Philippines Morning News For March 21

Maiden ‘panda’ offer oversubscribed
THE GOVERNMENT raised 1.46 billion renminbi (RMB) on Tuesday from its maiden “panda” bond sale amid “overwhelming demand” from both offshore and onshore investors, the Investor Relations Office (IRO) announced in a press statement on Tuesday.
— BusinessWorld Online

Signing for $500M Boracay casino license to push through despite possible 1-year closure
The provisional license for the construction of Macau-based Galaxy Entertainment Group Ltd. and Filipino partner Leisure and Resorts World Corp.’s $500 million casino-resort project in Boracay will be signed today, the Philippine Amusement and Gaming Corp. (Pagcor) chief said.
— Malaya

Philippines sees gross gaming revenue rising 9.4% to $3.57bn in 2018
The Philippines expects gross gaming revenue to grow 9.4% to 186 billion pesos ($3.57 billion) this year, with online casinos playing a key role in the expansion, the chief of the country’s industry regulator said on Tuesday.
— Nikkei Asian Review

PH gov’t allots P100 million for federalism push
The government has allocated P100 million in public funds to support an office dedicated solely to promoting federalism.
— ABS-CBN

Manila slips in quality of living index
Manila has dropped two notches in the list of cities in the world with the best quality of life, according to the latest survey conducted by consulting firm Mercer.
— Philippine Star

P8.5-B Clark solar project gets gov’t nod
SunRay Power Inc. (SPI), an affiliate of MRC Allied Inc., will develop an P8.5-billion solar project in New Clark City, the Department of Energy (DOE) announced on Tuesday.
— Philippine Daily Inquirer

Climate change vulnerability: Philippines ranks 3rd
The Philippines is ranked third among the four countries in the world most vulnerable to climate change, a recent survey by HSBC showed.
— Philippine Star

GSIS sets auction in May of P20 billion Port Area lots
State-run Government Service Insurance System (GSIS) is set to bid out its big-ticket property in Port Area, Manila on May 3, for a minimum bid amount of P19.91 billion.
— Philippine Star

Duterte orders revocation of permits, licenses of mining firms supporting NPAs
The government is cracking down on mining companies and government troops providing support to communist terrorists in the country.
— Manila Bulletin

Duterte backs anti-political dynasty bill but doubts Congress will approve it
Contrary to the announcement of Presidential Spokesperson Harry Roque, President Rodrigo Duterte announced on Tuesday, March 20, that he supports the anti-political dynasty
— Rappler

10-year T-bond yields higher despite partial award
Fresh 10-year Treasury bonds fetched higher rates yesterday ahead of the monetary policy meeting of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP), the Bureau of the Treasury (BTr) said.
— Philippine Star

Comelec removes 24 party-list groups from poll list
The Commission on Elections (Comelec) had stricken off 24 groups from its list of party-list organizations that were qualified to run for seats in the House of Representatives in the May 2019 elections.
— Philippine Daily Inquirer

CLI sets nearly P9-billion capex for 2018
CEBU LANDMASTERS, Inc. (CLI) is accelerating spending this year to P8.8 billion, after posting double-digit growth that allowed the company to breach its P1.2-billion net income target in 2017.
— BusinessWorld Online

Stocks end at year-low over rate hike anxieties
It was a bloodbath at the local stock market yesterday following a similar selloff in Wall Street.
— Philippine Star

Duterte backs six-month Boracay shutdown
President Rodrigo Duterte on Tuesday said he is amenable to a six-month closure of Boracay to allow government to rehabilitate the famous island.
— ABS-CBN

Peso rises ahead of Fed
THE PESO strengthened slightly against the dollar on Tuesday as investors were still on the sidelines ahead of the monetary policy meetings of the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP).
— BusinessWorld Online

PH Digest: LBC to pick 30% in Orient Freight; Philab gets nod to buy Sydenham Labs
Philippine Stock Exchange-listed firms LBC Express and Philab Holdings have secured their respective board’s approval for local acquisitions, according to their disclosures on Tuesday.
— Deal Street Asia

Taganito Mining provides local tailors with P3-million modern sewing facility in Claver, Surigao del Norte
A P3-million industrial production facility for the local tailors of the Hayanggabon Community Multi-Purpose Cooperative (Hacomuco) in Barangay Hayanggabon in Claver, Surigao del Norte, was inaugurated last month.
— Business Mirror

Philippine bond market fastest growing in East Asia – ADB
The Philippine bond market was the fastest-growing among other debt markets in the Emerging East Asia region in the fourth quarter of 2017, reflecting positive economic growth for the region and increased prospects of higher inflation, the Asian Development Bank (ADB) said.
— Philippine Star

Jewelry makers report P3.8-million sales from Hong Kong trade show
LOCAL jewelry makers who participated in a recently held jewelry show in Hong Kong generated P3.78 million in cash and negotiated sales, as they enhanced presence in overseas markets.
— Business Mirror

Sta. Lucia raises P5B from corporate notes
PROPERTY developer Sta. Lucia Land, Inc. was able to raise P5 billion from various banks through the issuance of corporate notes facility which it will use to repay debts and fund development costs, the company told the Philippine Stock Exchange on Tuesday.
— The Manila Times

Davao Oriental, Pionaire sign MOU for $27-B industrial park
Davao Oriental has signed a memorandum of understanding (MOU) with a Hong Kong-based foreign firm for a $27-billion industrial park that a neighboring province thumbed down last year.
— Rappler

Inquiry Into Philippines Not Impacted by International Criminal Court Withdrawal
The withdrawal of the Philippines from the International Criminal Court will not impact an inquiry by prosecutors into killings related to President Rodrigo Duterte’s war against drugs, the court said in a statement on Tuesday (20/03).
— Jakarta Globe

Oman bans alien workers for 6 months
Oman has suspended the issuance of working visas to foreigners for skilled and non-skilled employment for six months, the Philippine Overseas Employment Administration said on Tuesday.
— Manila Standard

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.

Philippines Morning News For March 21 added by Stella-maris Ewudolu on March 21, 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.