Philippines Morning News For October 12

More foreign funds flee Philippines in September 2018
The full-blown trade war between the US and China, the weak peso, rising inflation and the damage from Typhoon Ompong prompted foreigners to pull their investments out of the Philippines last month, according to the Bangko Sentral ng Pilipinas (BSP).
— The Philippine Star

DPWH to roll out P23.5-billion Metro flood-control project
The government is spending P23.5 billion to help manage flooding in Metro Manila, the public works department said on Thursday, after getting support from the World Bank and Asian Infrastructure Investment Bank.
— Business Mirror

‘Trabaho’ bill could cost local firms P298 billion–Peza
LOCAL firms might be in support of the Trabaho bill—the second part of the tax-reform package now pending in Congress—but they could be committing a fatal mistake, in the view of the Philippine Economic Zone Authority.
— Business Mirror

PH economy strong but headwinds rising
Philippine economic growth is expected to stay strong despite rising headwinds but authorities need to act versus downside risks, analysts said on Thursday.
— The Manila Times

Philippines performs below regional average in World Bank’s Human Capital Index
The Philippines performed below the average for the East Asia and Pacific region in the inaugural World Bank Human Capital Index, which measures the amount of human capital that a child born today can expect to attain by age 18.
— Philippines Magazine

3 Philippine islands on Condé Nast Traveler’s list of Asia’s best
THE country’s most popular surfing destination, Siargao Island, has finally received its much-deserved international praise as it topped the Readers’ Choice Awards for Best Islands in Asia list 2018, of influential travel publication Condé Nast Traveler (CNT).
— Business Mirror

327 bills approved on 3rd reading, 4 laws enacted under GMA leadership
The House of Representatives has approved a total of 327 measures on third reading under the leadership of Speaker Gloria Macapagal-Arroyo, House Majority Leader Rolando Andaya Jr. said Thursday.
— Philippine News Agency

UPS to use drone technology to serve PH market
The United Parcel Service (UPS) intends to use drone technology, its delivery vehicle of the future, in the Philippines to service healthcare and other critical needs in the archipelago’s remotest areas as well as disaster-hit places.
— Manila Bulletin

PHL listed firms lagging behind in sustainability reporting
PUBLICLY LISTED companies fell short when it came to publishing sustainability reports as part of their good corporate governance initiatives, amid increasing awareness on the importance of sustainability to move businesses forward.
— BusinessWorld Online

Increase in revenues from fines on violations of anti-smoking, liquor ban projected
The city government’s Vices Regulation Unit (VRU) said that around five-million peso increase in revenue is expected to be collected by the end of this year due to violations to the anti-smoking ordinance and liquor ban here.
— Davao Today

Panelo to become Duterte’s spokesman ‘temporarily’
Chief Presidential Legal Counsel Salvador Panelo will be President Rodrigo Duterte’s new spokesman – but not for long.
— CNN Philippines

Bangladesh lauds PHL help on $81-million heist
DHAKA—The chief legal counsel of Bangladesh Bank has praised the administration of President Duterte for supporting the efforts to recover millions of dollars laundered to a Manila bank in 2016.
— Business Mirror

‘Confront challenges head on’: Duterte to co-ASEAN leaders
President Rodrigo Duterte on Thursday dared his fellow leaders in Southeast Asia to confront all challenges “head on” to achieve the 2030 Sustainable Development Goals (SDGs).
— Philippine News Agency

Auto industry sales up 2.6% in Sept
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) total sales posted a month-on-month growth of 2.6%, selling 31,116 units in September 2018 from 30,313 units in August 2018.
— Manila Bulletin

Philippines ‘Won’t Hesitate’ to Tighten Further, Guinigundo Says
The Philippine central bank is ready to hike rates again to rein in prices and support the currency if needed, according to Deputy Governor Diwa Guinigundo. He speaks with Bloomberg’s Kathleen Hays.
— Bloomberg (video)

Safety first: Indonesian rules, Philippines ambitions and China traceability challenges in our APAC food safety review
Food safety is never far from the headlines in APAC, and our latest monthly review reveals the latest developments in Indonesia, Philippines, Singapore, China anad Hong Kong.
— FoodNavigator-Asia.com

Japanese firm evaluating possible new applications for Philippine banana fiber
THE Philippine Fiber Industry Development Authority (PhilFIDA) said it will deliver a trial shipment of banana fiber to a Japanese company looking to order as much as 2,000 metric tons from the Philippines.
— BusinessWorld Online

NAIA Customs bust 3 parcels with P14.629 million worth of illegal drugs
The Bureau of Customs assigned in the Ninoy Aquino International Airport seized recently 3 different parcels containing illegal drugs to ramp up its total haul to an unprecedented 27 drug busts in 6 months.
— Rappler

University jointly organizes disaster preparation institute in Philippines
Early-career professionals from Southeast Asia will convene for an institute at Holy Angel University in the Philippines from Oct. 21 through Oct. 27.
— The Brown Daily Herald

Election early birds: First day of filing of COCs
It’s the first day of filing for certificates of candidacy for the 2019 midterm elections.
— ABS-CBN News (video)

Admin, opposition lawmakers agree on lifting of term limits
Members of the House of Representatives may have their differences on the transitory provisions of the proposed draft Charter, but both administration and opposition representatives agree on one issue: the lifting of term limits.
— Philippine Daily Inquirer

Pinoys oppose death for drug-related crimes
Majority of Filipinos are against the imposition of the death penalty for specific crimes related to illegal drugs, a Social Weather Stations survey showed.
— Manilastandard.net

AboitizPower gets SEC nod for P15-B bond sale
THE Securities and Exchange Commission (SEC) has approved AboitizPower Corp.’s plan to sell bonds worth P15 billion to partly settle its loan obligations.
— The Manila Times

Yearly symposium on biodiversity research to be launched
The National Research Council of the Philippines (NRCP) will present key funded projects on flora and fauna to stakeholders in Manila on Oct. 12.
— Philippine News Agency

Human capital to support growth
The World Bank said the Philippine government’s initiative to improve human capital will result in a more productive population that will contribute to the sustained growth of the economy.
— Manilastandard.net

Philippines – International Banana Conference
The International Banana Conference, organized by the Philippine Exporters Confederation Inc. -Region XI Chapter, started yesterday.
— Fresh Plaza

USTR wants to open trade talks with Japan, Philippines, EU and UK
U.S. Trade Representative Robert Lighthizer told members of Congress this week that the United States wants to open trade talks with the European Union, United Kingdom, Japan and the Philippines, but did not give any indication of when the administration will give formal notice.
— Nikkei Asian Review (paywall)

US offers to meet Philippine air combat requirements
The Philippines Defense Secretary, Delfin Lorenzana, has confirmed offers from the United States to supply platforms to meet the Philippine Air Force’s (PAF’s) air combat requirements.
— Jane’s 360

Aussie gov’t provides aid to 498 families in Kalinga
The Australian government, in partnership with the Philippine Red Cross, distributed relief goods to 498 families who were affected by the recent typhoon in this town.
— Philippine Information Agency

Feature photo JL Javier

This week’s Philippines morning news feature photo acknowledges World Mental Health Day, October 10.

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 October 12 added by Stella-maris Ewudolu on October 12, 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.