Philippines Morning News For June 28

Filipinos to spend P121 billion online this year: PayPal
Fifty-five percent of Filipinos expect to spend more online this year, with purchases made through electronic channels seen to reach P121 billion, a payment solutions firm said Wednesday.
— ABS-CBN

IC okays release of P650-million collateral for PAL’s retrenchment case in 1998
THE Insurance Commission (IC) has authorized the release of the collateral security amounting to P650 million for the supersedeas bond posted by Philippine Airlines Inc. (PAL) before the National Labor Relations Commission (NLRC).
— Business Mirror

Infrastructure push to generate P31 trillion – NEDA
The National Economic and Development Authority (NEDA) projected that the government’s planned P10.6-trillion investment in infrastructure will return threefold to P31 trillion.
— Rappler

BSP renews $1-B IMF borrowing agreement
The Bangko Sentral ng Pilipinas’ (BSP) $1-billion renewed commitment to the International Monetary Fund’s (IMF) bilateral borrowing agreements along with 40 other members were approved for maximum terms of until 2020, a statement from the IMF said.
— Manila Bulletin

Gov’t spending rises to P292B
Government spending rose 12 percent to P292 billion in May year-on-year driven by infrastructure and other capital outlays as well as personnel services, the Department of Budget and Management (DBM) said.
— Malaya

SMC donates P50M to PH Olympic body
The Philippine Olympic Committee was expecting a cash donation of P20 million for its projects and activities from San Miguel Corporation.
— Manilastandard.net

Trade gap, inflation to push local currency past P54:$1
THE PESO could weaken further to breach the P54 level against the dollar this year amid a persistent trade gap and faster inflation, analysts at BMI Research said, with recent rate hikes still not enough to keep the currency competitive.
— BusinessWorld Online

Q2 GDP growth seen at 7%
The Philippine economy is expected to accelerate at least 7 percent in the second quarter of the year spurred on by the surge in infrastructure spending, manufacturing output and tax revenues, analysts at First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) said Wednesday.
— Philippine News Agency

Govt boosts free education program
The government will boost its Free Tertiary Education Program next year by allotting an additional fund of P11 billion, Budget Secretary Benjamin Diokno said on Wednesday.
— The Manila Times

Air Asia unit in PH posts P392-M loss
Budget airline Philippines Air Asia saw its revenues jump by some 46 percent in the first quarter of the year even as its bottom line swung to a loss due to foreign exchange volatility.
— Philippine Daily Inquirer

PH commissions two new aircraft from Indonesia
The Philippines commissions two new aircraft from Indonesia as part of the modernization program of the AFP
— CNN Philippines

‘PH infrastructure lags behind Asian peers’
President Rodrigo Duterte, earlier this week, cited the slow progress of the infrastructure build in the provinces.
— ABS-CBN (video)

NGCP to expand transmission lines by 70% in 22 years
Grid operator National Grid Corp. of the Philippines said it will expand the installed transmission line network by 70 percent by 2040 to meet the country’s rising power demand.
— Manilastandard.net

Basic Energy invests in Myanmar solar project
DE Venecia-led Basic Energy Corp. has signed a deal to acquire a 15 percent interest in two Thai firms that bagged the contract to build a 220-megawatt (MW) solar power plant project in Myanmar.
— The Manila Times

Only 1 of 4 Pinoys aware of federal system of gov’t —SWS survey
Only one in four Filipinos is aware of the federal system of government being espoused by President Rodrigo Duterte’s administration, according to the results of the latest Social Weather Stations (SWS) survey released on Thursday.
— GMA News

WATCH: USS Ronald Reagan docks in the Philippines for the first time
Supercarrier USS Ronald Reagan docked for the first time in the waters of the Philippines, a longtime ally of the United States.
— Rappler

Exclusive: Philippines to Allow Asset-Backed ICOs
A Philippine special economic zone on its northernmost tip will allow initial coin offerings for blockchain projects, but they have to be backed with tangible assets to prevent fraud.
— Investing.com

Gov’t to distribute fuel vouchers starting July
After half a year, the government is finally ready to revive its fuel subsidy program to mitigate the effects of rising oil prices.
— ABS-CBN (video)

DND wants to remove all civilians in Crow Valley
The Department of Defense (DND) planned to clear Crow Valley in Tarlac province of civilian settlements to turn the former US bombing test site into a training facility for the Armed Forces of the Philippines.
— Philippine Daily Inquirer

German leads firm primed to herald ‘Industry 4.0’ in the Philippines
GERMANY is known worldwide for its top-quality products in engineering and technology.
— Business Mirror

Making business in the Philippines easier
Doing business in the Philippines could become a lot easier in the near future. After the country’s dismal performance in the World Bank’s “Doing Business 2018: Reforming to Create Jobs” index, the country is determined to turn things around and improve business conditions there.
— The Asean Post

President’s men squabble over P70-billion 4Ps largesse
Acting Social Welfare Secretary Virginia Orogo on Tuesday opposed a proposal aired last month by Agriculture Secretary Emmanuel F. Piñol to divert the P70-billion Pantawid Pamilyang Pilipino Program (4Ps) into a farmers’ livelihood assistance fund.
— Business Mirror

55 detainees have died in overcrowded MPD jails since July 2016
At least 55 inmates have died due to overcrowding in detention facilities of the Manila Police District (MPD) since July 2016, an official said yesterday.
— The Philippine Star

Philippines eyes Chinese grants to reduce poverty
The Philippines is eyeing grant assistance from China to help reduce its poverty rate to 14 percent by the time President Rodrigo Duterte ends his term in 2022, a government official said Wednesday.
— ABS-CBN

Miners call for end of ban on new big projects
Miners are urging the government to lift a six-year ban on new large-scale mining projects in the world’s No. 2 nickel ore supplier after the state removed restrictions on fresh smaller ventures.
— Malaya

DOH warns public on risk of leptospirosis
After different parts of Metro Manila and the provinces experienced flooding in recent weeks, the Department of Health (DOH) warned the public of the risk of acquiring leptospirosis.
— Philippines Magazine

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 28 added by Stella-maris Ewudolu on June 28, 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.