Philippines morning news for July 18

OECD finds Philippines ‘largely compliant’ with standards vs tax fraud
THE PHILIPPINES is “largely compliant” with international frameworks against tax fraud, according to the latest review of the Organization for Economic Cooperation and Development (OECD), even as it cited areas of concern.
— BusinessWorld Online

Gov’t to lose P102 B from fuel tax suspension — DOF
The national government will lose bulk of its revenue gains from the first tax reform law should the proposed suspension of fuel excise taxes is implemented next year, the Department of Finance (DOF) warned.
— Manila Bulletin

PH ranks last in BMI mining index
INDUSTRY and political problems facing the mining industry put the Philippines last among 13 Asian countries in BMI Research’s Asia Mining Risk/Reward Index for the second quarter of 2018.
— The Manila Times

BSP clears PSBank’s P15-billion LTNCD offer
The Bangko Sentral ng Pilipinas (BSP) has given listed Philippine Savings Bank (PSBank) the green light to raise as much as P15 billion from the issuance of long-term negotiable certificates of time deposits (LTNCDs).
— The Philippine Star

China never asked for any in return of aid, Duterte asserts
China has never asked for anything, “even one square of real estate,” in exchange for its assistance to the country, President Rodrigo Duterte maintained Tuesday.
— Philippine News Agency

Endangered corals from Philippines found illegally sold in US gift shop
Endangered corals found in Philippine waters are allegedly being sold in a gift shop in the US, photos of which went viral on social media, amid laws protecting such species.
— InterAksyon

Shift to federalism will cost billions, says economics expert
The shift to federalism will cost the government billions, an economics expert warned Tuesday.
— ABC-CBN

Small farmers get P10B fund
The Land Bank of the Philippines is making available P10 billion additional funds for small farmers under a new loan program called Accessible and Sustainable Lending Program for Small Farmers (ASL Farmers Program).
— Malaya

China denies ‘debt trap’ in grants for Philippines
Chinese Ambassador to the Philippines Zhao Jianhua denied that China is putting the Philippines into a “debt trap” by giving it grants and loans, as he said President Rodrigo Duterte’s economic team “is smart enough.”
— Rappler

Environmentalists raise alert on wet wipes
An environmental watch group has alerted consumers and authorities against the proliferation of unregistered wet wipes that may cause allergic reactions.
— Manila Bulletin

Minimum wage increased in 9 regions
Nine regional wage boards have approved increases in workers’ basic pay ahead of President Rodrigo Duterte’s State of the Nation Address, but labor groups found the amounts too paltry to cope with the rising prices of goods.
— Philippine Daily Inquirer

President Duterte breaks ground for two China Grant-Aid bridges
President Rodrigo Roa Duterte on Tuesday, July 17, graced the groundbreaking ceremony of two bridges, which are seen to aid the government’s goal to prompt economic activities in the country.
— PTV News

Philippines’ top trade partners for exports (May 2018)
The United States was the top market of Philippine-made products in May, contributing $840.15 million to total exports.
— BusinessWorld Online

Chinese steel firm scouts 300-ha land for USD3.5-B project
A Chinese steel manufacturer is looking for a 300-hectare parcel of land in the Philippines, preferably in Mindanao, for its USD3.5-billion investment project in the country.
— Philippine News Agency

June auto sales drop as inflation curbs buying
VEHICLE SALES in the first half dropped by more than 12%, auto and truck manufacturers said, noting that potential buyers prioritized their basic needs over the acquisition of high-value goods amid rising inflation.
— BusinessWorld Online

Tribal people flee homes in southern Philippines
More than a thousand tribal people fled their homes in the southern Philippine province of Surigao del Sur on July 17 due to ongoing military operations in the area.
— UCA News

Despite closure, Boracay named among best islands in Asia
Boracay has been closed to tourists since April, but it has maintained a spot in Travel + Leisure magazine’s list of Top 10 islands in Asia.
— ABC-CBN

Naia Consortium to be declared original proponent
The Manila International Airport Authority will likely grant this week the original proponent status to Naia Consortium for the rehabilitation, operation, and maintenance of the Ninoy Aquino International Airport, according to Trade Secretary Arthur Tugade.
— Manilastandard.net

Groups seek hike of statutory rape age to 16
Children rights advocates ?are launch?ing? a campaign to ?raise to 16 years old the age of accountability in statutory ?rape cases.
— Davao Today

UCT benefits 328K indigent families, elderly in Region 1
A total of 200,883 indigent families from the entire Region 1 have received PHP2,400 worth of the unconditional cash transfer (UCT), while 127,195 poor senior citizens began receiving the same amount on July 14.
— Northbound Philippines

More OFWs allocating funds for investments–BPI
Overseas Filipino workers (OFWs) are increasingly allocating their hard-earned dollars to investments, as they look for ways to fund their long-term goals, according to a local bank.
— Business Mirror

Makati policeman upholds code of honor, refuses P50K bribe offered by Japanese for friend’s release
Amid frequent reports of scalawag policemen being accused of extortion by arrested suspects, a member of the Makati City police held fast to his code of honor when he refused a P50,000 bribe.
— Philippine Daily Inquirer

Government launches apps to monitor Dengvaxia cases
It will now be easier for the Department of Education (DepEd) and the Department of Health (DOH) to monitor the condition of learners previously inoculated with the anti-dengue vaccine Dengvaxia.
— Business Mirror

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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 July 18 added by Stella-maris Ewudolu on July 18, 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.