Philippines Morning News For May 7

Philippine signs $1-B loan deal with South Korea
The Philippines has signed an agreement with South Korea that would enable the Duterte administration to borrow as much as $1 billion over the next five years.
— Philippines Magazine

DOT: PH records ‘milestone’ 2M tourist arrivals in Q1
The Department of Tourism (DOT) on Sunday reported a “milestone” after the Philippines breached its 2-million mark for tourist arrivals in the first quarter of 2018.
— Philippine News Agency

GDP growth likely hit 6.8% in Q1—Moody’s
The Philippine economy likely grew 6.8 percent year-on-year in the first quarter, faster than the actual expansion of 6.5 percent in the fourth quarter of 2017 and 6.4 percent a year ago, on robust consumer spending and higher government expenditures, Moody’s Analytics, a division of Moody’s Corp., said in a report over the weekend.
— Manila Standard

ADB to launch program to help create ‘green’ jobs
The Asian Development Bank (ADB) is set to launch a program this year that will provide funding to local businesses and help them transition into “green” industries.
— Business Mirror

World Bank: 1 in 3 Filipinos has financial accounts
Over a third of Filipinos aged 15 and above owns a formal account, according to the 2017 Global Findex published by the World Bank, the latest edition of the world’s most comprehensive database on financial inclusion.
— Philippine Canadian Inquirer

INC walk for charity sets Guinness marks
OVER a million Iglesia ni Cristo members showed up yesterday for a charity walk on Roxas Blvd. that produced at least two Guinness world records and tied up traffic in adjacent areas, much to the chagrin of motorists.
— Malaya

Cayetano: PH taking diplomatic tack in recent Chinese moves in S. China Sea
The country’s top diplomat said the government was moving quietly to challenge Beijing’s recent actions in the South China Sea so it was unfair for critics to say that nothing was being done to resolve the matter.
— CNN Philippines

Water concessionaire allots P743M for pumping stations
West zone concessionaire Maynilad Water Services, Inc. has allotted P743 million this year to build new pumping stations and reservoirs (PSRs) that will boost water pressure for 87,000 customers and connect one million more to its network.
— Malaya

21 killed in barangay, SK poll violence
Twenty-one people have been killed in 16 suspected poll-related violent incidents a week before the barangay and Sangguniang Kabataan elections, the Philippine National Police (PNP) said yesterday.
— Philippines Magazine

Filinvest eyes foreign partners for $200-m Clark casino
Conglomerate Filinvest Development Corp. is looking for a foreign casino operator that will run a $200-million integrated resort and casino in Clark Freeport, Pampanga.
— Manila Standard

Chinese banana trader doubles orders from Davao planters
China’s GoodFarmer Banana Trading Corp. is increasing its banana purchases from Davao producers to 300 containers from 150 containers a week between this year and 2019, a company official said last week.
— BusinessWorld Online

DFA: Philippines-Kuwait talks reach ‘positive but sensitive’ stage
Talks to resolve the diplomatic row between the Philippines and Kuwait over the treatment of Filipino workers in the Gulf state remain delicate but are progressing well, Foreign Affairs Secretary Alan Peter Cayetano said yesterday.
— Philippine Star

Meralco seeks ERC Ok for P20.8 B capex
Manila Electric Co. (Meralco) is seeking regulatory approval for its increased capital expenditure (capex) this year.
— Philippine Star

NFA awards 250,000 MT rice supply to Thailand, Vietnam
The National Food Authority (NFA) has awarded the supply of 250,000 metric tons of rice imports to Vietnam and Thailand.
— Rappler

Duterte warns corrupt execs: Just leave
President Rodrigo Duterte warned erring public servants again to just leave their posts quietly, as he stressed that he would not let up in his anticorruption campaign.
— Philippine Daily Inquirer

FDC allots P45B in capex this year, mostly for property development
GOTIANUN-LED Filinvest Development Corp. (FDC) said it is allocating P45 billion in capital expenditures (capex) this year, mostly to its property-development activities after bagging a casino project in Clarkfield in Pampanga.
— Business Mirror

PH agriculture output up 3.95% in 2017 – DA
Philippine agricultural production increased by 3.95 percent in 2017 amid unfavorable conditions that affected the sector, the Department of Agriculture (DA) said.
— The Manila Times

Maynilad allots P743M for pumping stations
MAYNILAD WATER Services, Inc. has set aside P743 million in 2018 to fund the construction of new pumping stations and reservoirs that will boost water pressure for thousands of its customers while connecting a million more to the west concessionaire’s network.
— BusinessWorld Online

Monetary Board approves IRR for credit card law
The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board has approved the implementing rules and regulations (IRR) of the credit card law which will further open the market and enhance consumer protection mechanisms.
— Manila Bulletin

Duterte: China has promised to protect PH
China has assured the Philippines that it will come to its aid in the event of external threats, according to President Rodrigo Duterte.
— Philippine Daily Inquirer

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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 7 added by Stella-maris Ewudolu on May 7, 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.