Philippines Morning News For May 21

Philippines Morning News For May 21
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Philippines morning newsGov’t subsidies surged 130% to P45B in 1st quarter
The national government’s subsidies to state-run corporations jumped 130 percent to P45.3 billion in the first quarter, with Philippine Health Insurance Corp. getting the biggest chunk.
— Philippine Daily Inquirer

FDA warns public against purchase, use of Wawang Mosquito Coil products
The Food and Drug Administration (FDA) has warned the public against the purchase and use of a mosquito coil pesticide product that has been banned for sale due to its potential health hazards to consumers.
— Manila Bulletin

Net ‘hot money’ inflows hit $1.2B
Short term foreign investments through local financial markets surged in the first four months of the year, with companies listed on the Philippine Stock Exchange serving as the biggest draw to overseas asset managers, the central bank said.
— Philippine Daily Inquirer

Reducing gender inequality at work can add USD 40 mn to Philippines’s economy
According to a report by McKinsey & Co, Philippines has the capability to add USD 40 billion to its domestic economy by 2025 if women and men are treated equally at the workplace.
— Devdiscourse

Confronting China means trouble – Duterte
Trouble would ensue if the Philippines insisted on its maritime claims in the South China Sea, President Duterte said.
— Philippine Star

Smart revenues hit P14.8B in 1st quarter
SMART Communications, Inc. posted higher service revenues this quarter, driven by its mobile data business.
— BusinessWorld Online

Ayala selling $1-billion coal plants
AC Energy Inc., the energy arm of the Ayala Group, plans to sell as much as 50 percent of its thermal or coal energy assets, a top executive said over the weekend.
— Manila Standard

PH to seek ‘adequacy’ country status in EU data privacy law
Although personal data in the country are well protected by companies’ compliance mechanisms under the current Data Privacy Act (DPA), the Philippines will still be moving for “adequacy country” status accreditation under the new EU General Data Protection Regulation (GDPR) law, the holy grail in data privacy protection, to boost its status as leading global destination of personal data.
— Manila Bulletin

Illegal pipes discharging wastewater into Boracay beach found
Some 33 pipes discharging wastewater into the beach here have been discovered by the Department of Environment and Natural Resources (DENR).
— Northbound Philippines

PDIC to bid out P78 M foreclosed bank assets
State-run Philippine Deposit Insurance Corp. (PDIC) is eyeing P78 million from the disposal of several foreclosed assets of closed banks in the provinces towards the end of the month.
— Philippine Star

NLEX says Q1 income rose by 20% to P1.29-billion
NLEX Corp. said net income rose 20 percent to P1.29 billion in the first quarter of 2018 from P1.07 billion in the same period last year on higher traffic at the North Luzon Expressway and Subic-Clark Tarlac Expressway.
— Manila Standard

Businesses in city up by 4.6% in Q1 2018
THE number of business establishments in Davao City in the first quarter of 2018 increased by 4.6 percent to 36,802 from around 35,200, according to data from the Davao City Investment and Promotions Center (DCIPC).
— Sun Star

BSP ready to recalibrate policy stance
Monetary authorities are prepared to recalibrate the country’s policy stance, if the earlier rate hike is not enough to keep inflation within the two to four percent target set by the Bangko Sentral ng Pilipinas (BSP).
— Philippine Star

Anchor Land breaks ground for P4-B condo project in Binondo
PROPERTY developer Anchor Land Inc. said it broke ground for the construction of the 49-story Eight Alonzo Parksuites, the company’s newest project in Binondo, Manila, which targets Filipino-Chinese businessmen.
— Business Mirror

Philippines pushes back third telco bid again
The Philippines government has again pushed back the planned timeframe for selecting a third telco player, with bidding now expected to conclude by September.

Duterte: No assurance US on our side
THE PHILIPPINES has no assurance that the United States of America will remain by its side if war breaks out in the disputed South China Sea region, President Rodrigo R. Duterte said.
— BusinessWorld Online

Cebu oil field starts commercial production
ALEGRIA, Cebu: A natural gas and oil field here that is operated by a Chinese mining company began commercial production on Saturday, which the Department of Energy (DoE) expects would aid in the Philippines’ development.
— The Manila Times

MPIC studying options on selling Singapore power assets
METRO Pacific Investments Corp. (MPIC) said it is studying some “structural solutions” to the prevailing power-excess capacity in Singapore, possibly merging or consolidating its assets with other players in the city-state.
— Business Mirror

OP to probe unfair labor practices in TV networks
The Office of the President (OP) is set to investigate reported complaints of unfair labor practices in television (TV) networks involving employees who hold contractual and talent positions.
— Philippine Canadian Inquirer

Solon urges NHA to file criminal charges vs contractors of substandard facilities
The chairman of the House Committee on Housing and Urban Development last Sunday urged the National Housing Authority (NHA) to study the filing of criminal charges against all contractors involved in building substandard housing units and facilities for victims of natural and man-made disasters.
— Business Mirror


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.


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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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