Philippines Morning News For May 28

Philippines to raise $2 B from foreign borrowings
The Philippine government plans to raise about $2 billion more this year through the sale of offshore commercial bonds, including samurai and global bonds, according to the Bureau of the Treasury (BTr).
— Philippines Magazine

The Philippines is starting over with a new $14B “pollution-free” city
Bidding has began for companies interested in conducting the design, building, financing, or operations of the Philippines’ new city.
— The Real Deal

Loans to small firms surge to P4.6B in 2017
LOANS GRANTED to small-scale firms surged in 2017 as the central bank relaxed rules on pricing risks and as more credit surety fund (CSF) groups were created during the year.
— BusinessWorld Online

MSME loans granted under BSP facility hit P4.6 B
Total loans extended to micro, small and medium enterprises (MSMEs) under a credit enhancement scheme reached almost P4.6 billion, the Bangko Sentral ng Pilipinas (BSP) said.
— Philippine Star

Maynilad builds P70 M water quality laboratory
West zone concessionaire Maynilad Water Services Inc. is constructing a P70-million laboratory to ensure quality water supply in its serviced areas.
— Philippine Star

Cleanup targets 2,518 illegal structures
Environment officials in Pangasinan province have begun clearing beaches in two towns and a city of more than 2,000 shanties and illegal structures that have mushroomed there.
— Philippine Daily Inquirer

CEZA seeks release of P14B NG equity
The Cagayan Economic Zone Authority (CEZA) is seeking the release of P14 billion from the national government to finance key infrastructure projects, including a six-lane expressway that would link the economic and Freeport zone’s airport and seaport to other towns in the province.
— Malaya

HIV treatment based on wild sage up for final review, P5M in funding
A research project evaluating the use of wild sage to treat Human Immunodeficiency Virus (HIV) is up for final technical assessment, which would open the door for an additional P5-million grant.
— BusinessWorld Online

Chinese officials, DOF tackle investment areas in PHL, Asean
A delegation from China, representing 44,000 Chinese local-level chambers of commerce, has expressed interest to explore cooperation and investment opportunities in the Philippines, according to the Department of Finance (DOF).
— Business Mirror

Justice bows to CoA on P621-million expense
The Justice department on Sunday vowed to fully comply with the recommendations made by the Commission on Audit for the proper disbursement of its funds.
— Manilastandard.net

Philippines pushes 10% tariff on agri exports to SoKor
The government would have to settle for at least 10 percent tariff on all agricultural exports to South Korea if the zero-levy scheme is not approved, the Department of Agriculture (DA) said.
— Philippine Star

DMCI’s land bank grows 41% this year on new acquisition
DMCI Homes, the property-development unit of DMCI Holdings Inc., said it accumulated a total land value of P6 billion, expanding its land bank by nearly 41 percent since last year.
— Business Mirror

ACR, Ayala to invest P20 billion to develop Davao City property
ALSONS Consolidated Resources, Inc. (ACR) has placed at P20 billion the initial investment in a Davao City property it is jointly developing with the Ayala group that is expected to break ground this year, company officials said.
— BusinessWorld Online

P1.2 million illegal lumber seized
Illegal lumber worth at least P1.2 million were seized in a police operation in Lopez, Quezon yesterday morning.
— Philippine Star

PH to join world’s biggest war games
The Philippines will for the first time participate in the Rim of the Pacific Exercise (Rimpac), the world’s biggest international maritime war games, to be held off Hawaii in June.
— The Manila Times

SMC raises P10 B notes
San Miguel Corp. (SMC) returned to the Philippine Dealing & Exchange Corp. platform for the second time this year and successfully listed its two-year fixed rate notes worth P10 billion.
— Philippine Star

Boracay closure could be extended beyond six months
The enforced closure of Philippine island hotspot Boracay could drag on longer than a planned six months, says environment secretary Roy Cimatu.
— Travelmole

Alsons earmarks P7-B capex for power projects
The power business of the Alcantara Group will be cornering P7.0 billion in capital expenditures (capex), which is essentially the lion’s share of the P9.0-billion spending that the conglomerate had earmarked for all project this year.
— Manila Bulletin

Calida firm bags P150M in deals from gov’t, including DOJ
Solicitor General Jose Calida’s family-owned security firm has bagged P150.815 million in contracts from 6 government agencies, including the Department of Justice (DOJ), since he became the Philippine government’s top lawyer.
— Rappler

Labor groups seek P800 minimum wage hike
BIG labor has pushed for an P800 across-the-board daily minimum wage for all workers nationwide even as it called on all 17 Regional Tripartite Wages and Productivity Boards (RTWPBs) across the country to come up with a realistic increase in the minimum pay that will allow workers to cope with rising inflation.
— Philippines Magazine

PH debt affordability at risk as peso weakens
THE Philippines’ debt affordability metrics are at risk amid currency pressures, Moody’s Investors Service said.
— The Manila Times

Gov’t may expand subsidies amid fuel hikes but not freeze TRAIN – Finance Usec
An official of the Department of Finance on Sunday said the government may expand subsidies to poor people most affected by recent price increases but again fended off calls to suspend the tax reform law.
— ABS-CBN (video)

Farm expansions boost chicken output by nearly 5%
EXPANDING broiler commercial farms increased the Philippines’ chicken production by 4.93 percent to 439,956 metric tons (MT) in the first quarter of 2018 from 419,303 MT a year ago, the Philippine Statistics Authority (PSA) said.
— The Manila Times

Palace defends Philippine construction in Spratlys
The Palace defends the construction and repairs on Pag-asa island reported by a U.S.-based think tank.
— 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 28 added by Stella-maris Ewudolu on May 28, 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.