Philippines Morning News For April 26

Philippines Morning News For April 26
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Philippines morning newsPH received $18B grants from ADB
The cumulative lending, grant and technical assistance commitments of the Asian Development Bank (ADB) to the Philippines for more than five decades amounted to $17.9 billion, a document released by the multilateral bank agency showed.
— Malaya

Kuwait declares PH ambassador persona non-grata, tells him to go home
The Department of Foreign Affairs said Wednesday it will ask Kuwait’s ambassador to explain the Kuwaiti Foreign Ministry’s “deeply disturbing” decision to declare Philippine Ambassador Renato O. Villa unacceptable, giving him a week to return to Manila.
— CNN Philippines

Boracay now closed
Even without a publicized written order from President Rodrigo Duterte, the Philippines on Thursday, April 26, officially closed the world-famous island of Boracay for a 6-month rehabilitation period.
— Rappler

UK biz not in favor of staggered tax cuts
British businesses in the Philippines said the proposed reduction of corporate income tax should be done in one move and should not be staggered as proposed by the Department of Finance (DOF) to realize greater benefit for investors.
— Malaya

Philippines sets sights on Russia as ME alternative
THE Department of Labor and Employment is eyeing Russia as an alternative destination for Filipino workers as more abuses against them are being reported in the Middle East, particularly in Kuwait.
— Manila Standard

Non-compliant mining firms face closure
Soon enough, there will be another reason for the country’s highly challenged mineral sector to be more cautious.
— Manila Bulletin

PSALM ready to bid out Malaya plant’s one-year operation contract for P264-milliion
State-run Power Sector Assets and Liabilities Management Corp. is bidding out the one-year operation and maintenance service contract of the 650-megawatt Malaya thermal power plant in Rizal province for P264 million.
— Manila Standard

Government to tighten rules vs dirty money, terror funding
The Philippines is laying down a national policy strategy to ensure compliance with international standards and effectively combat money laundering and terrorist financing, a top official of the Anti-Money Laundering Council (AMLC) said.
— Philippine Star

BDO to finance modern jeepneys
Sy family-led BDO Unibank Incorporated announced plans to finance the creation of modern and safer jeepneys as the government’s public utility vehicle (PUV) modernization program kicks into gear.
— Rappler

Philippines To Welcome Ten Blockchain And Cryptocurrency Companies Into Special Economic Zone
On April 25, 2018, the chief of the Cagayan Economic Zone Authority (CEZA) revealed that a collection of blockchain and cryptocurrency companies may soon set up shop in Cagayan Special Economic Zone and Freeport located in the Philippines.
— ETH News

Philippines down 6 notches on World Press Freedom Index shares
Despite being touted as the country with the freest and liveliest press in Asia, the Philippines sank lower in the 2018 World Press Freedom Index of media watchdog Reporters Without Borders (Reporters Sans Frontières, RSF).
— Philippine Star

GSIS earmarks P65-million in loans for Mindanao
The Government Service Insurance System is allocating a total of P65.14 million in emergency loan for its 2,453 active members and old-age pensioners in Carrascal, Cantilan, and Lanuza in Surigao del Sur; and Cateel in Davao Oriental.
— Manila Standard

Army to spend P215 M for combat equipment
The Philippine Army is spending P215.6 million to acquire new equipment for its soldiers and personnel, including 73,130 pairs of combat boots worth P115.5 million, an official said yesterday.
— Philippine Star

SEC accepts Cebu hospital’s P11-M settlement offer
THE Securities and Exchange Commission (SEC) has agreed to an P11.48-million settlement with Allied Care Experts (ACE) Medical Center-Cebu, Inc., after the latter was accused of enticing the public to invest in the company through a share sale without regulatory approval.
— BusinessWorld Online

Senate panel moves to reinforce natural-gas industry in PHL
The Senate Committee on Energy is eyeing remedial legislation reinforcing the Philippines’s downstream natural-gas sector well in advance of the 2024 expiration of the Malampaya gas field franchise.
— Business Mirror

Infra spending hits P157B
The national government’s expenditures for infrastructure and capital outlays in the first quarter exceeded target by 9.6 percent, data released by the Department of Budget and Management (DBM) showed.
— Malaya

DA seeks P123.7-B budget for 2019
The Department of Agriculture (DA) will submit to Congress a budget proposal of P123.7 billion for next year to fund projects meant to boost the country’s food production capacity.
— Philippine Daily Inquirer

Pimentel seeks ‘equalization’ fund for poor provinces
FORMER senator Aquilino Pimentel Jr. wants a provision in the draft Constitution creating an “equalization fund” to be run by a loan commission to help poor federated regions to develop their respective states.
— The Manila Times

Bureau of Customs seizes 17 containers with smuggled onions
The Bureau of Customs (BOC) seized over 500 tons of smuggled onions from China inside 17 containers at the Manila International Container Port Monday, April 23.
— Fresh Plaza

PDEA to release names of village officials included in Duterte’s ‘narco-list’
The Philippine Drug Enforcement Agency (PDEA) announced it will publish the names of village officials included in President Rodrigo Duterte’s so-called “narco-list.”
— ABS-CBN (video)

Philippines willing to export tropical fruits to Uzbekistan
The press service of the Ministry of Foreign Trade of Uzbekistan cited the Ambassador of the Philippines in Uzbekistan as saying his nation is interested in organizing systematic supplies of tropical fruits to Uzbekistan.
— Fresh Plaza

Philippines-based poultry giant mounts $438 million takeover bid for Kiwi brand Tegel
Philippines-based poultry group Bounty Fresh Foods will mount a $437.8 million takeover bid for NZX-listed Tegel Group at a 50 per cent premium to the share price, which has been beaten up after multiple earnings downgrades.

OFW welfare deal with Kuwait to be signed in PH
Foreign Affairs Secretary Alan Peter Cayetano said that the Memorandum of Understanding (MOU) on the welfare of overseas Filipino workers (OFWs) in Kuwait will be signed in the Philippines rather than in the Gulf State.
— Manila Bulletin

Ex-Agriculture chief in Philippines faces trial
The Office of the Ombudsman has found probable cause to charge former Agriculture Secretary Proceso Alcala and 23 others with graft.
— Fresh Plaza

Duterte blames West for rise in terrorism
President Duterte on Wednesday blamed the West for the rise in terrorism, especially in the Middle East.
— Philippines Magazine

Roque to prove legality of documented drug killings
The Presidential Spokesperson, in his defense on the administration’s campaign to eradicate illegal drugs, said that he will personally review drug killings and prove the legality of these cases documented by the Philippine National Police (PNP).
— Philippine Canadian Inquirer

P1.4-B biomass plant to rise in Bukidnon
Preparation is underway for a P1.4 billion proposed 12MW biomass power plant to be constructed at Purok 2, Dicklum in Manolo Fortich town in Bukidnon.
— Philippine News Agency

P13-M loans released to micro businesses
AS OF December 2017, some P13.62 million worth of loans have been released to micro borrowers in Davao Region through the Pagbabago at Pag-Asenso Program (P3) of the Small Business Corporation (SB Corp), a micro-financing agency attached to the Department of Trade and Industry (DTI).
— Sun Star


Feature photo Brian Evans


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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