Philippines Morning News For August 28

Tourist arrival target maintained at 7.4 million despite Boracay closure
THE Department of Tourism said it remains on track to hit its target of 7.4 million visitors this year despite the six-month closure of Boracay island.
— BusinessWorld Online

Biofuels Act suspension endangers P30B investments
The Center for Alcohol Research and Development Foundation (CARD Foundation) said suspension of the implementation of the Biofuels Act will imperil the country’s P30-billion bioethanol industry and drive away foreign investors.
— Malaya

Tax appeals court rules against BIR on firm’s P12.9-million VAT deficiency
THE Court of Tax Appeals has granted a petition filed by Process Machinery Company, Inc. (PMCI) to set aside a value-added tax (VAT) deficiency assessed by the Bureau of Internal Revenue.
— BusinessWorld Online

14 foreign firms eyeing PH petroleum search contracts
At least 14 companies, including multinational energy firms, have already signified interest in the US$2.4 billion worth of upstream petroleum investments offer of the Philippines at its week-long roadshow in this city state.
— Manila Bulletin

SMC allots P22.9 billion for Manila North Harbor upgrade
San Miguel Corp. (SMC) has set aside P22.9 billion for the ongoing rehabilitation and modernization of the Manila North Harbor, a 55-hectare port facility in Tondo, Manila, which is targeted for completion in 2022.
— The Philippine Star

Hot money flows strong just before Ghost Month
GLOBAL investors looking for short-term yield remained upbeat on Philippine prospects just before the onset of the so-called Ghost Month for the year, data from the Bangko Sentral ng Pilipinas (BSP) showed.
— Business Mirror

Philippines eyes extra imports of Thai rice amid ‘crisis’
The Philippines’ agriculture minister said on Monday he has proposed the importation of an additional 132,000 tonnes of rice by the private sector to address “very limited” supplies of the staple food in the country’s southern provinces.
— Bangkok Post

Amnesty renews call to drop charges against De Lima
Human rights group Amnesty International stressed its call for the Philippine government to drop politically motivated charges against Sen. Leila de Lima.
— The Philippine Star

Economic zone developers buck 2nd set of tax reforms
A group of private economic zone developers expressed concern over the possible impact of Comprehensive Tax Reform Package 2 on investments in the country.
— Manilastandard.net

Petron’s P20-B bond issuance gets top credit rating
PETRON CORP. has secured the highest credit rating for its proposed P20-billion fixed rate bond issuance this year, a local debt watcher said.
— BusinessWorld Online

Supreme Court holds oral arguments on ICC withdrawal
Oral arguments on the Philippines’ withdrawal as a member from the International Criminal Court (ICC) are scheduled for Tuesday afternoon, August 27, with Teresita Leonardo de Castro presiding on her first official day as Chief Justice.
— Rappler

Senators urged to raise cigarette taxes to fund healthcare plan
A local health advocacy group is urging the Senate to act on bills calling for the passage of the Universal Health Care (UHC) law and to ensure the plan’s funding by also approving bills raising the taxes on cigarettes.
— Philippine News Agency

Only 12% of drug-related court cases resolved as of 2017 – judiciary report
The country’s courts have resolved only 12 percent of the almost 300,000 pending drug-related cases inundating their dockets as of last year, data from the judiciary shows.
— Philippines Magazine

PAL offers P199, $79 promo fares
Philippine Airlines on Monday said it’s offering fares for as low as P199 for through its PAL Ultimate Seat Sale promo.
— ABS-CBN (video)

Fishers group urges boycott of imported galunggong
A group of fishermen yesterday vowed to campaign for a nationwide boycott of imported galunggong (round scad), insisting that while the imports are expected to cost less than local harvest, they are a health hazard.
— The Philippine Star

Gov’t funding utilization rises slightly to 78% at end-July
CASH USAGE by government agencies rose slightly to 78% in the seven months to July, the Department of Budget and Management (DBM) said.
— BusinessWorld Online

Solar Philippines to install mini-grids in 12 towns
Solar Philippines Power Project Holdings, Inc. said it would bring round-the-clock power supply to 12 towns by installing mini-grids under its Solar Para sa Bayan initiative.
— The Manila Times

Government asks China to join Marawi pledging session
The Philippine government invited China to participate in the pledging session in November to raise funds for the recovery and rehabilitation of war-torn Marawi City.
— Manilastandard.net

How cryptocurrencies can help Filipino migrant workers cut remittance cost
As the Philippines continues to hold rank as the Southeast Asian country with the largest number of migrant workers heading overseas, the amount of money being sent home to family members in the island nation is rising.
— Southeast Asia Globe

Pag-IBIG releases 22% higher socialized housing loans in first half of 2018
The Home Mutual Development Fund or Pag-IBIG Fund extended P4.859 billion in socialized housing loans to 12,639 low-wage earners in the first half of the year.
— The Philippine Star

NEDA readies investment program for Boracay Island
The National Economic and Development Authority (NEDA) said that it is drafting an investment program for the Boracay Island as part of the national government’s rehabilitation and recovery efforts in the country’s premier tourist spot.
— Manila Bulletin

PH considering trade agreement with Turkey – DTI
THE Philippines is eyeing a preferential trade agreement (PTA) with Turkey and looking at products that can be sourced from that country, the Department of Trade and Industry (DTI) said.
— The Manila Times

Suppliers to pay for fumigation of bukbok-infested rice
The National Food Authority (NFA) said the government will not pay for the fumigation of weevil- or bukbok-infested rice.
— Rappler

Philippine men’s basketball team bows out of medal race as South Korea advances to semis
The Philippine men’s basketball bowed down to South Korea, 91-82, Monday at the Gelora Bung Karno Sports Complex in Jakarta, Indonesia.
— Business Mirror

Catholic priest says life in danger for criticizing Duterte
A Roman Catholic priest who was one of the earliest critics of Philippine President Rodrigo Duterte’s deadly crackdown on drugs has gone into hiding due to what he says were signs he’s being targeted by motorcycle-riding hitmen.
— Philippines Magazine

PAL to cancel flights in Cebu-Mactan airport from Sept. 1-21
DUE to the temporary closure of the Cebu-Mactan International Airport runway for repair and rehabilitation, Philippine Airlines (PAL) will either delay or cancel several flights from September 1 to 21.
— Business Mirror

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