Philippines Morning News For September 28

World Bank report highlights education underspending in past 10 years
Despite efforts to increase its budget in the past 10 years, the education sector in the Philippines still suffers from lack of funding due to underspending, according to a new World Bank report.
— Business Mirror

Philippines’ BPO industry sees slower annual growth of 9% until 2022
The country’s business process outsourcing (BPO) industry expects annual growth to slow down to 9% until 2022, due to its larger scale, sluggish industry growth globally, and security headwinds in the Philippines.
— Rappler

Globe allots add’l $100-million capex for mobile data
Globe Telecom, Inc. is spending additional US$100 million for its mobile data network expansion this year, bringing its full 2017 capital expenditure (capex) to around US$850 million, the telco firm disclosed.
— Manila Bulletin

PSEi recovers, PHP closes at 51-level vs USD
Philippines’ main stock index ended its three-day slide Wednesday and the peso remained firm after it finished the day at 51-level to a greenback even with continued risk aversion.
— Northbound Philippines

AMLC’s bank records on Duterte show P1-B flow of money – Ombudsman
Bank transactions of President Rodrigo Duterte and his family through the years amount to a total of more than P1 billion, said the Office of the Ombudsman as it continues its investigation into the complaint of Senator Antonio Trillanes IV against the President.
— Rappler

PH seeks expansion of EU GSP+
The Philippines is seeking the the expansion of the General System of Preferences plus (GSP+) granted by the European Union (EU) to the country.
— Malaya

DOE aims to break ground for PHL’s first LNG plant by 2018
The Department of Energy (DOE) has scheduled the groundbreaking for the country’s first liquefied natural gas (LNG) hub in 2018, with project completion still being eyed within the six-year term of President Duterte.
— Business Mirror

Japan to fund P30B Mindanao roads
The Department of Public Works and Highway (DPWH) has secured assistance from the Japanese government for two major road projects in Mindanao amounting to P 30 billion.
— Malaya

Meralco sees sales volume growing ‘close to 5%’
THE MANILA Electric Co. (Meralco) expects energy sales volume to grow by “close to 5 percent” for 2017, higher than its earlier projection of 3 percent.
— Business Mirror

Robotics, artificial intelligence make learning fun
That’s how James Zhou, founder and chief executive officer of UBTECH, describes Jimu Robot – the interactive robotic building block system introduced to the Philippines yesterday.
— Malaya

BSP’s liquidity trap shrinks with few takers
For the third straight week, both tenors of the term deposit facility (TDF) offered to banks Wednesday were undersubscribed, forcing the Bangko Sentral ng Pilipinas (BSP) to slash next week’s volume to P140 billion.
— Philippine Daily Inquirer

PCA allots P27.2 million to fight ‘cocolisap’ in Zamboanga Peninsula
The Philippine Coconut Authority (PCA) has set aside P27.2 million to implement various interventions to contain the infestation of coconut scale insect (CSI), also known as cocolisap, in Zamboanga Peninsula.
— Business Mirror

ISIS threat cools outsourcing boom in Philippines, industry says
Prolonged fighting by militants supporting the ISIS group has put the brakes on the Philippines’ $10 billion outsourcing industry, one of its key growth drivers, industry leaders said Wednesday.
— The Philippine Star

Solenergy installs first airport PV array in Philippines
Solenergy Systems has completed a 1.64 MW rooftop solar array in the central Philippines.
— PV Magazine

Filipino diners can help transform food-service industry–WWF
The World Wide Fund for Nature (WWF) Philippines on Tuesday launched a campaign to promote sustainable consumption and production and empower Filipino diners to help transform the local food-service industry in the country.
— Business Mirror

Rody urged: Sign waiver on bank accounts or resign
Cause-oriented group Tindig Pilipinas yesterday asked President Duterte to prove his integrity by signing a waiver for his bank accounts or resign from office.
— The Philippine Star

PLDT to award up to 860,000 shares to key officers, employees
PLDT Incorporated will award a total of 860,000 common shares to its key officers and employees who contribute to its long-term transformation and financial goals.
— Rappler

Yields on term deposits drop amid low tenders
YIELDS on the central bank’s term deposits went down despite a continued undersubscription, with firms preferring to park their excess funds in the month-long tenor.
— BusinessWorld Online

UK to boost export financing for PHL infra projects
THE United Kingdom (UK) said it will make available £4.5 billion ($6 billion) worth of export credit to support Philippine infrastructure projects which have British participation.
— BusinessWorld Online

Duterte to allow PH oil exploration with Chinese, Malaysian firms: DOE
President Rodrigo Duterte is expected to sign a contract allowing the Philippines to undertake oil exploration off the waters of Palawan with Chinese and Malaysian firms, the country’s energy secretary said Wednesday.
— ABS-CBN

Low interest rates a downside risk
Macroeconomic stability could be threatened by the Philippines’ record low interest rates, a Fitch Group unit warned.
— The Manila Times

Gov’t hospitals get P10M worth of items
Provincial government-run hospitals all over the province will get a share of the P10 million worth of items from the Rotary Club of Canterbury, Australia.
— Philippine Information Agency

Damage to crops, livestock hits P8.6M
SEVEN cities and towns in Negros Occidental hit by floods last week reported P8.648 million in damage to livestock and rice plantations for the period September 21 to 24.
— Sun Star

Bullish economy expected to boost PH real estate market
The Philippine real estate market is expected to sustain its growth momentum on the back of the country’s bullish economy and strong investor confidence, according to a global real estate consultancy.
— Philippine News Agency

P34-B lost yearly due to teen pregnancy: ex-health chief
The country incurs PHP34 billion in economic losses annually due to the high prevalence of teenage pregnancy, former health secretary, Dr. Esperanza Cabral, said.
— Philippine Canadian Inquirer

Reds dismiss Duterte’s amnesty offer as ‘psywar’
The National Democratic Front of the Philippines (NDFP) has scoffed at President Duterte’s offer of general amnesty to communist rebels.
— Philippine Daily Inquirer

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 28 added by Stella-maris Ewudolu on September 28, 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.