Philippines Morning News For March 16

Philippines Morning News For March 16
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Philippines morning newsGovt to auction state-owned assets worth P98.32 million
The Privatization Management Office (PMO) of the Department of Finance (DOF) disclosed on Thursday the government’s plan to bid out in March state-owned assets amounting to P98.32 million.
— Business Mirror

Philippines looks to nuclear reactors to power growth
The Philippines is pressing on with plans to build small, modular reactors to fuel growth in the next two decades, rowing against anti-nuclear sentiments and safety concerns still prevailing across much of South-east Asia.
— The Straits Times

OFW cash remittances start 2018 strong at $2.37 billion
Money sent home by overseas Filipino workers (OFWs) picked up where it left off last year by opening 2018 strong, according to the Bangko Sentral ng Pilipinas (BSP).
— Rappler

NBI cracks syndicate selling early passport appointment dates
Authorities have cracked a syndicate selling appointment dates to passport applicants at the Department of Foreign Affairs (DFA).
— Northbound Philippines

DOF arm selling P98.32 M assets
The privatization arm of the Department of Finance (DOF) plans to raise at least P98.32 million from the sale of assets and properties.
— Philippine Star

Hot money reverts to net outflow in February
Foreign portfolio investments reverted to a net outflow in February as investors cashed in their profits with the impending rate hike by the US Federal Reserve.
— Philippine Star

Japanese SMEs offer new technology to help PH
Ten Japanese small and medium enterprises (SMEs) offered to help the Philippines address various development challenges using new technology and ideas.
— Philippine Daily Inquirer

Duterte may send Marines to Boracay, ‘blow up’ illegal structures – Palace
The government would not hesitate to send the Marines and” blow up” illegal structures in the shores of Boracay if resort owners would continue to defy orders to clean up the famous island, a Palace official said Thursday.

PH Army gains Hall of Fame recognition
The Philippine Army earned the Palladium Balanced Scorecard Hall of Fame Award in rites held in Fort Bonifacio in Taguig City.
— Manila Standard

Benguet allots P8.5-M for ‘study now, pay later’ program
Benguet’s provincial government has approved the allocation of PHP8.5 million to start its “study now, pay later” program this year.
— Manila Bulletin

PNB nets P8.2B
Tycoon Lucio Tan-led Philippine National Bank grew its net profit last year by 14 percent to P8.2 billion on a double-digit expansion in interest and fee-based earnings alongside higher values unlocked from idle asset sale.
— Philippine Daily Inquirer

Stocks post worst showing for the year
The local stock barometer slid to the 8,100 level on Thursday as large foreign funds continued to flow out of the market amid volatile US markets.
— Philippine Daily Inquirer

Manila Water acquires minority stake in Thai company for P8.6 billion
MANILA WATER Co., Inc. on Thursday said it has completed the deal to acquire a minority stake in a Thai company for P8.6 billion.
— BusinessWorld Online

Crypto Investment Firm Violates Securities Laws, Warns Philippines
The Philippines Securities and Exchange Commission (SEC) has issued a warning over a cryptocurrency investment platform that it alleges is offering unregistered securities.
— Coindesk

Charter change may turn the Philippines into a province of China, says ex-SolGen
Former Solicitor General Florin Hilbay on Thursday said government institutions for checks and balances may become obsolete and the country may even become a province of China if the Constitution is revised to pave the way for a federal form of government as proposed by President Rodrigo Duterte.

Weak FDI pledges worry Amcham
The Philippines is now slowly catching up with its fast growing Asean neighbors in terms of foreign direct investments (FDIs) but American businesses believe the Philippines should be able to attract even higher levels of FDI in the future.
— Malaya

Conglomerate’s recurring profit hits P55B
San Miguel Corp. said it posted a recurring profit of P54.7 billion last year, up 10.73 percent from the prior year’s P49.4 billion.
— Malaya

Semirara Mining hikes capex by 62%
CONSUNJI-LED Semirara Mining and Power Corp. is hiking its 2018 capital expenditures by 62 percent to P13 billion to boost its excavating capacity and extend the operating life of its power facilities.
— The Manila Times

Nestlé opens P2-billion malt plant in Batangas
NESTLÉ Philippines has launched a P2-billion plant that produces malt extract for its popular Milo drink in Lipa, Batangas.
— BusinessWorld Online

China eyes to set up industrial park in PH within 2018-2019
China eyes to establish its first industrial park in the country within the year or next year, Chinese Ambassador to the Philippines Zhao Jianhua said Thursday.
— Philippine News Agency

NFA plans incentives in lieu of higher rice price
THE NATIONAL Food Authority (NFA) council is planning to give incentives to local farmers and cooperatives instead of raising the buying price of palay from P17 to P18 to address concerns over the agency’s depleting rice buffer stock.
— BusinessWorld Online

PCSO earns P3.81b, up by 102 percent in two months
Philippine Charity Sweepstakes Office General Manager Alexander Balutan has announced on Thursday that the Small Town Lottery posted P3.81- billion sales in two months, a 102.66 percent increase from the sales of the same months last year.
— Manila Standard

Duterte still obligated to cooperate with ICC investigation despite withdrawal
President Rodrigo Duterte has declared the Philippines’ withdrawal from the Rome Statute, a treaty which established the International Criminal Court (ICC).
— Davao Today


Feature photo Fabio Achilli


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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