Philippines Morning News For June 8

6 Philippines firms make Forbes 2000 list
Six Philippine companies made it to the Forbes Global 2000 list of the biggest, most powerful and most valuable companies in the world.
— Philippines Magazine

PH universities slip in world rankings
PHILIPPINE universities continued to slip in the London-based Quacquarelli Symonds (QS) ranking, according to a new top 1,000 list for 2019 released on Wednesday evening (Thursday morning in Manila).
— The Manila Times

Foreign investment pledges dip by 37.9% in Q1 2018
Total foreign investment pledges during the 1st quarter of 2018 fell sharply by 37.9% compared to the same period last year, the Philippine Statistics Authority (PSA) said on Thursday, June 7.
— Rappler

BIR exceeds May revenue target by 3%
The Bureau of Internal Revenue’s (BIR) end-May revenue performance exceeded target by 3.1 percent, amid the strong excise tax collections and increased revenue from the Large Taxpayers Service (LTS) unit.
— Malaya

Congress hikes BSP capital base to P200 billion
The House of Representatives has approved a bill increasing the capitalization of the Bangko Sentral ng Pilipinas (BSP) from P50 billion to P200 billion.
— Philippine Star

Reintegration drive prompts OWWA to seek P5-billion budget
THE Overseas Workers Welfare Administration (OWWA) is eyeing a P5-billion budget for 2019—twice its proposed budget for this year—to fund its reintegration-focused services.
— Business Mirror

Watch: Philippines special forces arrest Israelis running global online fraud racket at former US airbase
Philippine police arrested nearly 500 people, including eight Israeli nationals, who they say were involved in an online investment fraud that victimised people overseas, including in Australia and South Africa, police said Thursday.
— South China Morning Post

Newspaper publisher gunned down in the Philippines
A Filipino journalist was shot and killed today in Panabo City, in the southern province of Davao del Norte, according to news reports.
— CPJ

No nationwide martial law for now – Palace
There are no ongoing discussions to declare a nationwide martial law, Malacañang said onThursday, after President Rodrigo Duterte warned there would be “radical changes” in the country’s public order and security in the coming days.
— Inquirer.net

FX reserves dip to three-year low
THE COUNTRY’s foreign exchange reserves dipped in May to a fresh three-year low amid lower gold valuations and as the central bank defended the peso.
— BusinessWorld Online

The Philippines Should Set Up a Working Group to Establish an ASEAN-China Working Group for Dialogue in the South China Sea
In spite of attempts from many Philippine politicians (both in government and the opposition) and the fake yellow media to draw Manila and Beijing into confrontation over issues concerning sovereign rights in the South China Sea, President Duterte has persisted in establishing good relations with China that have been hailed by Chinese President Xi Jinping as ushering in a “golden era” between the two countries.
— Eurasiafuture

Comelec readies for 2019 polls by opening P300-million bidding for election materials
The Commission on Elections (Comelec) has allotted at least P300 million for the initial procurement of election materials for the automated midterm polls next year.
— Business Mirror

NIA seeks investors for 379 hydro plants
The National Irrigation Administration (NIA) is inviting parties to invest in hydroelectric power projects in 379 identified potential sites nationwide, with the aim of providing alternative resources for renewable energy and maximizing the country’s utilization of irrigation water.
— The Manila Times

Local banks well-positioned to meet new liquidity requirement
BIG BANKS are well-positioned to meet new liquidity rules from the central bank, but will have to boost deposit taking and long-term loans to beef up funding, Moody’s Investors Service said.
— BusinessWorld Online

PSA data: Tourism generated about 100,000 jobs last year
The country’s tourism industry created around 100,000 jobs last year, according to data released by the Philippine Statistics Authority (PSA) on Thursday.
— Business Mirror

Out-of-school population declines in 2017, PSA says
THE population of persons of school-going age who were not in school dropped to 3.6 million in 2017 from 3.8 million a year earlier, the Philippine Statistics Authority (PSA) said.
— BusinessWorld Online

Australia, New Zealand eye agri-business in PH
Australia and New Zealand are seeking to boost their trade ties with the Philippines, focusing on the agri-business sector.
— ABS-CBN (video)

Power users to enjoy lower rates in June, says Meralco
Customers of Manila Electric Co. will enjoy lower power rates in June amounting to P0.1252 per kilowatt-hour, as generation and transmission charges declined.
— Manilastandard.net

Mactan-Cebu Int’l Airport Terminal 2 unveiled
The government and its private partner, GMR Megawide Cebu Airport Corporation (GMCAC) inaugurated Thursday the P17-billion Terminal 2 (T2) of the Mactan-Cebu International Airport (MCIA), the country’s second largest gateway.
— Manila Bulletin

DOF seeks IFC help to set up digital banking system for OFB
THE Department of Finance (DOF) has sought assistance from the International Finance Corp. (IFC) in line with the setting up of a digital banking system for the Overseas Filipino Bank (OFB) to keep it updated with technological advancements and prepare it for partial privatization.
— Business Mirror

Feature photo michellesimtoco

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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 June 8 added by Stella-maris Ewudolu on June 8, 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.