Philippines Morning News For May 22

The key to 1.5 million Chinese tourists’ wallets? Scan-to-pay
Filipino businessmen are cashing in on the projected 1.5 million Chinese tourist arrivals this year by allowing them to shop with their smartphones, eliminating tedious trips to money changers.
— ABS-CBN

$100-M fintech hub to rise in Cagayan
A $100-million facility that will house foreign financial technology companies will open at the Cagayan Economic Zone Authority (CEZA) in 2 years’ time, the head of the agency said on Monday.
— ABS-CBN (video)

Philippines ‘concerned’ as China lands bombers on disputed reefs
The Philippines has expressed “serious concern” after Chinese strategic bombers landed on islands and reefs in disputed areas of the South China Sea, and promised “appropriate diplomatic action”.
— The Irish Times

Subsidies soar 300%, PhilHealth top recipient
The national government’s subsidies jumped by more than 300 percent in March alone, with bulk of the amount released to the Philippine Health Insurance Corp. (PhilHealth) and Lank Bank of the Philippines.
— Malaya

Philippines: World Bank takes active role in boosting production Guimaras mangoes
The World Bank is taking an active role in boosting the production of Guimaras mangoes, one of the fruit’s sweetest varieties. Ronnie Morante, chief of the Guimaras Agricultural Office, said the World Bank is funding 60 percent of the ₱18 million (€300.000) project that aims to convince more small farmers to grow quality mangoes.
— Fresh Plaza

Philex to spend P109-million for social development projects this year
Philex Mining Corp. has allotted a total of P109.32 million for this year’s programs on infrastructure, information dissemination, and research and development, following several community-based consultations and planning workshops conducted in the outlying communities of its Padcal mine, in this province.
— Manila Standard

China Energy to build 1,500-MW power projects
A Chinese energy firm will be injecting massive investments for planned two coal-fired power projects of 1,500 megawatts aggregate capacity in Luzon and Visayas grids, Energy Secretary Alfonso G. Cusi has declared to reporters in a briefing on the sidelines of the production launch of the Alegria oil field here.
— Manila Bulletin

$308-M cruise port proposal sent to Palace
As part of its mandate to build more infrastructure and facilities to help boost the Philippine tourism industry, the Tourism Infrastructure and Enterprise Zone Authority (Tieza) has submitted to Malacañang a proposal to construct a $308-million cruise port in Parañaque City.
— The Manila Times

PH urged to unite with rival claimants in opposing China’s militarization
The Philippines and other claimants should band together and oppose China’s increasingly aggressive actions in the South China Sea, acting Chief Justice Antonio Carpio said on Monday.
— Philippine Daily Inquirer

Now Corp. to offer P1-billion preferred shares to fund fiber-in-air service
NOW Corp. plans to offer up to P1 billion worth of preferred shares to finance the expansion of its fiber-in-the-air service.
— Business Mirror

Benguet Corp. widens net loss to P37 million in Q1
Benguet Corp. incurred a net loss of P37 million in the first quarter of the year, almost double from the previous year despite improvements in revenues.
— Philippine Star

PH electronics firm posts 14% profit hike
Cirtek Holdings Philippines Corp. said profit for the first quarter of the year went up 14 percent to $1.9 million from $1.67 million in the same period in 2017.
— Malaya

Another big-time oil price hike: P1.60 per liter for gasoline, P1.15 for diesel
With global oil prices breaking into the US$80 per barrel level in last week’s trading, oil companies are implementing a hefty increase in pump prices effective this morning – with gasoline prices rising by P1.60 per liter, diesel by P1.15, and kerosene by P1.00.
— Manila Bulletin

Privacy commission makes progress on Uber, FB probes
The National Privacy Commission (NPC) has wrapped up its investigation of the data breach of Uber while its ongoing probe on the unauthorized processing of personal data by Facebook is progressing well.
— Malaya

External debt service rises to $1.59 B in Feb.
Philippines’ external debt service burden increased to $1.59 billion in the first two months of 2018 or up by 4.93 percent year-on-year from $1.52 billion, data from the Bangko Sentral ng Pilipinas (BSP) show.
— Manila Bulletin

At least 7 groups vie for 25-year deal to operate, maintain Clark airport
Some of the big local conglomerates that had bid for the country’s first airport deal under the public-private partnership (PPP) program could square off once more for the 25-year contract to operate and maintain the Clark International Airport.
— Rappler

Philippines seeks Korea assistance in development of e-vehicle industry
The Philippines is seeking the assistance of Korea in the development of the country’s electric vehicle industry as the country prepares to go full speed with its public utility vehicle (PUV) modernization program.
— Philippine Star

Philippine proptech unicorn Revolution Precrafted to build 2,000 villas in Puerto Rico
Philippines-based unicorn developer Revolution Precrafted announced Monday that it has bagged yet another international deal, this time to supply over 2,000 residential villas in Puerto Rico.
— Deal Street Asia

Govt debt payments down 63% in March
GOVERNMENT debt payments plunged in March due to lower interest and amortization costs, data from the Bureau of the Treasury showed.
— The Manila Times

COA flags much-delayed P18-M Intramuros project
The Commission on Audit (COA) has flagged the Intramuros Administration (IA) for its delayed implementation of an P18 million branding campaign project, with only 2 percent of the budget sourced from the Department of Tourism (DOT) used so far.
— Philippine Daily Inquirer

Philippines misses most of 2017 labor targets
The Philippines improved in addressing unemployment and low work force participation in women in 2017, but this was not enough to breach desirable territory.
— Philippines Magazine

VXI opens newest $3-million BPO office
Business-process outsourcing (BPO) company VXI Global Solutions Inc. has officially opened its $3-million new facility in Clark Freeport Zone, offering over 2,000 job opportunities mostly for the local labor market.
— Business Mirror

Metro Manila vacancy rates drop in Q1 — report
REAL ESTATE consultancy firm Colliers International Philippines allayed concerns of a property “bubble burst” in Metro Manila, citing a dip in vacancy rates in the residential market.
— BusinessWorld Online

Bill on labor safety approved by Congress bicam
A bicameral conference committee (bicam) by the Lower and Upper House approved on Monday a bill which seeks to strengthen compliance of employees with occupational safety and health standards (OSHS).
— Davao Today

PH unemployment, underemployment rates dip — NEDA
The country’s employment scenario is on the up and up, according to the National Economic and Development Authority (NEDA).
— CNN Philippines

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 May 22 added by Stella-maris Ewudolu on May 22, 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.