Philippines morning news for December 5

Philippines morning news for December 5

Philippines morning news‘Philippines to miss growth targets in 2018 and 2019’
Sun Life of Canada (Philippines) Inc. expects the Philippines to miss its economic growth target for this year and next.
— The Philippine Star

Recto bares gaps in P3.757-trillion budget bill
CITING “gaps” in the billions of pesos in the proposed P3.757-trillion national budget for 2019, Senate President Pro Tempore Ralph G. Recto on Tuesday asserted the need to fund certain measures in the annual money measure.
— Business Mirror

Makati schools to get P100 million
Makati City Mayor Abigail Binay has allocated P100 million for free educational field trips and other off-campus activities of thousands of public school students in the city.

SC rules Palawan not entitled to share in $10B Malampaya revenues – sources
The Supreme Court (SC) has unanimously voted to deny the province of Palawan its share in gross revenues of the Malampaya natural gas project, sources told ABS-CBN News.
— ABS-CBN News

NFA local palay purchases surge 79%
The National Food Authority (NFA) has procured a total of 1,012,172 bags of palay from local farmers from January to November this year with 926,854 bags or 92 percent bought during the months of October and November.
— Malaya

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Nexans wins major subsea grid contract in Philippines
French cable company Nexans has won a contract worth over $100m for a major interconnection project in the Philippines.
— Power Engineering International

Port of Subic exceeds November collection target by P266 million
THE Bureau of Customs (BOC) announced that the Port of Subic has exceeded its monthly collection target for November of P2.081 billion on the back of proper and correct duties and tax collections.
— Business Mirror

Philippines eyes possible chopper deal with Turkey — reports
The Philippine government may soon close an agreement with Turkey to purchase military helicopters, according to a report.
— The Philippine Star

Philippines government signs pact on renewable energy scheme for Palawan
The Filipino Department of Energy (DOE) has signed a memorandum of understanding (MOU) with the provincial government of Palawan to develop a new renewable energy scheme.
— PVTech

Banks’ net interest margins seen to expand as rates rise
PHILIPPINE BANKS are expected to expand their net interest margins (NIM) in 2019 as market interest rates rise, Fitch Ratings said, noting that pressures on asset quality, fee income and operating expenses will be modest.
— BusinessWorld Online

P13.4-M road turned over to AgSur farmers
The most awaited road that is expected to lessen the mobility cost of goods and services and provide easy access to market for farmers was recently turned-over at Barangay Concepcion Covered Court, Sta. Josefa, Agusan del Sur during the Project ConVERGE’ Midterm Review Mission.
— Philippine Information Agency

Telco closes acquisition of IT firm
PLDT Inc. yesterday said it has completed the acquisition of 45.7 percent stake of Multisys Technologies Corp. (Multisys) , a Philippine software development and information technology (IT) solutions provider for P2.15 billion.
— Malaya

Tax-free health insurance premium sought by Angara
CONGRESS is being asked to fast-track passage of an enabling law for tax-free employees’ health insurance premiums paid by their employers.
— Business Mirror

Survey reveals 41 pct of Philippine adults internet users
Forty-one percent of Philippine adults use the internet, a recent survey released on Tuesday said, adding that the number of Filipino internet users has been steadily increasing since 2006.
— Xinhua

House passes draft federal charter on 2nd reading
The House of Representatives on Tuesday passed on second reading its draft constitution that seeks to shift to a federal form of government.
— CNN Philippines

Lacson: 2 lawmakers get P1.5 billion in pork each
The graft-ridden pork barrel has again reared its ugly head in the proposed P3.8-trillion national budget for 2019, according to Sen. Panfilo Lacson.
— Philippine Daily Inquirer

Finance dep’t to lobby Senate for P60 cigarette tax
THE DEPARTMENT of Finance (DoF) will push for its original version of a P60 per pack tobacco tax after the House of Representatives approved a lower rate.
— BusinessWorld Online

DepEd urged to implement comprehensive sex education amid rising HIV cases
Due to the rising rates of human immunodeficiency virus in the Philippines, the Department of Health is urging the Department of Education to implement sex education in elementary schools, as mandated by the Reproductive Health law.
— The Philippine Star

Anti-Chinese Sentiment Grows In Philippines
Chinese President Xi Jinping’s whirlwind state visit to the Philippines has left the country with a massive traffic jam, an agreement for joint exploration of the oil and gas resources in the South China Sea and a renewed wave of anti-Chinese sentiment amongst the Filipino public.
— Asia sentinel

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DoF urges passage of tobacco tax hikes
The Finance department is hopeful that Congress will approve new tobacco excise tax hikes as these will make cigarettes pricey enough to further discourage smoking, especially among teenagers.
— The Manila Times

10-year T-bond rate falls
The rate of the Philippines’ re-issued 10-year Treasury bond (T-bond) fell to 6.975 percent Tuesday from 8.035 percent during the auction last November 6.
— Philippine News Agency

Gov’t vows to provide financial aid to poorest households
The government has vowed to provide financial aid to the country’s poorest households amid the planned implementation of higher fuel excise taxes next year.
— Manila Bulletin

SEC aligns Code of Corporate Governance to global standards
he Securities and Exchange Commission (SEC) is coming out with a new Code of Corporate Governance that is intended to raise the corporate governance standards of Philippine corporations to a level at par with its global counterparts.
— The Philippine Star

Martial law needed vs foreign terrorists
Another one-year extension of martial law is needed to hunt down foreign terrorists who have entered the country through the southern backdoor, Defense Secretary Delfin Lorenzana said on Tuesday.
— The Manila Times


Feature photo U.S. Department of Defense Current Photos

This week’s Philippines morning news feature photo acknowledges International Volunteer Day, December 5.


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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