Philippines Morning News For March 1

Philippines Morning News For March 1
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Philippines morning newsOmidyar donates $1.5-M investment to 14 Rappler managers
An American investor, which owned a controversial $1.5-million investment in Rappler, announced on Wednesday that it had donated its interests to 14 Filipino managers of the online news site.
— Philippine Daily Inquirer

Duterte: No fishing in PH Rise or there will be war
PRESIDENT Duterte yesterday warned that war could break out if any group, especially foreigners, would conduct research explorations and fishing activities within the Philippine Rise without the Philippine government’s permission.
— Malaya

PH secures P4.25-B Japan loan to fund Bulacan road project
The Philippines has secured a 9.399-billion yen loan (PHP4.25 billion) from the Japanese government to fund the construction of the third phase of the arterial road project aimed at alleviating traffic congestion in Bulacan province and Metro Manila.
— Philippine News Agency

Philippine Penny Stocks Spark Gold Rush
There’s a gold rush in Philippine telecom minnows and everybody’s invited. For now.
— Bloomberg

Philex posts 6% profit growth to P1.66B
Despite a lower output, Philex Mining Corp. posted a 6-percent increase in net income to P1.66 billion last year from P1.57 billion a year ago due to higher metal prices.
— Philippine Daily Inquirer

DOLE eyes expansion of OFW deployment ban to other Mideast countries
The government is looking to expand the deployment ban on overseas Filipino workers, particularly household service workers, to other Middle East nations unless these countries can assure the protection of the workers’ rights and welfare.
— InterAksyon

JICA vows support to PH transport infrastructure to ease traffic congestion
The Japan International Cooperation Agency (JICA) vowed continuing support to the Philippines’ key transport infrastructure projects to help address Metro Manila traffic problems.
— Manila Bulletin

U.S. investor transfers interests in Philippine news site to fend off government ‘attack’
An American investor in a Philippine news outlet whose license was revoked said on Wednesday it was transferring its interests to its local partners to remove an “artificial barrier” being used by the government to stifle its operations.
— Reuters

PH to contest naming of underwater features by China
THE Philippines will contest the naming of five underwater features of the Philippine Rise (Benham Rise) by China, Foreign Affairs Undersecretary Ernesto Abella said on Wednesday, as President Rodrigo Duterte warned of war over unauthorized expeditions to the area.
— The Manila Times

Canadians get life for P100-m shabu charge
Two Canadians were sentenced to life imprisonment Wednesday on charges of illegal possession of shabu and other illegal drugs worth around P100 million during simultaneous raids in the cities of Makati and Taguig in 2014.

Philippines launches inquiry into formula milk firms targeting poor
The Department of Health in the Philippines has said it will investigate the
actions of four milk formula companies, the illegal and clandestine methods used to market products to mothers.
— The Guardian

Economic Cha-cha next on the agenda of Duterte Con-com
After settling the issue on the most suitable system of government for the country, members of President Duterte’s consultative committee (Con-com) will now focus on the amendments needed to further liberalize the economy using inputs from business chambers and advocacy groups.
— Business Mirror

‘Govt transitions to annual cash-based budgeting in 2019’
Line agencies of the government are in position for the landmark shift from multi-year obligations-based to annual cash-based budgeting in Fiscal Year 2019, according to the Department of Budget and Management.

398 cops sacked for crime involvement
Sticking to his goal of internal cleansing in the organization, Philippine National Police (PNP) Director General Ronald “Bato” dela Rosa dismissed 398 policemen involved in drugs, rape, extortion, kidnapping, and other crimes.
— Philippine Canadian Inquirer

P8.5-million skin-whitening products seized at Naia
Airport Customs authorities on Wednesday impounded some P8.65 million worth of glutathione skin-whitening products previously misdeclared as “personal effects.”
— Business Mirror

Domestic liquidity up 12.8% to P10.6 trillion in January–BSP
The money circulating in the local cash stream grew faster at the beginning of the year, but the Bangko Sentral ng Pilipinas (BSP) said the acceleration is still consistent with the prevailing outlook for local price growth.
— Business Mirror

Philippines’ Converge ICT Solutions picks Coriant to expand Metro Ethernet Services
Coriant announced that Converge ICT Solutions (Converge), a ICT products provider in the Philippines, selected the Coriant 7090 Packet Transport Platform and Coriant Transcend Chorus network management to expand delivery of carrier-grade metro Ethernet services across the Philippines.
— Telecompaper

The European Union (EU) and the Philippines partnership, cooperation deal takes effect
The Partnership and Cooperation Agreement (PCA) between the European Union (EU) and the Philippines will enter into force on March 1, the EU Delegation in Manila said Wednesday.
— Update Philippines

Pakistan, Philippines agrees to conduct feasibility studies on possible PTA
Pakistan and Philippines Wednesday agreed to conduct feasibility studies on the possibility of Preferential Trade Agreement (PTA), deciding to form a Technical Working Group within the Joint Economic Commission (JEC) for this purpose.
— Business Recorder

P569B infra spending above target
The government’s expenditures for infrastructure and other capital outlays in 2017 exceeded the target for the full-year by 3.5 percent due to the acceleration of infrastructure projects in the Department of Public Works and Highways, the Department of Budget and Management (DBM) said.
— Malaya

Ex-envoy says OFWs should consider ASEAN for jobs
A former Philippine envoy to the Association of Southeast Asian Nations (ASEAN) said that Filipinos should consider looking for jobs within the region.
— Rappler

TDF yields climb across tenors as demand eases
YIELDS under the central bank’s term deposit facility (TDF) climbed across all tenors yesterday, as demand eased particularly for the week-long instruments.
— BusinessWorld Online

PH shares join downturn in Asia
Philippine shares join the slump across Asia, as more foreign funds flow out of emerging markets on prospects of higher interest rates in the US.
— ABS-CBN (video)

January bank lending slowest in 8 months
Bank lending eased anew in January as the industry registered its slowest growth in eight months due to lower disbursements to the productive sector and household segment.
— Philippine Star

Why people should do background check before buying a condo unit
Condominiums are becoming the preferred real estate investments of today’s generation. But government said like other investment instruments, customer should always be careful with their purchases.
— ABS-CBN (video)


Feature photo Ray in Manila


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.


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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.

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