Philippines morning news for August 17

Philippines morning news for August 17
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Philippines morning newsForeign portfolio investments post net inflow in July: BSP
Registered foreign portfolio investments for the month of July 2018 amounted to USD959 million, reflecting a 5.3 percent improvement from the USD911 million figure in June 2018.
— Philippine Canadian Inquirer

P2.8B revenue loss seen from tariff cut
The Department of Finance said potential revenue loss on imposing a five percent tariff rate on chicken and fish alone is about P2.8 billion.
— Malaya

EU earmarks 2-M euros for conflict victims in Mindanao
The European Commission has allocated 2 million euros or roughly PHP121.7 million in humanitarian aid to provide life-saving assistance to people living in the conflict-torn southern province of Mindanao.
— Philippine News Agency

Duterte’s Fatigue Opens Avenues For Marcos As New Philippine President
Philippine President Rodrigo Duterte, who is 73, could step down if the son of former dictator Ferdinand Marcos succeeds in overturning his 2016 vice presidential election defeat, Duterte’s spokesman Harry Roque said on August 16, Channel NewsAsia reported.
— Investvine

GSIS allots P2-b emergency loans to storm victims
The Government Service Insurance System has allotted P2.08 billion in emergency loans for its active members and old-age pensioners who were affected by calamities in Cavite (tropical storms “Henry,” “Inday” and “Josie”); in Marikina City (“Josie”); and in the municipality of Rizal in Palawan (typhoon “Vinta”).

Malacañang releases list of 2019 holidays
Malacañang on Thursday released the list of regular holidays and special non-working holidays for 2019.
— Philippine News Agency

NEDA clears P22-billion Japan ODA for MRT-3 rehabilitation
The use of official development assistance (ODA) to fund the rehabilitation of the Metro Rail Transit (MRT) Line 3 was approved yesterday by the Investment Coordination Committee – Cabinet Committee (ICC-CabCom) of the National Economic and Development Authority (NEDA).
— The Philippine Star

Fish output up 2.64% to 1.13 million MT in Q2
THE Philippines’ total fish production increased by 2.64 percent to 1.13 million metric tons (MT) in the second quarter of 2018, the Philippine Statistics Authority (PSA) said.
— The Manila Times

Gatchalian eyes suspension of TRAIN law
Senator Sherwin Gatchalian on Thursday said his committee might recommend the suspension of the tax reform law upon hearing the incomplete status of government programs designed to cushion the law’s effect on inflation.

Nonprofit schools, hospitals to keep special tax rate
The Department of Finance (DOF) yesterday clarified that non-profit private schools and hospitals would retain their 10-percent income tax rate as long as they “adhere to high standards of service,” as proposed under the second package of the administration’s tax reform program.
— Philippine Daily Inquirer

DOT plans to raise bar for PH tourism industry
The Department of Tourism (DOT) plans to raise the bar for the country’s tourism industry, as it eyes to improve airports and seaports in order to lure more foreign tourists in the Philippines.
— Manila Bulletin

SSS seeks P2.24-M collection from delinquent Bacolod employers
The Social Security System (SSS) expects to collect P2.24 million in contribution delinquencies from 10 employers in this city following its sixth regional Run After Contributions Evaders (RACE) Campaign conducted Thursday, August 16.
— Philippine News Agency

SWS: Filipinos see quality of life worsening in Q2 2018
More Filipinos believe that their lives worsened in the second quarter of 2018, according to an independent pollster.
— CNN Philippines

FNI nickel-ore output in H1 down by 19%
GLOBAL Ferronickel Holdings Inc. (FNI) said its nickel-ore shipment in the first half fell by 19 percent to 1.55 million wet metric tons (WMT) as the firm shifted to higher-grade minerals to capitalize better prices in the world market.
— Business Mirror

QC named most competitive city in PH
Quezon City topped Philippine cities in overall competitiveness based on the 2017 competitiveness ranking project of the National Competitiveness Council of (NCC) the Philippines.
special non-working holidays for 2019.
— Malaya

BSP sees prices reaching peak in August, September
The rise in prices of widely-used goods will likely be at its fastest pace in August or September, a central bank official said.
— CNN Philippines

Senators slam agencies over high inflation
Lawmakers questioned several government agencies over their supposed lack of urgency in addressing the needs of the poor amid the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law this year.
— Rappler

US defense official cautions PH against acquiring Russian weapons
The acquisition of military equipment from Russia by the Philippines may hurt its long-standing alliance with the United States, according to a top US defense official who is visiting Manila.
— Philippine Daily Inquirer

ADB adjusting microgrid business model to allow private investment
THE Asian Development Bank (ADB) said it plans to scale up its Philippine pilot microgrid project by employing a business model that will not require grant money from the multilateral lender.
— BusinessWorld Online

AirAsia seeks to operate, maintain Clark airport
Malaysia’s AirAsia Group joined the ranks of those keen on the operations and maintenance (O&M) of the Clark International Airport, among the gateways being pitched as an alternative to the congested Ninoy Aquino International Airport (Naia) in Manila.
— The Nation

Philippines plan to irrigate coconut farms
Agriculture Secretary Emmanuel Piñol from the Philippines plans to have coconut farms in the country irrigated in an attempt to fortify the country’s status of being one of the world’s top producers of coconut.
— Fresh Plaza

Economic managers to hammer out ‘hybrid’ compromise budget
STATE economic managers will meet with President Rodrigo R. Duterte on Friday to discuss a “compromise” between the Executive’s original P3.757-trillion cash-based budget and a “hybrid” system that will include funds that can be disbursed for more than a year.
— BusinessWorld Online

Private workers entitled to 230% overtime pay on Aug. 21
Private sector workers who will report to work on Tuesday are entitled to receive 230 percent of their salary for that day, as two declared holidays fall on the same day, the Department of Labor and Employment (DOLE) said on Thursday.
— Philippine News Agency

Reduced Liquidity in the Philippines Uncovers Excessive Leverage at the Largest Firms
The overall financial conditions for coporates in the Philippines have worsened with the key deterioration concentrated in large corporates, while the top 25 firms by asset size have high leverage, low repayment ability and worsening financial health, said Natixis recently.
— CFO innovation

SEC approves guidelines on ASEAN Green Bonds
THE Securities and Exchange Commission (SEC) has approved the guidelines for the issuance of ASEAN (Association of Southeast Asian Nations) Green Bonds in the country, which will be used to specifically fund green and sustainable projects.
— BusinessWorld Online

Philippines: Disaster Capitalism, Inc
101 East investigates the corporations that profit from the chaos and misery of disaster-prone Philippines.
— Aljazeera

PH-China joint exploration framework eyed by September: Cayetano
MANILA – The framework of the joint exploration deal between the Philippines and China might be agreed upon by September, Foreign Affairs Secretary Alan Peter Cayetano said Wednesday.

BSP books higher net income in first semester
THE BANGKO SENTRAL ng Pilipinas (BSP) saw its bottom line surge during the first semester, boosted by sizeable gains from currency trading at a time of a weaker peso.
— BusinessWorld Online

NFA to supply rice in flooded areas
The National Food Authority is ready to supply rice needed by local government units (LGUs) and relief agencies in various flooded areas in Luzon, including Metro Manila, heavily affected by storm-enhanced monsoon rains locally called “habagat.”
— Northbound Philippines


Feature photo Peter Rowley


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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