Philippines morning news for December 7

Philippines morning news for December 7
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Philippines morning newsForeign investment pledges rise 6.5% to P45.9 billion in Q3
Foreign investment pledges approved by the country’s investment promotion agencies rose 6.5 percent in the third quarter, the Philippine Statistics Authority (PSA) reported yesterday.
— The Philippine Star

Cebu airport posts 14.6% growth in passenger volume
Passenger volume at Mactan-Cebu International Airport grew 14.6 percent year-on-year in the first nine months, the airport’s operator said Thursday.

Duterte says no more opening of bags in airports
President Rodrigo Duterte said Thursday bags of travelers will no longer be opened during airport screening and “human contact” would be minimized.
— CNN Philippines

Inflation’s impact will cut growth in Q4–expert
THE slowdown in household consumption as a result of accelerating inflation is seen to hamper GDP growth in the fourth quarter, which could hit just 5.9 percent, according to the ING Bank Manila.
— Business Mirror

Facing tax evasion cases, Rappler vows to fight back
Threatened with prison and closure of the news site she co-founded, Philippine journalist Maria Ressa says there is one clear response to the government onslaught she faces: Fight back.

Senate to fast-track bills freezing fuel tax after House passage
THE SENATE ways and means committee will act immediately on measures calling for the suspension of fuel excise tax under the tax reform law once it is transmitted to the chamber, its chairman Senator Juan Edgardo M. Angara said on Thursday.
— BusinessWorld Online

Logistic costs in Philippines highest among some countries in ASEAN
Logistic costs ate up around 27 percent of sales among manufacturing firms in the Philippines last year, the highest among selected Southeast Asian countries, a new survey showed.

NFA allocated P7 billion for 2019 palay procurement
While there’s an ongoing appeal from farmers for President Rodrigo Duterte to veto the Rice Tariffication Bill because it may stop National Food Authority (NFA) from buying rice from them, the state-run grains agency allocated as much as P7 billion next year for its local palay procurement scheme.
— Manila Bulletin

Corporate tax reform to create 1.4-M jobs in 10 years
The Duterte administration’s tax reform package that aims to lower the corporate income tax (CIT) and overhaul the country’s “convoluted” fiscal incentives system is projected to generate some 1.4 million jobs, mostly in small and medium enterprises (SMEs), over the next decade and create a business environment conducive to inclusive growth, according to Finance Secretary Carlos Dominguez III.
— Philippine News Agency

UN rapporteur calls on PH govt to drop cases vs Ressa, Rappler
A day before journalist Maria Ressa is set to be arraigned on tax evasion charges, a United Nations expert has called on the Philippine government to drop the criminal cases filed against her and her company.
— ABS-CBN News

Philippine senator dares Duterte to take drug test after marijuana joke
A Philippine senator challenged President Rodrigo Duterte on Thursday to take a drug test after he joked about using marijuana during a regional summit in Singapore.
— Thomson Reuters Foundation

DTI releases SRP of basic goods
The Department of Trade and Industry (DTI) on Friday released the new Suggested Retail Prices (SRPs) of basic necessities and prime commodities following the three-month price hold-off which ended last December 1.
— The Manila Times

Consumer outlook dampened by inflation, low income
CONSUMER outlook for the fourth quarter of the year has weakened to -22.5 percent on the back of a confluence of factors starting with the high prices of commodities, the Bangko Sentral ng Pilipinas (BSP) has reported.
— Business Mirror

IFC and IFC Emerging Asia Fund Join Largest-Ever Investment in Philippine Fintech Company
The investment is expected to increase access to finance in the Philippines for millions of people. Currently, only about one-third of the Filipino adult population has a bank account.
— AEC News Today/ PR Newswire

Business optimism dips amid inflation, interest rates, peso woes: BSP
Businesses were less optimistic in the last quarter of this year and the first quarter of next year amid concerns over inflation, interest rates and the value of the peso, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
— ABS-CBN News

PHL employer health care cost growth rising faster than region
EMPLOYER-PROVIDED health care benefits in the Philippines are expected to grow at an higher rate relative to the Asia-Pacific average next year, Willis Towers Watson said.
— BusinessWorld Online

BPI upsizes peso bond issuance to P25 billion on strong demand
BANK OF THE Philippine Islands (BPI) raised P25 billion via peso-denominated bonds which will be used to diversify funding sources.
— BusinessWorld Online

BSP survey shows drop in business, consumer confidence
Despite the onset of the holiday season, the confidence of Philippine businesses and local consumers is at its lowest levels in almost eight years—with the bearish sentiment expected to persist into early 2019—no thanks to rising prices, a weak peso and higher interest rates.
— Philippine Daily Inquirer

Lazada Philippines to expand partnerships with brands, MSMEs
LAZADA Philippines is planning to expand its partnerships not just with traditional brands, but with micro, small and medium enterprises (MSMEs), as aims to keep its lead in the increasingly competitive e-commerce market.
— BusinessWorld Online

Tribune’s ‘mining house’ plan with $30.5m Philippines buy
Tribune Resources has stated an ambition to become “a significant mining house” after announcing a surprise $30.5 million acquisition in the Philippines.
— The West Australian

Exclusive: Philippines to outsource all cyber security
“Hello madam, how can I help you?” If you live in South East Asia, the chances are that you have been greeted in this way by a friendly Philippines accent while calling a bank or large service provider.
— GovInsider

Power demand seen to surge in 2019
The Manila Electric Co. (Meralco) is eyeing an additional 300 to 350 megawatts (MW) of power supply next year in anticipation of higher demand in its franchise area during the summer months.
— The Philippine Star

Philippines No. 11 on global list of most climate deaths
The Philippines is among the countries most affected by climate-related disasters, placing 20th last year among 181, according to a study released by an environmental policy think tank on Tuesday.
— Philippines Magazine

Bacolod among preferred sites for Singapore tourists
Bacolod is gaining interest from Asian tourists as it is listed among the top emerging destinations for Singaporeans in 2019, according to travel site Skyscanner.
— The Philippine Star

BIR launches US-funded system to certify tax software providers
THE BUREAU of Internal Revenue (BIR) and the United States Agency for International Development (USAID) launched on Thursday a certification system that will authorize and verify third-party providers of electronic tax solutions.
— BusinessWorld Online

Philippines’ pivot to Russia may signal decline of US hegemony — political science prof
The pivot of President Rodrigo Duterte to Russia, a non-traditional ally of the Philippines, may show the collapse of a United States-dominated unipolar world, a Polish political science professor said.
— The Philippine Star

Philippine-made products to enter Cambodia market — DFA
More products made in the Philippines are expected to enter Cambodia’s consumer market in the coming months as companies intend to expand their presence abroad, the Department of Foreign Affairs (DFA) announced Thursday.

Oil firm sets P4B capex
Pilipinas Shell Petroleum Corp. (PSPC) said capital expenditure for 2019 will remain at P4 billion to ensure a predictable income stream for its stockholders.
— Malaya

Drilon questions inclusion of P7.5-B SEA Games budget in DFA
Senate Minority Leader Franklin Drilon on Thursday, December 6, questioned why the P7.5-billion allocation for the Southeast Asian (SEA) Games next year is lodged in the Department of Foreign Affairs (DFA) budget for 2019.
— Rappler

Quezon City kicks off drive vs. obesity, diabetes
The local government of Quezon City on Thursday launched a campaign dubbed as “#healthierQC” at the Nicanor Reyes Jr. Hall, FEU-Diliman, Quezon City.
— Philippine News Agency

Ex-DavOr exec, 5 ‘ghost employees’ face jail term for graft raps
The Sandiganbayan sentenced a former provincial board member of Davao Oriental to a maximum jail term of 58 years for allowing hiring of “ghost employees” in the provincial government from July 2001 to March 2003.
— Philippine News Agency

BIR to certify tax software providers to further modernize tax filing
The Bureau of Revenue (BIR) launched Thursday its Electronic Tax Software Provider Certification (eTSPCert) System in a bid to improve revenue collection and provide taxpayers a “seamless, end-to-end automated and electronic tax preparation, filing, and payment experience.”
— ABS-CBN News

PH firm to manufacture insulated sandwich panels
Centro Manufacturing Corporation and Nippon Fruehauf Japan signed an agreement have agreed to form a joint venture to locally manufacture and sell insulated sandwich panels for temperature controlled vans or reefer vans.
— Manila Bulletin


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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