Philippines morning news for December 12

Philippines morning news for December 12

Philippines morning newsFDI net inflows climbed 24.2% to $8b in 3 quarters
Net inflows of foreign direct investments climbed 24.2 percent in the first three quarters to $8 billion from $6.5 billion a year ago, as investors considered the Philippines as one of the best places to invest in this year, the Bangko Sentral ng Pilipinas said Tuesday.

House OKs draft federal constitution
The House of Representatives on Tuesday approved on third and final reading its proposed constitution that seeks to shift to a federal form of government.
— CNN Philippines

Trade deficit widens further to $33.9 B in 11 months
The country’s trade gap further widened in October as imports outpaced the growth of exports amid the Duterte administration’s infrastructure push, data from the Philippine Statistics Authority (PSA) revealed yesterday.
— Manila Bulletin

DBM assailed over P75-B ‘insertion’ in proposed national budget for 2019
It’s not P51 billion, but a whopping P75 billion that the Department of Budget Management (DBM) allegedly “inserted” in the proposed 2019 national budget – a development the Department of Public Works and Highways (DPWH) is not aware of.
— Manila Bulletin

Philippines to become 18th largest economy by 2037 — report
The Philippines is expected to become the 18th largest economy in the world over the next twenty years, Capital Economics reported, citing the Southeast Asian nation’s young workforce.
— The Philippine Star

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BoI approves Seaoil’s P287-m Davao depot
The Board of Investments approved the registration of Seaoil Philippines’ 4 Storage-Tank Oil Depot in Davao del Sur with a combined capacity of 36.9 million liters to contain both gasoline and diesel fuels.

Philippines’ total trade grew 14 pct in October
The Philippines’ total trade reached 16.43 billion U.S. dollars in October 2018, a 14 percent increase from 14.41 billion U.S. dollars recorded in October 2017, the Philippine Statistics Authority (PSA) said on Tuesday.
— Xinhua

P16.8-B DOH budget for health units to be restored
The Senate will look for funds to restore the P16.8 billion slashed from the proposed budget of the Department of Health (DOH) that was supposed to be spent on equipment for 900 health centers and complete the construction of more than 300 others, or these facilities will go unused next year.
— Philippine Daily Inquirer

Makati fire burns down 300 houses, P10m worth of property
At least 300 houses and P10 million worth of property were destroyed when a fire of still unknown origin struck a residential barangay in Makati City early Tuesday morning.

U.S. Returns Bells Taken as War Booty From Philippines in 1901
Three church bells taken from the central Philippines as war booty by American troops more than a century ago were flown to their original home Tuesday, ending a contentious flash point in relations between the two longtime military allies.
— The New York Times

Japan mulls financial aid to Bangsamoro body
The Japanese government is planning to modify its existing support to the Autonomous Region in Muslim Mindanao (ARMM) for the establishment of the new Bangsamoro Transition Authority (BTA), Japanese Ambassador Koji Haneda said Tuesday.
— Philippine News Agency

Czech Republic donates P6.66 M for ‘Ompong’ rehab
The Czech Republic has donated some P6.66 million for the rehabilitation of the settlements in Northern Luzon that were ravaged by Typhoon “Ompong” in September, 2018.
— Manila Bulletin

DPWH seeks P2B to fund Leyte road
The Department of Public Works and Highways (DPWH) will secure P2 billion to complete by 2019 the Tacloban-Palo diversion road project which will decongest traffic and curb flooding in Leyte province.
— Malaya

DOT, DOTr to develop 85 airports in PH for tourism growth
The Department of Tourism (DOT) partnered on Monday with the Department of Transportation (DOTr) to develop at least 85 airports across the country to promote tourism growth.
— Philippine News Agency

Online hiring up 25% in Oct. — Monster
MONSTER.COM said online hiring grew 25% year-on-year in October, with most industries posting double-digit growth in recruitment activity.
— BusinessWorld Online

PHL still ranked 10th in white paper on digital transformation
WITH more advanced technologies such as 5G and artificial intelligence knocking at the Philippines’s door, the country’s digital transformation remains stagnant, according to a white paper released by the Economist Intelligence United (EIU).
— Business Mirror

Andaya grills Diokno over P75-B ‘insertion’ in DPWH budget for 2019
A heated exchange erupted at the Batasang Pambansa after House Majority Leader Rolando Andaya Jr quizzed Budget Secretary Benjamin Diokno about the alleged multi-billion-peso allocations that the latter’s department “inserted” into the proposed P3.757-trillion budget for 2019.
— Rappler

House panel approves transfer of Mislatel control
THE HOUSE COMMITTEE on Legislative Franchises approved on Tuesday the transfer of controlling interest in Mindanao Islamic Telephone Company, Inc. (Mislatel) to its partners in setting up the third entrant to the telecommunications industry.
— BusinessWorld Online

Philippines signs labor deal to allow Filipinos to work in Israel
Israel and Philippines signed a labor agreement that allowed 1,000 Filipinos to work in Israeli hotels, the Department of Foreign Affairs (DFA) said on Tuesday.

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BOI OKs P820-M oleochemicals plant in Batangas
The Board of Investments (BOI) has approved the PHP820-million investment of Balayan Bay Batangas Development, Inc. (BBBDI) for an oleochemicals plant within the Phoenix Petrochemicals and Industrial Park in Calaca, Batangas.
— Philippine News Agency

Districts of 3 Duterte allies to get P12.5-B allocation next year, says Andaya
Three allies of President Rodrigo Duterte in the lower chamber will get the biggest allocations for public works projects under the proposed 2019 budget, House Majority Leader Rolando Andaya said Tuesday.
— ABS-CBN News

Antonio Trillanes IV leaves for US, Europe
Sen. Antonio Trillanes IV took the 3 a.m. Eva Air flight at the Ninoy Aquino International Airport (NAIA) Terminal 1 yesterday for trips to the United States and Europe.
— The Philippine Star

Sandiganbayan can still be asked to clarify P124M return in Revilla case
FORMER senator Ramon “Bong” B. Revilla, Jr. and the prosecution may still ask the Sandiganbayan for clarification on whether the acquitted ex-solon is required to remit P124.5-million to the government in connection with the Priority Development Assistance Fund (PDAF) scam, according to Integrated Bar of the Philippines President (IBP) Abdiel Dan Elijah S. Fajardo.
— BusinessWorld Online

Insurance premium reaches P218.9b as penetration rate improves to 1.76%
Total premium of the insurance industry grew 18 percent to P218.91 billion as of the end of third quarter from P185.51 billion a year ago, as the insurance penetration rate improved to 1.76 percent, the highest in five years.

Telco to sell stake in tech startup
PLDT Inc. plans to sell a portion of its stake in Germany’s Rocket Internet, a technology start-up, by next year.
— Malaya

PH, EU sign Horizontal Aviation Agreement
The Philippines and the European Union (EU) have signed the PH-EU Horizontal Aviation Agreement during a ceremony held at the Justus Lipsius Building in Brussels on 29 November 2018.
— PTV News

PLDT mulls sale of more shares in Rocket Internet
PLDT Inc. may dispose of its remaining stake in Berlin-based Rocket Internet next year, its chairman and chief executive officer Manuel V. Pangilinan said.
— The Philippine Star

Gov’t raises P15B from seven-year bonds at auction
THE GOVERNMENT raised another P15 billion from its auction of Treasury bonds (T-bonds) yesterday, and decided to shore up more funds by opening a tap facility for the fourth straight week.
— BusinessWorld Online

Fiber regulator seeking 2019 budget of P600M
THE Philippine Fiber Industry Development Authority (PhilFIDA) said it is seeking a P600 million budget for 2019 to pursue its development and marketing initiatives for the industry.
— BusinessWorld Online

FDA warns public vs 6 unregistered food products
The Food and Drug Administration has warned the public against six food products that are not registered with the FDA.
— The Philippine Star

Duterte sets aside career service eligibility for Palace appointees
President Duterte on Tuesday said that career executive service eligibility is not a primordial consideration among current and prospective government appointees under his administration, saying he is inclined to give more weight on individual honesty and competence.
— Business Mirror

Russia allows fisheries exports from Philippines
Three companies from the Philippines were allowed to export tuna, sardines and other fisheries to Russia, after officials from the 2 countries discussed agriculture cooperation here for the first time, Manila’s envoy said.
— ABS-CBN News

Congress to hold joint session on Mindanao martial law extension
The Senate and the House of Representatives will hold a joint session on Wednesday to deliberate and vote on the request of President Rodrigo Duterte to extend martial law in Mindanao for another year.
— CNN Philippines

EDC bags 2.50-MW power supply deal
Lopez-led Energy Development Corp. (EDC) has signed a two-year contract to power the manufacturing operations of Citizen Machinery Philippines Inc.(CMP) in Tanuan, Batangas.
— The Philippine Star

PH adopts global migration compact
THE Philippines appealed to foreign governments to treat migrants “with decency” as it adopted on Monday the Global Compact for Safe, Orderly and Regular Migration (GSM) that aims to protect the rights of migrants workers and refugees.
— The Manila Times


Feature photo World Bank

This week’s Philippines morning news feature photo acknowledges International Universal Health Coverage Day, December 12.


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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