Philippines morning news for November 22

Philippines morning news for November 22

Philippines morning newsGovernment overspends on infrastructure, exceeds 9-month target
Government spending on infrastructure exceeded its target in the first nine months with the Duterte administration’s massive infrastructure program already in full swing, according to the Department of Budget and Management (DBM).
— The Philippine Star

PHL, Japan exchange notes on ¥206B in loans for 2 infra projects
The governments of the Philippines and Japan on Wednesday signed and exchanged two documents on the Japanese government’s commitments to provide around ¥206 billion (P95.2 billion) in loans for two infrastructure projects of the Duterte administration.
— GMA News

Xi Jinping promises mechanism to avoid harassment of fishermen in South China Sea – Zubiri
Chinese President Xi Jinping promised leaders of the Philippines’ Congress that he will push for a “maritime mechanism” that ensures fishermen will not be harassed in the disputed South China Sea.
— CNN Philippines

PH down a notch in EIU ranking
The Philippines has shown no improvement in its financial inclusion score following a global review, resulting in a one-notch drop in its ranking.
— The Manila Times

Comelec allots P160-M for May 2019 poll supplies
The Commission on Elections (Comelec) said Wednesday it has allocated more than PHP160 million for the purchase of various supplies to be used in the May 2019 mid-term polls.
— Philippine News Agency

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China to help in P151-B rehab and extension of PNR railway to Bicol
The Philippines and China on Tuesday exchanged the signed contracts for the Project Management Consultancy (PMC) of the P151-billion, 639-kilometer, Philippine National Railways (PNR) South Long Haul (PNR Bicol) at Malacañang Palace, witnessed by President Rodrigo Duterte and Chinese President Xi Jinping.
— Manila Bulletin

Government may tap P207-billion Malampaya fund to cut power rates
Sen. Sherwin T. Gatchalian on Wednesday pressed for early enactment of an enabling law to use the P207-billion Malampaya Fund to pay off the stranded contract costs and stranded debt of the National Power Corp. (Napocor) in order to provide Filipino households consumer savings on their monthly electricity bill.
— Business Mirror

DA allocates P150M for ice making tools
The Department of Agriculture (DA) will allocate at least P150 million to provide 50 fishing communities with modern ice making equipment capable of producing 1 to 5 tons of ice flakes daily.
— Malaya

Bank of China pledges 6-billion RMB to Philippines
THE Department of Finance (DOF) has signed a memorandum of understanding (MOU) with the Bank of China that aims to enhance Philippine-Chinese economic relations and bring more renminbi-denominated funding to the Philippines, initially said to reach 6 billion RMB (about P45.465 billion if computed based on today’s exchange rate).
— Business Mirror

Japan consortium wins bid to build P11-billion Metro subway
A consortium of six Japanese companies has bagged the P11-billion contract to build the Metro Manila Subway, the Department of Budget and Management (DBM) said yesterday.
— The Philippine Star

Full text: Joint statement between China and the Philippines
Following the two-day visit of President Xi to the Philippines, the Malacañang has urged the public to “be patient” for the release of copies of the agreements signed.
— Philippines Lifestyle News

UnionBank lends P5 billion for various MPIC projects
METRO Pacific Investments Corp. (MPIC) on Tuesday said it has secured a 10-year term loan of P5 billion from Union Bank of the Philippines (UnionBank).
— Business Mirror

European businessman calls for rationalization of rules on funding infra projects
The Philippines must rationalize its rules on infrastructure funding to reduce the time frames of foreign-funded projects.
— ABS-CBN News (video)

New EO adopts ‘NACS,’ fights money laundering, funding for terrorist groups
MALACAÑANG on Wednesday issued an executive order complementing the efforts of the banks to stop money laundering and prevent the flow of funds to extremist groups.
— Business Mirror

Filipina ‘ASEAN Prize’ winner to use P1M award to improve PH autism program
The Filipina advocate who won the first ASEAN Prize will use the P1 million award to enhance autism programs in the Philippines.
— ABS-CBN News

Two days after Chinese President Xi Jinping and Philippine President Rodrigo Duterte witnessed the exchange of an energy exploration agreement, Philippine senators are pressing Malacanang Palace to release details of the signed document in the name of transparency.
— South China Morning Post

Gov’t fully awards T-bonds, opens tap facility on demand
THE GOVERNMENT raised P15 billion from its offering of Treasury bonds (T-bond) yesterday, and even opened a tap facility to take advantage of strong demand and lower yields.
— BusinessWorld Online

DOLE to curb rising number of foreign workers in PH
The Department of Labor and Employment will implement stricter measures in the issuance of Alien Employment Permit or AEP following reports on the rising number of foreign workers in the Philippines.

House panel OKs higher taxes on alcoholic drinks
A bill that imposes higher taxes on alcoholic products advanced in the House of Representatives on Wednesday.
— ABS-CBN News

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Emerging-Market Watchers’ Obsession With Current Account Bites
Emerging-market central bankers are taking stronger steps to rein in current-account deficits, even though they say the attention the market puts on this metric is all a bit unfair.
— Bloomberg

Trade exec sees 20% export hike to 4 European nations with PHL-Efta pact
The country’s free trade agreement (FTA) with the European Free Trade Association (Efta) is seen to boost exports to the economic bloc by 20 percent in 2019, a trade official said on Tuesday night.
— Business Mirror

Yields on term deposits surge
YIELDS ON term deposits surged to fresh highs yesterday, with banks crowding all three tenors following a fresh rate hike from the Bangko Sentral ng Pilipinas (BSP).
— BusinessWorld Online

Trillanes seeks Makati court permission to travel abroad
Senator Antonio Trillanes IV on Wednesday asked the Makati City Regional Trial Court Branch 150 to allow him to travel abroad in Europe and the United States next month.
— Philippine News Agency

China, PH to stay committed to resolving sea row in accordance with int’l law, UNCLOS
The leaders of the Philippines and China discussed again the territorial dispute in the South China Sea.
— CNN Philippines

Filipinos worried about Chinese workers prioritized in Duterte admin projects
The Duterte administration has boasted time and again that its “Build, Build, Build” program will generate more jobs for Filipinos.
— ABS-CBN News (video)

PHL renews air pacts with Switzerland, Thailand
AFTER wrapping up its negotiations with Switzerland for the modernization of its air services agreement with that European country, the Philippines is now looking at expanding its current bilateral air deal with Thailand.
— Business Mirror

DND signs deal for supply of 50,000 pistols
The defense department has inked a P1-billion deal with a local gun manufacturer for the provision of 50,000 pistols to the Armed Forces of the Philippines.
— Philippine Daily Inquirer


Feature photo SuSanA Secretariat

This week’s Philippines morning news feature photo acknowledges World Toilet Day November 19


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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