Philippines Morning News For July 4

Group offers $3B LRT in Cebu
A Singaporean-Chinese and Filipino consortium has submitted a proposal to construct a $3-billion Light Rail Transit (LRT) system in Metro Cebu as the major component of the Integrated Transportation System (ITS) that will help address the worsening traffic congestion, the Department of Transportation (DOTr) said.
— Malaya

ADB approves technical assistance for flood risk management project
THE ASIAN Development Bank (ADB) on June 21 said it approved a technical assistance grant for the Integrated Flood Risk Management Sector Project covering various river basins across the Philippines.
— BusinessWorld Online

Foreign investments under Duterte total $16B, four times bigger than Aquino’s $4B
DESPITE the concerted misinformation, by the Yellow Cult here and the US East Coast media, against President Duterte’s administration, foreign direct investments in his first 21 months in office (July 2016 to March 2018), totaled $16 billion.
— The Manila Times

PCC asks Chelsea to pay P22.8million voids deal with Trans-Asia Shipping
The Philippine Competition Commission said Tuesday it nullified the acquisition by Dennis Uy-led Chelsea Logistics Holdings Corp. of Trans-Asia Shipping Lines and imposed a P22.8-million fine for the two parties failure to notify the antitrust body about the transaction in December 2016.
— Manilastandard.net

S&P: PH GDP growth of at least 6.5% ‘very easily achievable’ in 2 years
The growth outlook for the Philippines in the near term remained “strong” on the back of “stable” economic, fiscal and monetary policies, “favorable” demographics, the ambitious infrastructure program, as well as comprehensive tax
reform, debt watcher S&P Global Ratings said Tuesday.
— Philippine Daily Inquirer

Gov’t sets aside P139 billion to upgrade PAF’s air assets
The government has set aside P139 billion to upgrade the country’s air assets to ensure a safer and stronger country, President Duterte announced Tuesday.
— Manila Bulletin

Assassination of second Philippine town mayor caught on camera
A second town mayor in the Philippines was shot and killed by an unidentified man in a road attack, one day after the mayor of another city was gunned down in a daylight sniper attack.
— Aljazeera (video)

DOH: 139 dead due to HIV in first quarter of 2018, 66 in April alone
The health department reported 139 cases of deaths caused by a virus commonly transmitted through sexual contact for the first quarter of 2018, with 66 reported in April alone. All of the 66 were male.
— CNN Philippines

Some investors see opportunity in PH stock rout
Unfazed by a foreign-led selloff that wiped out about $55 billion in Philippine stocks, some local individual investors are seeing opportunities to buy.
— Manila Bulletin

Duterte signs law on national feeding program
President Rodrigo R. Duterte has formally signed a law institutionalizing a national feeding program for undernourished Filipino children in public schools.
— Philippine News Agency

Treasury rejects all bids for 10-year bonds
THE GOVERNMENT rejected all bids for the 10-year Treasury bonds (T-bond) it offered yesterday as investors demanded higher rates ahead of the June inflation print.
— BusinessWorld Online

MGB to start mineral exploration in Philippine Rise
Mines and Geosciences Bureau (MGB), an attached bureau to the Department of Environment and Natural Resources (DENR), has embarked on a five-year survey to explore the mineral resources in Philippine Rise, which could be the next big source of huge revenues for the government.
— Manila Bulletin

Bataan human smuggling try foiled; 139 undocumented workers rescued
SUBIC BAY FREEPORT— A total of 139 undocumented workers recruited for work abroad were rescued by authorities early Tuesday at the Port of Orion in Bataan, as they were waiting to be shipped to Micronesia.
— Business Mirror

Coca-Cola Philippines ties up with government to support returning women OFWs
Coca-Cola Philippines will partner with the government in supporting overseas Filipino workers (OFW) through livelihood programs.
— BusinessWorld Online

DOF: Inflation rises to 4.9% in June
Inflation likely accelerated to a fresh five-year high of 4.9 percent in June due to higher prices of food and “sin” products, the Department of Finance (DOF) said yesterday.
— The Philippine Star

DA distributes P6-M vegetable seeds
ABOUT P6 million worth of vegetable seeds were distributed by the Department of Agriculture (DA) Davao regional office to different farmer’s organizations, schools, and military campsites as part of government efforts to promote vegetable gardening.
— Sun Star

PLDT warns of massive job losses
Telco giant PLDT Inc. has warned of massive job losses and company shutdowns should the Department of Labor and Employment (DOLE) push through with its orders relating to contracting and sub-contracting activities.
— The Philippine Star

MPTC takes majority control of Indonesia’s PT Nusantara
METRO Pacific Tollways Corporation (MPTC), through its Indonesian subsidiary PT Metro Pacific Tollways Indonesia (PT MPTI), now holds a controlling share of 53.26 percent of PT Nusantara, MPTC’s parent company said in a disclosure.
— — The Manila Times

MWSS to exclude corporate income tax in water rate adjustment
Water regulators assure the public they will not include the corporate income tax in the soon-to-be-released water rate adjustments of Maynilad and Manila Water.
— ABS-CBN (video)

Problem in Cebu? Text the Mayor
The Mayor of Cebu City’s mobile number is emblazoned in bright yellow across the top of his Facebook page. “If you need anything, my personal number is 091 7 329 9999 :)”, it reads.
— Gov Insider

NFA seeks P8 hike in palay buying price
State-run National Food Authority (NFA) is pushing anew for an increase in the buying price of palay by up to P8 per kilogram, to allow it to compete with private traders and ensure better procurement of domestic stocks.
— The Philippine Star

April 27 declared as Lapu-Lapu Day, nationwide special working holiday
President Rodrigo Duterte has signed into law a republic act, which declares April 27 of every year as Lapu-Lapu Day or Adlaw ni Lapu-Lapu.
— Philippines Magazine

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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 4 added by Stella-maris Ewudolu on July 4, 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.