Deal Street Asia

P12B in annual OFW remittances: Money management training held in Iloilo
OVERSEAS FILIPINO workers (OFWs) from Iloilo province send home about P12 billion annually, one of the highest in the country. “The country’s estimated OFW remittance is P30 billion and P12 billion of which came from Iloilo,” said Jose Felino P. Resol, Jr., area development coordinator of Atikha Overseas Workers and Communities Initiative, Inc., a nongovernment organization focused of assisting OFWs and their families.
— BusinessWorld Online

Phoenix enters Singapore fuel market
LISTED Phoenix Petroleum Philippines, Inc.’s board of directors has approved the establishment of a trading company in Singapore to market and trade its fuel products.
— The Manila Times

Recto revives bill mandating caps on govt debts
REVIVING efforts to compel the government to “exercise prudence in spending and strengthen its fiscal management”, Senate President Pro Tempore Ralph G. Recto is bent on pushing passage of a long-awaited law imposing caps on foreign and domestic debts.
— Business Mirror

Gov’t to lose P100B from REIT
The Department of Finance (DOF) estimates government will potentially give up P100 billion with the implementation of the Real Estate Investment Trusts (REIT) Law.
— Malaya

Trade deal with EU rests on standards
WHILE a free trade agreement (FTA) between the Philippines and the European Union (EU) is under negotiation, a trade adviser reminded exporters to heed international labor and environment standards.
— Sun Star

Communist party snubs Duterte’s amnesty offer with more offensives
The Communist Party of the Philippines (CPP) is not taking the general amnesty offered by President Rodrigo Duterte, but announced that its armed wing, the New People’s Army, (NPA) will carry out more offensives against government troops.
— Davao Today

PH thanks Saudi for extending amnesty to undocumented OFWs
The Philippines on Sunday expressed its appreciation to Saudi Arabia for extending an amnesty program that would allow thousands more of undocumented Filipinos in the kingdom to go home.
— Philippine Canadian Inquirer

Japanese firm eyes expansion in PH
CROWDCREDIT, a Japanese cross-border marketplace lending company which promises to fill in lending gaps by providing funds for lending and financial institutions including banks, is currently studying the market and possibility of business expansion in the Philippines.
— Sun Star

Feature photo Adam Cohn
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 September 25 added by Stella-maris Ewudolu on September 25, 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.