Philippines Morning News For May 10

Exports sank 8% to $5.5-billion in March
Trade deficit widened to $2.6 billion in March, as exports sank for the third straight month this year and imports barely grew, data from the Philippine Statistics Authority show.
— Manila Standard

DBM to pay out P36.2B for gov’t employees’ midyear bonuses
Over 1.5 million government employees will receive a total of P36.2 billion in tax-free midyear bonuses beginning May 15, the Department of Budget and Management (DBM) announced on Wednesday.
— Philippine Daily Inquirer

ABS-CBN serves $3.86-million claim vs Dazcon for illegal distribution of copyrighted movies, TV shows
MULTIMEDIA conglomerate ABS-CBN Corp. served on Wednesday a $3.86-million statement of claim against Dazcon Inc. pursuant to an issuance of a Canadian Federal Court over the latter’s illegal distribution of copyrighted movies and television shows.
— Business Mirror

Philippines: Jollibee to acquire 45% of Singapore PE fund Titan Dining for $34m
Philippine-listed food service giant Jollibee Foods Corporation (JFC) said on Wednesday that it is investing up to S$45 million ($34 million) to acquire a 45 per cent stake in Singapore private equity fund Titan Dining LP.
— Deal Street Asia

Landbank income jumps 52% to P4.26 billion
The net income of Land Bank of the Philippines jumped by 52 percent to P4.26 billion in the first quarter from P2.81 billion in the same period last year on the back of higher interest income.
— Philippine Star

IMF not too worried about FX pressure in PHL
The International Monetary Fund is not too worried about recent selling pressure on assets in Indonesia and the Philippines as it was not triggered by domestic factors and Asia has stronger buffers than in the past, a Fund official said on Wednesday.
— BusinessWorld Online

PNB earns 20% more to P1.5 billion
Earnings of listed Philippine National Bank (PNB) jumped 20 percent to P1.5 billion in the first quarter from P1.2 billion a year ago on the back of the strong performance of its core businesses.
— Philippine Star

First Gen’s planned $1-billion LNG plant to be completed in 4 years
LOPEZ-LED First Gen Corp.’s planned $1-billion LNG (liquefied natural gas) facility is in its “most advanced state of development” compared to the LNG plans of other firms.
— Business Mirror

Manila Water Q1 net income up 17% to P1.69 billion
MANILA Water’s net income for the first quarter of the year grew by 17 percent, up from the previous year’s performance, to reach P1.69 billion.
— Business Mirror

Senators pushing for review, suspension of tax reform law
At least three senators want a second look on the provisions of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, with one of them seeking to temporarily suspend it.
— ABS-CBN (video)

SM gets income boost from property, retail units
Listed SM Investments Corporation saw its consolidated net income rise by 10% to P8.5 billion in the 1st 3 months of 2018, from the P7.7 billion in the same quarter a year ago, thanks to strong performance of its property and retail businesses.
— Rappler

Globe launches online tutorial for entrepreneurs
Globe Telecom launched on Wednesday an online entrepreneurship website that aims to provide lessons on business management through the testimonials of various industry experts.
— Philippine News Agency

FDC allots P45-B capex for expansion
Filinvest Development Corporation is budgeting P45 billion for capital expenditures in 2018, mainly for the expansion of its property business as well as potential investments.
— Manila Bulletin

Chelsea Logistics quadruples income
Chelsea Logistics Holdings Corporation (CLC) of Davao tycoon Dennis A. Uy more than quadrupled its profits in the first quarter of 2018 to P115 million from the P27 million earned in the same period last year.
— Manila Bulletin

Revenues, spending up in April – Dominguez
State spending and revenue collections posted double-digit growth last month, a Cabinet official said, citing preliminary data from government agencies.
— The Manila Times

Malacañang: 4 Filipino drivers released after meeting between PH, Kuwait officials
Kuwait has released four Filipino drivers arrested for taking part in Philippine officials’ rescue operation for distressed Filipino workers in the Gulf state, Malacanag said on Wednesday.
— CNN Philippines

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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 May 10 added by Stella-maris Ewudolu on May 10, 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.