Philippines morning news for December 14

Philippines morning news for December 14
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Philippines morning newsCongress fails to pass 2019 budget bill
Lawmakers adjourned their session for their month-long Christmas vacation without approving the proposed P3.757-trillion national budget for next year.
— The Philippine Star

7.2-M foreign tourists seen by year-end–DOT
THE Department of Tourism (DOT) projects foreign visitor arrivals to reach only some 7.2 million this year due to the closure of Boracay Island.
— Business Mirror

Tax relief a signature away; to raise P41B
The government is expected to raise up to P41 billion from a tax amnesty program that grants those who have failed to pay for taxable year 2017 and prior years a one-time opportunity to settle tax obligations including estate taxes, general taxes and delinquent accounts.
— Malaya

Bangko Sentral keeps overnight borrowing rate steady at 4.75%
The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, kept the overnight borrowing rate unchanged at 4.75 percent in its last meeting for the year, after five successive hikes since May.

PHL ranking in B2C E-commerce index jumps four notches in 2018
The economy is becoming more open to supporting online shopping in the Philippines, according to the latest study from the United Nations Conference on Trade and Development (Unctad).
— Business Mirror

Proposed financial tax overhaul seen to raise revenues
A House bill which seeks to overhaul the tax system on the country’s financial sector is estimated to bring in additional government revenues in the first two years of its implementation, before gradually tapering off to become a revenue-neutral measure by the third year, the Department of Finance (DOF) said yesterday.
— The Philippine Star

BSP halts rate hikes as inflation slows
As expected, the Bangko Sentral ng Pilipinas (BSP) decided yesterday to keep interest rates steady, pausing from a tightening episode that saw rates rise by 175 basis points in five straight rate-setting meetings since May this year to rein in inflation.
— The Philippine Star

DOST scholars run Asean’s first nutrient-testing lab
The Department of Science and Technology (DOST) has shown time and again that investing in programs to develop the country’s human capital will prove beneficial in the long run.
— Manila Bulletin

World Bank projects growth in remittances to PH slowing to 2.8%
The Philippines is expected to remain among the biggest destinations of remittance flows this year even as the World Bank projected slower growth due to the repatriation of overseas Filipino workers (OFWs) from the Middle East.
— Philippine Daily Inquirer

Duterte signs order on car procurement
PRESIDENT Rodrigo Duterte has signed a measure that aims to centralize the system of procurement on government motor vehicles.
— The Manila Times

PDIC to bid out P70M worth of properties around Mindanao
RESIDENTIAL, commercial, and industrial lots in different parts of Mindanao are up for bidding by the Philippine Deposit Insurance Corporation (PDIC) on Jan. 9, 2019.
— BusinessWorld Online

Vehicle sales dip 14.4% in January-November
VEHICLE sales after 11 months slumped 14.4 percent, with all segments registering double-digit declines in November, according to data from the Chamber of Automotive Manufacturers of the Philippines (Campi) and Truck Manufacturers Association (TMA).
— Business Mirror

Filipino senior vets to get 300% hike in old-age pension starting next year
THE 300 percent increase in the monthly old-age pension of Filipino senior war veterans has been transmitted to Malacanang last Nov. 26 and is now just awaiting President Duterte’s signature.
— Business Mirror

Philippines prods China on terms for joint exploration
The Department of Energy (DOE) has reached out to its Chinese counterpart to start laying down the framework for possible joint oil and gas exploration in the disputed waters, its top official said.
— The Philippine Star

EU awards P1.25-B energy grants to PH organizations
The European Union (EU) on Thursday awarded seven Filipino organizations with clean energy grants worth 21 million euros or about PHP1.2 billion.
— Philippine News Agency

Philippines’ Rule of Law score dips further
The Philippines scored 3.4 out of 10 points in Rule of Law the latest 2018 Human Freedom Index, where the country dropped two places among 162 countries measured.
— The Philippine Star

EU, Philippines sign 7 contracts for clean energy projects
The European Union (EU) Delegation to the Philippines on Thursday said the EU and the Philippines signed seven contracts for projects that would offer “clean energy” to 40,000 households in the country.

Church hits call to display one Balangiga bell in National Museum
The Catholic Church on Thursday rejected a proposal to transfer 1 of the 3 historic bells of Balangiga to the National Museum.
— ABS-CBN News

Senate ratifies bicam report on cancer control
The Senate on Thursday ratified the bicameral conference report on the measure would establish a national framework to combat cancer.
— Manila Bulletin

PH to become production hub, exporter of vehicles
Trade and Industry (DTI) Secretary Ramon Lopez has raised the potential of the Philippines to become a production hub and exporter of vehicles in the ASEAN region.
— Manila Bulletin

5 ex-NHA execs face 10-year jail term for ‘ghost’ project
For overpayment of a “ghost” project in Bacolod City in 1992, the Sandiganbayan has sentenced five former executives of the National Housing Authority (NHA) to 10 years imprisonment.
— Philippine News Agency

Ex-LTFRB chief: Law vs use of motorcycles as public-transport vehicles ‘antiquated’
THE law that prohibits the use of motorcycles for public transport is antiquated and is in dire need of amendments, a former chief of the Land Transportation Franchising and Regulatory Board (LTFRB) commented on the recent termination order against motorbike-hailing app Angkas.
— Business Mirror

50,000 jobs for whom?
Last month, a report quoted Philippines Trade and Industry Secretary Ramon Lopez as saying that the construction of a 305-hectare integrated steel manufacturing plant in Mindanao, is expected to generate 50,000 jobs for Filipino workers.
— The Asean Post

Mitsubishi PH starts exports in ’19
Mitsubishi Motors Corp. (MMC) will start exporting Mirage/G4 and L300 from the Philippines in 2019.
— Malaya

Saudi woes displace, strand 7K OFWs—Migrante International
Around 7,000 overseas Filipino workers (OFWs) in the oil-rich Kingdom of Saudi Arabia (KSA) have been displaced from their jobs, as the Arab country continues to reel from its economic woes, according to the Migrante International (MI).
— Business Mirror

Japan offers air defense radars to PH: Lorenzana
Defense Secretary Delfin Lorenzana on Thursday confirmed that Japan is offering the country air defense radars, which if acquired, will boost the Philippine Air Force (PAF) surveillance and monitoring capabilities.
— Philippine News Agency

NOW Telecom unveils LTE network in Pasig
NOW Telecom on Thursday launched its Fourth Generation (4G) long term evolution (LTE) network in Barangay Sta. Lucia in Pasig City as it sought to strengthen its presence in the residential market, a month after it withdrew its bid to join the government’s search for the Philippines’ third major telecommunications player.
— The Manila Times

Philippines: Marine, 3 Abu Sayyaf Gunmen Killed in Fighting
A Marine and three Abu Sayyaf militants were killed in a firefight in the southern Philippine province of Jolo Thursday, a day after Congress approved President Rodrigo Duterte’s request to extend martial law in the Mindanao region for one more year to quell terrorist violence.
— Benar News

SSS to build processing center on donated Camarines Norte lot
SOCIAL Security System (SSS) President and CEO Emmanuel F. Dooc said they plan to build the SSS provincial office and processing center on a 1,000-square-meter lot donated by the local government unit (LGU) of Camarines Norte.
— Business Mirror

BSP orders risk-variable capital buffers for banks
Philippine banks will soon be able to free up previously tied down capital to help them earn more during periods of stress while having to augment equity during good times when funds are aplenty, thanks to a new reform measure pushed by Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr.
— Philippine Daily Inquirer

LTFRB to open 20K slots for TNVS providers
The Land Transportation Franchising and Regulatory Board (LTFRB) is set to open new slots for transport network vehicle service (TNVS) providers by next week to address the demands of the commuters.
— Malaya

Shabu in magnetic lifters: Raps filed vs. former cop, ex-officials, over 40 others
More than 40 persons – including former law enforcement officials – are facing criminal complaints over the smuggling of multibillion-peso shabu shipments.
— CNN Philippines

69 Chinese, Korean illegal workers nabbed
THE BUREAU of Immigration (BI) and Clark Development Corp. arrested 45 Chinese and 24 Koreans last Dec. 10 for working in the country without proper visas.
— BusinessWorld Online

BSP now requires banks to boost reserves to cope with credit spike
The Bangko Sentral ng Pilipinas (BSP) has introduced a new risk management measure that would require big banks to set aside additional capital as reserves to protect the banking sector from periods of excess aggregate credit growth.
— The Philippine Star

DA suspends Indian buffalo meat importers
THE Department of Agriculture (DA) has suspended two importers of Indian buffalo meat — Alm Food Products Ltd. and Mirha Exports PVT Ltd — due to outbreak of foot and mouth disease (FMD) in India’s Punjab state.
— BusinessWorld Online

Gov’t troops ready as CPP orders NPA to launch attacks
The Police Regional Office 11 (PRO 11) placed all units on high alert after the Communist Party of the Philippines (CPP) directed the New People’s Army (NPA) to launch attacks in response to the extension of martial law.
— Manila Bulletin

Continental to hire more in PH to tap autonomous car demand
Auto parts supplier Continental Temic Electronics Philippines said Thursday it was planning to hire more people for its Laguna plant, citing opportunities in the electric and autonomous car industries.
— ABS-CBN News

Philippines: Life inside one of the world’s most congested jails
The Philippines has the world’s most congested jails – overflowing with tens of thousands of people arrested, particularly since President Rodrigo Duterte announced his “war on drugs” in 2016.
— Aljazeera


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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