Philippines Morning News For December 27

Hot money seen to end ‘18 with net outlfow of $100 million
The Bangko Sentral ng Pilipinas said it expects foreign portfolio investments or hot money to end with a $100-million net outflow in 2018, lower than the shortfall of $800 million in 2017.
— Manilastandard.net

Signal No. 1 raised over 12 areas amid Usman threat
State weather bureau PAGASA raised Tropical Cyclone Warning Signal Number 1 over 12 areas in the central Philippines early Thursday amid the threat of Tropical Depression Usman.
— ABS-CBN News

Remittances to hit past $31-B this year —solon
Remittances from overseas Filipinos are expected to hit more than $31 billion this year, Representative Henry Ong said, citing figures from the Bangko Sentral ng Pilipinas.
— GMA News

Round 2 of fuel tax hike only for new stocks: Energy dept
The second round of increase in excise taxes on fuel will apply only to new stocks that are expected to retail from Jan. 15, the Department of Energy said Wednesday.
— ABS-CBN News (video)

DTI bans sale of uncertified steel bars
THE Department of Trade and Industry (DTI) said it imposed new rules covering the product safety (PS) certification of certain steel bar products.
— BusinessWorld Online

Unfinished convention center costs P585M
Deformed and rusty steel bars protruding from an elevated concrete platform give a structure at Barangay Tamag here the look of a demolished building.
— Philippine Daily Inquirer

Microsoft PH links up with AIM incubator to boost local start-ups
Microsoft Philippines recently sealed a partnership with the Asian Institute of Management-Dado Banatao Incubator (AIM-DBI/The Incubator), to strengthen The Incubator’s program by equipping Philippine startups with innovative solutions mainly powered by Microsoft’s cloud-based technology, Azure, through rhipe Philippines, Inc., its cloud indirect provider.
— Manila Bulletin

Philippines to continue incurring CA deficit, says Fitch Ratings
The country may experience wider current account (CA) deficits in the next two years due to strong capital goods imports and a sharp slowdown in exports, according to Fitch Ratings.
— The Philippine Star

China’s 1st completed project in PH: Sarangani Rehab Center
It took less than a year for China to finish its first infrastructure project in the Philippines — a drug rehabilitation center here.
— Philippine Daily Inquirer

Customs urged to donate 30K bags of seized rice to DSWD
guez III has ordered newly-installed Bureau of Customs (BOC) Commissioner Rey Leonardo Guerrero to make a fresh donation of 30,000 bags of undocumented rice shipments to the Department of Social Welfare and Development (DSWD) to aid in the government’s anti-poverty and disaster relief programs.
— Philippine News Agency

Navotas grants new homes to 60 at-risk families
The Navotas City Government has gifted new homes to Navoteño families who previously lived by the sea or river.
— Manilastandard.net

MetroPac obtains P24-billion loan to build Cavite-Laguna road
MPCala Holdings Inc., a unit of Metro Pacific Tollways Corp., obtained a P24.2-billion loan from six local banks to partly finance the construction and concession fee for the Cavite Laguna Expressway project.
— Manilastandard.net

Banks’ trust assets grow 2.4% in Q3
Banks’ trusts business went up by 2.40 percent year-on-year to P2.470 trillion as of end-September from P2.412 trillion, based on Bangko Sentral ng Pilipinas (BSP) data.
— Manila Bulletin

Metro Manila to kick off construction of P350-B subway in January
The Department of Transportation (DOTr) is set to hold the groundbreaking event for its P350-billion subway project in Metro Manila by next month.
— Philippine Daily Inquirer

Davao City’s contractual workers to get above P10,000 salary in 2019
CONTRACTUAL workers of the Davao City government, currently receiving an average of P7,400 a month, are getting a salary increase in 2019 with the approval of next year’s P8.8 billion budget.
— BusinessWorld Online

Consumer groups exhort govt to oversee third telco system
A NETWORK of consumer groups has urged the Duterte administration to take charge of the operations of third telecommunications system instead of a private entity to ensure affordable and quality service.
— Business Mirror

CPP marks founding anniversary amid military offensives
The Communist Party of the Philippines (CPP) celebrated its 50th founding anniversary on Wednesday in small groups and scattered areas to avoid the military’s relentless and intensified counterinsurgency operations, a spokesperson said.
— Inquirer.net

NUJP slams ‘CPP legal front’ tag, ‘takedown’ of alternative media sites
The National Union of Journalists of the Philippines (NUJP) on Wednesday denounced a publicized claim that it was a “legal front” of the Communist Party of the Philippines (CPP).
— GMA News

More Philippines firms shift to Chinese yuan
The demand for Chinese yuan or renminbi (RMB) among Philippine companies is increasing amid improving economic relations between Manila and Beijing.
— The Philippine Star

Production spurred by infrastructure build expected to propel Philippines up ranks of biggest economies
THE PHILIPPINES can be expected to close in on the top 10% of the world’s major economies in the next 15 years, partly as improved infrastructure spurs overall economic growth, according to a London-based consultancy.
— BusinessWorld Online

11 soldiers wounded in Compostela Valley clash with NPA
Eleven soldiers were wounded on Wednesday, December 26, after clashing with members of the communist New People’s Army (NPA) in Monkayo, Compostela Valley.
— Rappler

PH tax academy to offer off-campus, online courses
The government’s tax academy will start offering an off-campus specialized study program on public finance along with online courses in 2019.
— The Manila Times

CHR to boost inquiry on human rights violations in drug war, Mindanao martial law
THE COMMISSION on Human Rights (CHR) aims to strengthen its investigation on human rights violation cases in relation to President Rodrigo R. Duterte’s nationwide war on drugs in 2019.
— BusinessWorld Online

Cement imports imperil 42,000 Filipino jobs
Local cement manufacturers are poised to employ some 400,000 Filipinos, directly and indirectly, by 2030 should a favorable business environment and enough government support allow them to sustain growth.
— The Philippine Star

Duterte raises bounty for solon’s killers to P50M
President Rodrigo Duterte raised the bounty for the killers of Ako Bicol Rep. Rodel M. Batocabe during his visit to the slain lawmaker’s wake in this city Wednesday evening.
— Inquirer.net

Credit card companies move to paperless billing
More Philippine companies are moving towards paperless billing, but a consumer group insists customers should still be entitled to paper billing without additional charge. Alvin Elchico reports.
— ABS-CBN News (video)

DOLE sets signing of Manila-Moscow OFW pact in March
THE Department of Labor and Employment (DOLE) will forge a new bilateral labor agreement (BLA) with Russia early next year to safeguard the welfare of skilled overseas Filipino workers (OFWs) there.
— Business Mirror

12 truckloads of trash hauled from Rizal Park
At least 12 truckloads of garbage left by families who celebrated Christmas in Rizal Park were collected from the popular tourist destination in Manila, officials said yesterday.
— The Philippine Star

Feature photo Australian Institute of International Affairs

This week’s morning news photo features a defining moment, event, or situation from 2018 for each country as chosen by our editors.

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.

Philippines morning news for December 27 added by Stella-maris Ewudolu on December 27, 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.