Philippines Morning News For September 5

Philippines Morning News For September 5
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Philippines morning news

Bangladesh central bank sends team to Manila to push for heist money recovery
Bangladesh’s central bank will send a team of officials to the Philippines on Tuesday to push for the recovery of more of the $81 million stolen from its account at the New York Federal Reserve last year and routed through a bank in Manila.
— Reuters

VAT on indirect exports won’t alter revenue, says study
CHANGING the value-added tax (VAT) status of indirect exporters from the current zero rating to VAT-able as proposed under three pending bills will not have any effect on government revenues, according to research from the Philippine Institute for Development Studies (PIDS).
— Sun Star

BSP ready to ‘neutralize’ speculative peso trading
THE Bangko Sentral ng Pilipinas (BSP) will not tolerate speculators who seek to make wide margins from excessive swings in peso trading, its chief said, noting that the central bank will stop such attempts.
— BusinessWorld Online

Philippines: Chelsea Logistics buying out local shipping firm Starlite
Newly Philippine-listed company Chelsea Logistics Holding Inc (CLC) is buying out local roll-one/roll-off (Ro-Ro)shipping firm Starlite Ferries Inc (Starlite) as part of its business expansion.
— Deal Street Asia

PH eyes doubling of Halal exports
The Philippines expects to close to double its annual exports of Halal products to $1.4 billion from $800 million following the issuance of the implementing rules and regulations (IRR) of the Philippine Halal Export Development and Promotion Act of 2016, according to Abdulgani Macatoman, assistant secretary of the Department of Trade and Industry (DTI).
— Malaya

Index climbs back above 8,000 mark
Investors returned to the local equities market yesterday as they sought safer havens amid continuing global tension brought about by North Korea’s missile launches.
— The Philippine Star

MPIC unit allots P700 M for Cavitex expansion
Metro Pacific Investments Corp. (MPIC) unit Cavitex Infrastructure Corp. (CIC) is looking to spend P700 million to expand the Manila-Cavite Toll Expressway (Cavitex).
— The Philippine Star

Oil prices up as Harvey’s wrath lingers
Local oil firms implement another batch of price hikes as Hurricane Harvey affected the operations of oil refineries in Texas, United States.
— Malaya

Finance asks LGUs to tap P2.58-b fund for projects
The Finance Department said local government units planning to undertake big-ticket projects through the public-private partnership scheme can tap a P2.58-billion revolving facility managed by the PPP Center.

After Kian comes Carl; who’s next?
A DAY after Kian delos Santos was allegedly killed by cops during an anti-illegal drugs operation in Caloocan City, another teenager went missing only to turn up badly tortured and dead 10 days later also in that city.
— Malaya

Philippines says taking fire from women, children in Marawi battle
Philippine troops fighting rebels linked to Daesh (ISIS) in a southern city have encountered armed resistance from women and children, the military said Monday, as troops make a final push to end a conflict that has raged for more than 100 days.
— The Daily Star

Sugarcane output expanded to 8.73 MMT in April-June
The country’s sugarcane production more than doubled to 8.73 million metric tons (MMT) in the second quarter, from 3.39 MMT a year ago, according to the latest report of the Philippine Statistics Authority (PSA).
— Business Mirror

DOE sets 2 major conditions in modified petroleum contracting
The Department of Energy’s (DOE) announcement on modified petroleum contracting will be nuanced on two major collatillas that may be worth considering by prospective investors.
— Manila Bulletin

Paolo Duterte, Mans Carpio to attend Senate probe
Davao City Vice Mayor Paolo Duterte and the President’s son-in-law, Atty. Manases Carpio, will attend the Senate probe on illegal drug shipments on Thursday.
— CNN Philippines

DoF expects P21 billion from Mighty settlement this month
THE GOVERNMENT will be able to collect around P21 billion from Mighty Corp. this month, the Department of Finance (DoF) said, following the approval given by the competition regulator for the cigarette firm’s acquisition.
— BusinessWorld Online

P24.4M worth abortion pills seized at NAIA
An estimated PHP24.4 million worth of abortifacient drugs were intercepted by the Bureau of Customs (BOC) at the Ninoy Aquino International Airport (NAIA) Terminal 3 on Monday.
— Philippine News Agency

Special Allotment Release Order issued for acquisition of FA-50 air-to-air missiles
The Department of Budget and Management (DBM) has approved and released, early last month, the Special Allotment Release Order (SARO) for the Department of National Defense’s Fighter/Surface Attack/Lead-In Fighter Trainer (F/SA/LIFT) Aircraft Munitions Acquisition Project Lot 1 under the Revised Armed Forces of the Philippines (AFP) Modernization Program.
— Update Philippines

Steel lobby warns of safety risk in certifying output of foreign plants
A PLAN to certify foreign steel plants and treat them as if they are local manufacturers poses safety risks and dangers to consumers, an industry association said on Monday.
— BusinessWorld Online

1,200 Daily passport appointment slots taken from travel agencies
1,200 Passport appointment slots previously allocated to travel agencies are now available to general public, the Department of Foreign Affairs (DFA) said.
— Update Philippines

Mighty deal could earn govt another P500M
The government could gain an additional P500 million next year from corporate income taxes once Japan Tobacco International (JTI) (Philippines) seals its acquisition of cigarette maker Mighty Corp., a Cabinet official said on Monday.
— The Manila Times

Matobato to push for Duterte’s inclusion in death squad case
SELF-CONFESSED killer Edgar Matobato will petition the Office of the Ombudsman to include President Rodrigo R. Duterte in the cases he filed against the alleged Davao Death Squad (DDS), his legal counsel said. Lawyer Jude Josue Sabio said they will “challenge the Ombudsman (for its) failure to include (Mr.) Duterte in the cases” after the agency did not include the president in the charges as he is immune from prosecution due to his position.
— BusinessWorld Online

Cops in torture-slay of teenager face raps
The Public Attorney’s Office (PAO) on Monday said it would bring murder charges against policemen who tortured and shot dead a teenager accused of robbery, the second such case in just over a week against police from Caloocan City.
— Philippine Daily Inquirer

SC: Ban on 2 implants may still be lifted
The ban imposed by the Supreme Court on the purchase and distribution of two contraceptive implants may still be lifted upon the compliance of the Food and Drug Administration (FDA), Supreme Court spokesperson Theodore Te clarified on Monday.
— Philippine Daily Inquirer

Chamber of Mines forms ‘self-policing’ body
The Chamber of Mines said Monday it would create an oversight body to investigate and act on complaints against its members.
— ABS-CBN (video)

PH sets Asean deliverables
The Philippines has set a number of deliverables as chair of Asean this year, all meant to foster further integration of the 10-member economic bloc.
— Malaya

Exporters: Peace talks to protect banana industry
A group of exporters stressed that the long-term solution to the banana industry’s existing security issues is to resume peace talks between the government and the communist rebels.
— Davao Today


Feature photo ILO in Asia and the Pacific
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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