Philippines Morning News For March 26

Department of Agriculture eyes over P200 billion budget for 2019
The Department of Agriculture (DA) is looking at an unprecedented budget of over P200 billion next year as it expects positive results from its planned bond flotation and the possible return of four agencies now under the Office of the Cabinet Secretary.
— Philippine Star

Gordon: DPWH execs behind P8.7-B scam
Some officials of the Department of Public Works and Highways (DPWH) may have had a hand in the P8.7-billion road right-of-way scam uncovered here and in nearby areas of South Cotabato, Sen. Richard Gordon said on Friday.
— Philippine Daily Inquirer

Yields on gov’t debt drop on Fed hike, BSP review
YIELDS on government securities (GS) traded in the secondary market declined last week amid an interest rate hike in the US and the Bangko Sentral ng Pilipinas’ (BSP) decision to keep its policy settings unchanged.
— BusinessWorld Online

US GSP privileges extended till ’20
Philippine exports will continue to enjoy duty-free access to the United States until 2020 after US President Donald Trump signed the Omnibus Spending Bill which included the renewal of the Generalized System of Preferences (GSP).
— Malaya

State subsidies drop by 27% in January
State subsidies to government-owned and -controlled corporations (GOCCs) declined by more than a quarter in the first month of the year, data from the Bureau of the Treasury revealed.
— Manila Bulletin

P100-M Tadeco lab to help banana sector
Tagum Agricultural Development Company, Inc. (Tadeco), the flagship firm of the ANFLOCOR Group of Companies, has began operating a P100-million modern laboratory that is expected to benefit the banana industry.
— The Manila Times

GOCC subsidies reach P922 million in January
The national government extended P922 million in subsidies to state corporations in January to support their operations and programs, the Bureau of the Treasury (BTr) reported.
— Philippine Star

Stock market loses more than P1.5 trillion in value since peak
A DEEP SELL-OFF has erased more than P1.5 trillion from the Philippine stock market’s value over the last two months, with the lingering weakness expected to continue amid mounting fears of a trade war.
— BusinessWorld Online

Italpinas secures P420-million LBP loan for mixed-use project in Batangas
ITALPINAS Development Corp. (IDC) has secured a P420-million term loan from the Land Bank of the Philippines (LBP) for the financing of its mixed-use project in Sto. Tomas, Batangas.
— BusinessWorld Online

SMC Brewery’s P35-B bonds maintain top rating
San Miguel Brewery, Inc. (SMB) has maintained the highest PRS Aaa issue credit rating with a Stable Outlook from Philippine Rating Services Corporation (PhilRatings) for its outstanding bonds totaling P34.81 billion.
— Manila Bulletin

T-bills on offer to fetch lower rates on demand
TREASURY BILLS (T-bills) on auction today will likely fetch lower yields on the back of strong demand for shorter-tenored securities.
— BusinessWorld Online

Over 60 solons urge Duterte to resume peace talks
Crossing party lines, some 60 congressmen on signed a resolution urging President Rodrigo Duterte to resume peace negotiations between the government and communist rebels.
— ABS-CBN

Philippines votes vs UN resolution on rights situation in Myanmar
The Philippines was among five nations that rejected a resolution by the United Nations’ human rights body on the human rights situation in Myanmar.
— Philippine Star

PH dumping ground of fake products
The National Committee on Intellectual Property Rights (NCIPR) is intensifying its crackdown on notorious hotbeds of counterfeit in goods in Metro Manila which it said had perpetuated a reputation of the Philippines as a dumping ground for fake products.
— Malaya

Inflation to hit peak in 3rd quarter
INFLATION is expected to keep rising to hit a peak in July to September, the Bangko Sentral ng Pilipinas (BSP) said, but maintained that price pressures will remain temporary and manageable.
— BusinessWorld Online

Philippines urges tough global action on cyber sex trafficking of children
The Philippines’ fight to end cyber sex trafficking needs other countries to get tougher with sexual predators who pay to watch children being abused over webcam, a Filipina senator said.
— The Straits Times

Neda: PHL at risk of missing 2018 poverty-reduction goals
The Philippines could miss its poverty-reduction targets this year if commodity prices continue to rise, according to the National Economic and Development Authority (Neda).
— Business Mirror

Gov’t to lease retail, dining spaces at Metro Manila Subway stations
An underground shopping and dining experience will be part of the planned subway in Metro Manila.
— Rappler

Peso seen sideways on profit taking
THE PESO is expected to move sideways this week as investors pocket profits ahead of the Holy Week break and amid brewing tensions between the US and China over trade policies.
— BusinessWorld Online

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 March 26 added by Stella-maris Ewudolu on March 26, 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.