Philippines Morning News For April 12

Philippines in ‘golden age’ of growth – ADB
The Philippines is experiencing a unique period of growth and is expected to continue along that path in the short term, according to the Asian Development Bank (ADB).
— Rappler

PAL posts P4.6-B loss as fuel, rental costs rise
FLAG carrier Philippine Airlines (PAL) swung to a net loss of P4.6 billion in 2017 from a consolidated net income of P5.9 billion in 2016 due to significantly higher operational costs including higher fuel prices.
— The Manila Times

‘Putting politics before progress’: Industry boss slams anti-GM golden rice campaigners in the Philippines
Philippine activists opposing the cultivation of Golden Rice — which is biofortified to address vitamin A deficiency — have been accused of ‘shameful’ behaviour in trying to half a ‘life-changing’ innovation.
— Food Navigator Asia

Trust fund for Southern PHL development expands by P230.2 million
THE Mindanao Trust Fund has received P230.2 million-worth of support from various donors, including the Spanish government, according to the MTF’s administrator, the World Bank.
— Business Mirror

RCBC reports P4.3-billion net income for 2017
Rizal Commercial Banking Corp. (RCBC) posted an unaudited consolidated net income of P4.3 billion for the year ended 2017, 11.4 percent higher than the P3.9 billion reported in 2016.
— Business Mirror

Philippines SEC To Regulate Cloud Mining Contracts As Securities
The Philippines Securities and Exchange Commission (SEC), which acts as the financial securities watchdog for the country, announced that it sees crypto cloud mining contracts as securities and has would regulate cloud mining contracts within the country under the standing securities laws.
— Cryptona (media release)

LTFRB lowers Grab surge pricing cap amid illegal fare allegation
The Land Transportation Franchising and Regulatory Board (LTFRB) gave this order on Wednesday, April 11, to Grab, telling the ride-hailing service to lower its surge pricing cap during peak hours from 2.0 to only 1.5 times the normal fare.
— Rappler (video)

Fiscal deficit widens to P61.7 biliion in February
Higher spending as a result of the Duterte administration’s massive infrastructure program widened further the national government’s fiscal deficit to P61.7 billion in February, the Department of Budget and Management (DBM) reported yesterday.
— Philippine Star

Manila commuters, drivers suffer with Uber-Grab deal under review
Even while the Uber-Grab merger is under review in the Philippines, customers and
drivers are already suffering the consequences of the deal.
— Nikkei Asian Review (metered paywall)

Infra spending up 25% to P43.3 billion in January
Government spending on infrastructure rose 25 percent to P43.3 billion in January from P34.5 billion in the same period last year due to the completion of school and road projects, as well as the military modernization program, the Department of Budget and Management (DBM) reported yesterday.
— Philippine Star

Trade fair targets P1M in sales
At least 50 Micro Small Medium and Enterprises (MSMEs) from the processed food and horticulture sectors will join this year’s Agro-Industrial Trade Fair on April 13 to 15 at the Capiz Provincial Park here.
— Philippine Information Agency

MMDA dismantles food stalls obstructing traffic in Manila street
THE Metropolitan Manila Development Authority (MMDA) on Wednesday acted on complaints made to the Malacañan Palace hot line 8888 by removing various road obstructions that impede the flow of traffic along busy Geronimo Street in Barangay 432 in the city of Manila.
— Business Mirror

CBCP raises alarm over rising HIV infections among OFWs
The Catholic Bishops’ Conference of the Philippines-Episcopal Commission for the Pastoral Care of Migrant and Itinerant People (CBCP-ECMI) on Wednesday expressed alarm over the rise in the number of human immunodeficiency virus (HIV) cases among overseas Filipino workers (OFWs).
— Philippine News Agency

Ortigas allots P6.3 billion to build new Greenhills shopping mall
PROPERTY DEVELOPER Ortigas & Co. is shelling out P6.3 billion to develop a new regional mall that will transform the Greenhills estate in San Juan City into the “ultimate shopping destination” in Metro Manila.
— BusinessWorld Online

Jollibee spending P12 billion for capex
Jollibee Foods Corp. (JFC), the Filipino-owned Asian food conglomerate, is allocating P12 billion for capital expenditures this year, of which P7 billion will be used for new stores and renovation of existing branches.
— Philippine Star

Aquino ready to face charges on Dengvaxia mass immunization
Former President Benigno Aquino III is ready to face charges in connection with the controversial dengue vaccine he had approved for a P3.5-billion mass immunization program that some of his critics have blamed for the death of several children, according to his spokesperson.
— Philippine Daily Inquirer

February exports down, imports up
Merchandise exports fell in February, cutting short 15 straight months of year-on-year growth, while imports sustained a double-digit increase to keep the balance of trade in goods at a deficit, preliminary data of the Philippine Statistics Authority released yesterday showed.
— Philippine Daily Inquirer

DTI to launch program urging small stores to sell good within SRP
The trade department is launching a program aimed to promote the implementation of suggested retail prices among small stores in communities.
— ABS-CBN (video)

Rice inventory down by 22%
The country’s total rice inventory as of March 1 sank to a six-month low of 1.697 million metric tons (MMT) due to the depletion of the stockpile of the National Food Authority (NFA), according to the Philippine Statistics Authority (PSA).
— Philippines Magazine

Gov’t raises P7.9B from bonds
THE GOVERNMENT raised P7.932 billion worth of fresh seven-year Treasury bonds (T-bonds) yesterday as yields spiked amid concerns over rate hikes here and in the US.
— BusinessWorld Online

Philippines: Boxing icon Manny Pacquiao invests in car rental startup Graventure
Boxing icon and Philippine senator Emmanuel “Manny” Pacquiao is expanding his game beyond the boxing ring.
— Deal Street Asia

PSEi posts modest gains amid widening trade deficit
Philippine shares were again trapped in a narrow range as investors carefully assess the impact of the widening trade deficit, as well as await the US Federal Reserves’ latest minutes.
— ABS-CBN (video)

PH trade deficit rises to $3B in Feb
THE country’s trade deficit widened in February from a year earlier but the gap was narrower compared to January, the Philippine Statistics Authority (PSA) reported on Wednesday.
— The Manila Times

Makati hikes elderly fund 40% to P422.7-million in 2018
Mayor Abigail Binay on Wednesday assured the 80,000 registered elderly citizens of Makati City that their welfare remains a top priority of her administration, citing the P422.7-million budget it allocated for the programs intended for them this year.
— Manila Standard

Peso strengthens to P51:$1 level
THE PESO strengthened on Wednesday to return to the P51-per-dollar level following a wider trade deficit seen in February.
— BusinessWorld Online

Bloomberry units raise P73B from syndicated loan
RAZON-LED Bloomberry Resorts Corp. on Wednesday said two of its subsidiaries have signed a syndicated loan agreement worth a total of P73 billion.
— The Manila Times

PH car production posts 39% decline in Jan.-Feb. 2018
The country’s car production in the first two months of 2018 registered a substantial 39 percent decline compared to the same period in 2017.
— Manila Bulletin

Dengvaxia receipts P200-million short, says Gordon
DESCRIBING him as “manhid at walang malasakit, (insensitive and uncaring), Senator Richard Gordon said former President Benigno Aquino III could be charged with plunder over the P3.5- billion Dengvaxia mess—even though that is not among the findings of the Senate Blue Ribbon committee that he heads.
— Manila Standard

Metro Retail nets P977M in 2017
GAISANO-LED Metro Retail Stores Group, Inc. reported on Wednesday a 23.7 percent rise in net income last year on the back of a “well-executed” profitability strategy.
— The Manila Times

Duterte forms oversight panel for entry of 3rd telco player
President Rodrigo R. Duterte has ordered the creation of an oversight committee that would assist the National Telecommunications Commission (NTC) for the entry of the third major telecommunications player in the country.
— Philippine Canadian Inquirer

SC magistrates grill Sereno on quo warrranto plea
The Supreme Court on Tuesday started the oral arguments on the quo warranto petition filed by the Office Solicitor General against Chief Justice on-leave Maria Lourdes Sereno in seeking to nullify her appointment over alleged non-filing of her Statement of Assets, Liabilities and Networth (SALN).
— Northbound Philippines

P2.1-M used clothes seized at Manila container port
The Bureau of Customs (BOC) seized a 40-foot container of used clothing worth PHP2.1 million at the Manila International Container Port (MICP).
— Philippine News Agency

Davao to set Guinness World Record for longest bunting
Councilor Al Ryan Alejandre announced that the city will attempt to break the Guinness World Record for the longest buntings or banderitas.
— Davao Today

Chinese among top buyers of condominiums
LISTED company Cebu Holdings Inc. (CHI) expects heightened buying of condominium units among foreign buyers, particularly from the Chinese market.
— Sun Star

Duterte retains ‘very good’ satisfaction rating in early 2018 poll
President Rodrigo Duterte has posted a “very good” net satisfaction rating in the first quarter of 2018, a nationwide Social Weather Stations (SWS) poll showed.
— Philippines Magazine

Feature photo Brian Evans

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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 April 12 added by Stella-maris Ewudolu on April 12, 2018
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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.