Philippines Morning News For May 9

Philippines Morning News For May 9

Philippines morning newsThe Philippines is planning a $14 billion ‘pollution-free’ city that will be larger than Manhattan
Manila, the hyper-dense capital of The Philippines, is known for its traffic jams. In a 2016 survey, navigation company Waze ranked Manila as having the “worst traffic on Earth.”
— Business Insider

P17-million milkfish destroyed in Bulacan fish kill
The Bureau of Fisheries and Aquatic Resources (Bfar) and the Provincial Agriculture Office of Bulacan pegged the value of milkfish wiped out by a fish kill in Obando town at P17 million.
— Business Mirror

DBP signs P9.5-B loan deal for construction of Clark gov’t center
THE Development Bank of the Philippines (DBP) signed a P9.5- billion loan deal with the construction firm AlloyMTD Holdings Philippines, Inc. for the development of the National Government Administrative Center (NGAC) at the New Clark City (NCC).
— BusinessWorld Online

Eastern Visayas nets P200-million to address school woes
Education officials in Eastern Visayas have remained thankful to both public and private stakeholders in the region after it solicited over P200 million in donations and signed 38 agreements in this year’s partnerships in education roadshow.
— Manila Standard

PHL participation in Biofach earns $27.5 million in negotiated sales
THE Philippines’s first participation in Biofach 2018, held at the Organic Exhibition in Nuremberg, Germany, recently recorded total negotiated sales amounting to $27.5 million, roughly P1.426 billion.
— Business Mirror

Amazon puts up first service center in PH
E-commerce giant Inc. launched its first customer service center here in the Philippines, planning to create more than a thousand new jobs by the end of the year.
— Philippine Daily Inquirer

Net incomes of big banks up 17.85% to P39.77 billion in first quarter – BSP
The country’s big banks reported combined cumulative net profits of P39.768 billion in the first quarter this year, up 17.85 percent from same period in 2017 of P33.745 billion, data from the Bangko Sentral ng Pilipinas (BSP) show.
— Manila Bulletin

Tax reform prompts change in consumption of sugary drinks
Consumption of sugar-sweetened beverages plummets after the tax reform was enacted into law.
— ABS-CBN (video)

Gov’t raises P10B from 3-year Treasury bonds
THE GOVERNMENT made a full award of reissued three-year Treasury bonds (T-bonds) on Tuesday even as the rate inched higher amid strong market demand.
— BusinessWorld Online

Caloocan City offers 100 jobs to jobless residents
THE administration of Mayor Oscar G. Malapitan is currently holding a 16-day job fair that intends to recruit as many as 100 jobless residents of Caloocan City to work for the call center and logistics industry.
— Business Mirror

Duterte is 69th in World’s Most Powerful list
President Rodrigo Duterte was ranked 69th in Forbes magazine’s latest list of The World’s Most Powerful People – a catalog of the 75 most influential men and women in the world.
— Philippines Magazine

Grab eyes payment for cancelled rides
Passengers may have to pay a fee for cancelling rides booked through the Grab app soon.
— Philippine Star

LT Group sets aside up to P11B for capex this year
LT GROUP, Inc. (LTG) plans to spend P10-11 billion for capital expenditures in 2018, the bulk of which will be allocated for its property unit in a bid to expand its recurring income.
— BusinessWorld Online

Ayala Land’s three-month earnings reached P6.5-billion
Property developer Ayala Land Inc. booked a net income of P6.52 billion in the first three months, an increase of 17 percent from the same period last year on the back of higher revenues from residential and leasing businesses.
— Manila Standard

Inflation to overshoot BSP’s target — IMF
Rising oil prices and the impact of the tax reform law may push inflation above the two to four percent target set by the Bangko Sentral ng Pilipinas (BSP), the International Monetary Fund (IMF) said yesterday.
— Philippine Star

Trade dept imposes price freeze in Boracay
The Department of Trade and Industry (DTI) has frozen the prices of basic commodities on Boracay island in Aklan province after the government closed it to tourists late last month for a six-month rehabilitation.
— The Manila Times

Energy company sets P6B capex
Lopez-led power firm Energy Development Corp. (EDC) has budgeted around P6.1 billion as capital expenditure for the year which will mostly be spent for drilling of wells in its geothermal operations in Leyte.
— Malaya

Petron nets P5.8 billion in 1st quarter
PETRON CORP. on Tuesday said it posted a consolidated net income of P5.8 billion in the first quarter, up 4% year on year and the highest quarterly income in its history.
— BusinessWorld Online

16 foreign bidders eyeing to supply imported rice to NFA
As much as 16 foreign bidders are now looking to bag contracts to supply imported rice of as much as 250,000 metric tons (MT) to the state-run grains agency National Food Authority (NFA).
— Manila Bulletin

Duterte appoints Romulo Puyat as new Tourism secretary
President Duterte has chosen Agriculture Undersecretary Bernadette Romulo Puyat as the next secretary of the Department of Tourism.
— Manila Bulletin

President to visit Philippine Rise, launch research study
President Rodrigo Duterte will visit Benham Rise on May 15-16 to celebrate the first anniversary of his renaming the underwater land mass Philippine Rise.
— Philippine Daily Inquirer

BSP revokes licenses of money changers linked to pork barrel scam
The Bangko Sentral ng Pilipinas (BSP) revoked the licenses of two foreign exchange dealers linked to the pork barrel scam allegedly masterminded by Janet Lim Napoles.
— Rappler

Agriculture growth slows to 1.47% in Q1
Agriculture growth slowed in the first quarter as fisheries output contracted and production gains eased in the crops and livestock sub-sectors, the government reported on Tuesday.
— The Manila Times

40 scuba divers swim depths of Boracay waters for clean-up drive
Up to 40 scuba divers took part in a clean-up drive to help rehabilitate the waters off the temporary closed Boracay island.
— Philippines Magazine

Wendy’s PH website hack exposes thousands of personal data
The website of fast food chain Wendy’s Philippines has been hacked, exposing over 80,000 records including the personal data of its customers and job applicants.
— CNN Philippines

Benguet town nixes PMA expansion
The Municipal Council passed a resolution asking President Rodrigo Duterte not to approve the recommendation of Department of Environment and Natural Resources (DENR) Secretary Roy Cimatu for the issuance of a Presidential Proclamation reserving an additional area of 106 hectares over a parcel of land for the training ground of the Philippine Military Academy (PMA) in Barangay Camp 6.
— Northbound Philippines

IN PHOTOS: Decades-old residents of Salmonan lost their homes in demolition
The cries and pleas of decades-old residents of Barangay 26-C Salmonan did not stop the demolition team from destroying 67 of their homes despite their claims of an ongoing legal process.
— Davao Today

Gov’t talking to CPP-NDF to resume peace negotiations
Representatives of the government and communist rebels are holding talks for the possible resumption of peace negotiations, six months after President Rodrigo Duterte walked away from the talks.
— CNN Philippines

Duterte to form 3-man panel of experts to probe Dengvaxia mess
A three-man panel of experts will be formed by President Rodrigo Duterte that will study whether the world’s first dengue vaccine, Dengvaxia, indeed caused deaths, Malacañang announced on Tuesday, May 8.
— Philippine Canadian 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.


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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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