Philippines Morning News For June 27

Global Ferronickel to raise over P500 million from share sale
GLOBAL FERRONICKEL Holdings, Inc. (FNI) has priced its follow-on share sale at a discount, which will allow it to raise just over P500 million or half of its original target of P1 billion.
— BusinessWorld Online

5 PH universities among the best in S.E. Asia
Five universities in the Philippines notched spots in this year’s Quacquarelli-Symonds (QS) University Rankings.
— Manilastandard.net

IN 5 YEARS: 3rd telco must invest P200B
Companies vying for the slot of the Philippines’ third telecommunication player are expected to spend at least P40 billion a year for the medium term — or the equivalent of P200 billion in five years — and provide service to at least 30 percent of the population each year, the Department of Information and Communications Technology (DICT) said.
— Malaya

DOLE pitches P10,800 aid for minimum wage earners
THE Department of Labor and Employment (DOLE) is proposing a P10,800 cash subsidy for 4.1 million minimum-wage earners spread out over three years.
— Business Mirror

DoE upbeat on adding 10,000 MW to supply
THE Department of Energy (DoE) on Tuesday expressed confidence that it would add about 10,000 megawatts (MW) by 2021 to bolster the Philippines’ power supply.
— The Manila Times

Philippines plans to borrow from China-led AIIB
The government is eyeing possible loan assistance from China-led Asian Infrastructure Investment Bank (AIIB) for the construction of health care facilities, school buildings and roads in the country, according to the Department of Finance (DOF).
— The Philippine Star

Philippines Trade $40 Million in Crypto Every Month
The Philippines digital currency space is on a steady and healthy rise with cryptocurrency conversion nearing $40 million per month, data from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank showed, reports Business World.
— Cryptovest

EU donates new equipment to boost BI’s border security mission
The Bureau of Immigration (BI) has received from the European Union (EU) brand-new equipment and gadgets to boost its border patrol mission and prevent the entry of undesirable aliens.
— Inquirer.net

PET fines Marcos, Robredo P50,000 each for violating subjudice rule
THE Supreme Court sitting as the Presidential Electoral Tribunal (PET) ordered the camps of former senator Ferdinand Bongbong” Marcos Jr. and Vice President Maria Leonor “Leni” Robredo to pay a fine of P50,000 each for violating the gag order it issued in February in connection with the ongoing recount of votes for the 2016 vice presidential race.
— Business Mirror

BSP opens credit fund in Davao del Sur
THE Bangko Sentral ng Pilipinas (BSP) and the Digos City government in Davao del Sur province on Monday signed an agreement launching the country’s 52nd Credit Surety Fund (CSF) there to support micro, small, and medium enterprises (MSMEs) in the area.
— The Manila Times

Grab’s subsidy to its drivers: P30 million last week
GRAB Philippines doled out P30 million last week, 20 percent higher than its initial assumption of roughly P100 million per month to subsidize its drivers, helping them ride out increases in gas prices and other lost revenue, its chief said on Tuesday.
— Business Mirror

4 PDEA units receive P7.6-M cash reward
Philippine Drug Enforcement Agency (PDEA) Director General Aaron Aquino on Tuesday handed the monetary reward amounting to PHP7,594,992.24 to the agency’s four operating units for their meritorious anti-drug operations.
— Philippine News Agency

Minors to be included in ‘anti-tambay’ drive
President Duterte wants minors and teenagers to be included in the crackdown on tambays or loiterers, ordering the Philippine National Police (PNP) to take into custody minors who are loitering in the streets to “protect” them against illegal drugs and other threats.
— The Philippine Star

Boracay crime rate down by 80% since closure
Index crimes or crimes committed against persons and property in Boracay dropped by almost 80 percent since the world-famous island-resort was closed to tourists.
— The Philippine Star

NEDA obtains JICA aid for flood control; HR dev’t
The Japan International Cooperation Agency (JICA) and the National Economic and Development Authority (NEDA) signed this week a 1.84-billion yen grant aid for a flood control project in Cagayan de Oro River Basin and for human resource development scholarship.
— Malaya

Gov’t rejects all tenders for T-bonds as rates rise
THE BUREAU of the Treasury (BTr) rejected all bids for the five-year bonds it offered on Tuesday as the market sought higher rates due to expectations of more policy adjustments from the local central bank.
— BusinessWorld Online

Hybrid process adopted to select third major telco
The Department of Information and Communications Technology said Tuesday it adopted a “hybrid” selection process for the third major telecommunications player that will challenge the duopoly PLDT Inc. and Globe Telecom Inc.
— Manilastandard.net

PAL suspends flights to Jeddah starting Sept 2018
Flag carrier Philippine Airlines (PAL) will temporarily suspend services to and from Jeddah in Saudi Arabia starting September as part of the periodic review of routes.
— Philippines Magazine

Private traders to import 780,000 MT of rice under MAV
Private traders are set to import 780,000 metric tons (MT) of rice under the Minimum Access Volume (MAV) program.
— Manila Bulletin

Duterte’s ‘crass leadership’ putting off investors – Capital Economics
Businessmen are getting worried about President Rodrigo Duterte’s “erratic and crass leadership style,” said London-based research consultancy firm Capital Economics on Tuesday, June 26.
— Rappler

Modern transpo infra crucial for Southeast Asia
Finance Secretary Carlos Dominguez III has underscored the urgency of modernizing transport infrastructure systems in Asia’s emerging economies to boost economic expansion and increase incomes, along with improving cross-border connectivity to accelerate efforts in building a common market in the region.
— Malaya

Paralytic shellfish poison present in 5 coastal areas
Shellfish from five coastal areas tested positive for paralytic shellfish poison, according to the latest laboratory results of the Bureau of Fisheries and Aquatic Resources (BFAR) and local government units.
— Philippines Magazine

Foreigners still banned from owning lands even under federal gov’t
Full foreign ownership of lands in the country will still not be allowed even under a federal form of government and that the national government would still hold the majority in revenue allocation, according to the draft on the reforms in the economic provisions under the proposed shift to the federal structure of government.
— Manila Bulletin

Drug tests for President, other execs, backed
Several senators have backed a proposal for all public officials, from the President down to the village councilors, to undergo mandatory drug testing, saying this would allow the officials to set an example for the public amid the government’s campaign against drugs.
— Philippine Daily Inquirer

PH still far from becoming PWD-inclusive, says UP study
Only 60 percent of local government units have a Persons with Disability Office (PDAO), according to a study by the UP Center for Local and Regional Governance (UP CLRG) on persons with disability (PWD) inclusion in the Philippines.
— Rappler

DA sets suggested retail prices for rice, fish, vegetables
The National Food Authority begins distributing low-priced rice in Metro Manila public markets, as suggested retail prices for grain and other agricultural products take effect.
— ABS-CBN (video)

Palace backs arming of priests: ‘If they qualify, there’s no problem’
Malacañang on Tuesday expressed support for applications of priests and religious workers to carry firearms outside their homes for self-defense amid concerns of the killings of Catholic priests in the past months.
— Philippine Canadian Inquirer

Feature photo Brian Evans

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 June 27 added by Stella-maris Ewudolu on June 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.