Philippines morning news for November 27

Philippines morning news for November 27
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Philippines morning newsFiscal gap swells as spending surges in Oct 2018
The country’s fiscal deficit ballooned by 175 percent to P59.9 billion in October from only P21.8 billion a year ago as revenue failed to keep up with the government’s aggressive spending program, the Bureau of the Treasury reported yesterday.
— The Philippine Star

Loan releases under P3 program top P2B
Loans released by the government under the Pondo sa Pagbabago at Pagasenso (P3) program for micro enterprises have topped P2 billion, a Cabinet official said on Monday.
— The Manila Times

Chinese Firm To Create 50,000 Jobs In Mindanao
Panhua Group, a Chinese steel company, will set up a steel factory for $3.5 billion in investment at the PHIVIDEC Industrial Estate of the Misamis Oriental-Special Economic Zone in Mindanao, Philippines
— Investvine

Government reviewing plan to suspend second tranche of oil tax increase
Finance Secretary Carlos Dominguez III said Monday the government is reviewing the plan to suspend the second tranche of oil tax increase following the recent downtrend in global petroleum prices.

2019 budget won’t be signed until Feb next year based on Senate schedule
The 2019 budget is unlikely to be passed before the Senate goes on its Christmas break this year and will likely be signed in early February at the soonest based on a schedule drafted by an official Monday.
— ABS-CBN News

‘Nothing short of 60-40 sharing is acceptable in PHL-China oil deal’
IN any negotiation for a possible joint exploration for oil and gas in the West Philippine Sea, Filipino officials will insist on a 60-40 sharing scheme with China, and the latter can walk away from the table if it does not want that, Foreign Affairs Secretary Teodoro L. Locsin Jr. said on Monday.
— Business Mirror

S.S.S. disburses P22 billion to banks for December, 13th month of members
THE Social Security System (SSS) has disbursed through its partner banks around P22 billion for the December and 13th-month pension of its members which will be made available on Thursday.
— Business Mirror

DTI disburses P1.7-B as MSME loans
The Department of Trade and Industry (DTI) has rolled out PHP1.7 billion worth of loans to micro enterprises as of this month under the Pondo sa Pagbabago at Pag-asenso (P3) Program.
— Philippine News Agency

Senate OKs resolution on funds for victims of Marcos-era abuses
THE SENATE on Monday approved on third and final reading the joint resolution extending until December 2019 the availability of funds for victims of human rights violations during the martial-law regime of the late dictator Ferdinand E. Marcos.
— BusinessWorld Online

NFA seeks to cut losses by hiking price of local rice
THE National Food Authority (NFA) is proposing to increase, to at least P33 per kilogram (kg), the price of locally produced rice it sells in order to cut the losses it incurs from its ballooning operating costs.
— Business Mirror

Measles outbreak hits Sarangani; 17 dead
At least 17 children have died of measles in Malapatan town in Sarangani in the past three weeks.
— The Philippine Star

16 sectors eyed to get incentives
Sixteen industries have been identified as priority sectors that would be eligible for incentives under the planned Strategic Investment Priorities Plan (SIPP), according to Fita Aldaba, assistant secretary of the Department of Trade and Industry (DTI).
— Malaya

PLDT invests P2.1-B in software firm Multisys
Telecommunications firm PLDT Inc. has signed an agreement with local software development and IT solutions provider Multisys Technologies Corporation for a PHP2.15 billion investment which is equivalent to 45.73 percent ownership of its equity shares.
— Philippine News Agency

More illegal Chinese workers in Philippines
President Rodrigo Duterte’s rapprochement with China, driven in most part by economic reasons, has unwittingly led to a huge influx of undocumented Chinese workers over the past two years.
— The Straits Times

In brief: Tencent-backed Philippine tech firm raises additional $40m funding
Philippine telecommunications provider PLDT, the International Finance Corporation (IFC), and IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company, today announced the signing of agreements under which IFC and IFC Emerging Asia Fund will subscribe to a total of US$40 million worth of newly issued shares in Voyager Innovations for a minority stake.
— Tech in Asia

Gov’t adopts stricter rules on reclamation projects
Stricter procedures would be enforced in the approval of reclamation projects by the National Economic and Development Authority (NEDA) board to ensure environmental sustainability in such developments, the economic planning agency said yesterday.
— The Philippine Star

Charcoal use exacts heavy toll on public health, economy
While tens of thousands of Filipinos have died from air pollution-related causes over the past few years, impoverished families continue to use charcoal, a cheap but dirty fuel.
— Philippines Magazine

The Philippines’ Department of Labour and Employment announced that it will investigate recruitment agencies operating with dummy Filipino ownership that are in fact controlled by foreign nationals, reports Business World.
— Staffing Industry Analysts

Philippines mulls tariff on palm oil imports
Despite the existing tariff-free agreement within the ASEAN region, the Philippines is now mulling to impose duty on palm oil imports amid the possible dumping of the commodity in the country causing a slump in the prices of coconut.
— Hellenic Shipping News

Cordillera rice terraces to get P4-B rehab fund
The rice terraces of Ifugao have been hailed as examples of indigenous engineering ingenuity, with small forests at the top of mountains delivering water down to rice paddies shaped like staircases to capture water and maintain soil minerals.
— Philippine Daily Inquirer

Navy to hold trilateral maritime drills with Indonesia, Malaysia
Ships from the navies of the Philippines, Indonesia and Malaysia will start a trilateral maritime exercise on Tuesday to better secure common maritime border against piracy and abductions.
— The Philippine Star

QC Council to hike public school teachers’ longevity pay fourfold
To make good on their promise to fast-track the increase in benefits and allowances for public school teachers in Quezon City, the Quezon City Council on Monday passed on second reading an ordinance increasing the longevity pay of public school teachers from PHP100 to PHP400 for every five years.
— Philippine News Agency

Senate probes Chinese influx
SEN. Grace Poe on Monday urged the Bureau of Immigration to raise “red flags” when a Chinese who enter the country as a tourist applies for a work permit.
— The Manila Times

House hearing bills on P40-P60 per pack increase in cigarette tax
THE HOUSE WAYS and Means Committee on Monday continued deliberations of the bills raising excise taxes on tobacco products to P40 to P60 per pack from P35, which is intended to fund Universal Health Care (UHC).
— BusinessWorld Online

Manila’s ‘trolley boys’ dodge traffic and death
As soon as the train rumbles past, the men heave their home-made pushcarts back onto the tracks and passengers hop aboard – cheating death and beating Manila’s notorious traffic.
— The Star Online


Feature photo UNICEF East Asia $ Pacific

This week’s Philippines morning news feature photo acknowledges International Day for the Abolition of Slavery, December 2.


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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