Philippines Morning News For October 16

Remittances shrink anew, 8-month total just $19.1 billion
MONEY sent by Filipino migrant workers contracted anew in August this year, reversing the growth gains seen in the previous month.
— Business Mirror

Tax hike suspension to cost P41B
While the suspension of the increase in the excise tax on oil will immediately be felt by consumers in terms of lower prices of fuel, spending on some non-infrastructure projects, such as subsidies given to marginalized sectors, might have to be sacrificed.
— Malaya

Disasters cost PHL P389 billion; recovery at P560 billion
THE Philippines incurred damage of at least P388.74 billion from disasters between 2011 and 2018, according to data presented by the National Economic and Development Authority (Neda), but the cost of recovery and rebuilding was nearly one and a half times that amount.
— Business Mirror

Philippines island Boracay reopens for test run following huge cleanup
Boracay, one of the world’s most famous beach destinations, has reopened for a limited-numbers test run almost six months after closing for a cleanup operation to reverse the fortunes of the resort island once labeled a “cesspool” by Philippines President Rodrigo Duterte.
— CNN

NegOcc, LandBank sign P1.2-B loan deal for 3 infra projects
The Negros Occidental provincial government and the Land Bank of the Philippines have formalized the contract for the granting of the PHP1.2-billion loan for the province’s three major infrastructure projects this year.
— Philippine News Agency

DA warns of rice oversupply; prices to fall by end Oct.
While assuring the public could look forward to a stable supply and price of rice by the last week of October following the influx of grains sourced from those imported abroad and from local farmers, Agriculture Secretary Emmanuel Piñol warned of a possible oversupply of rice that could even bring down prices of palay.
— Malaya

16 foreign firms want to partner with local electric co-ops to form clean-energy mini grids
SIXTEEN foreign firms have expressed interest to partner with electric cooperatives to put up clean-energy mini grids.
— Business Mirror

Duterte to distribute land titles in Boracay
President Rodrigo R. Duterte on Monday said he will visit Boracay Island to distribute land titles when the top tourist destination reopens to the public on October 26.
— Philippine News Agency

Roque changes tune, says Duterte’s ‘playful act’ of kissing OFW was ‘inappropriate’
After a revamp at the Presidential Communications Operations Office that may have booted him out of the Palace, former presidential spokesperson Harry Roque said that the “playful act” of President Rodrigo Duterte kissing a Filipina overseas worker was “inappropriate.”
— The Philippine Star

Cimatu: Boracay no longer a cesspool
This was declared by Environment and Natural Resources Secretary Roy Cimatu on the first day of the 10-day dry run for the soft opening of Boracay Island on Monday.
— Manila Bulletin

Silk Road Chamber offers funding for PH projects
The Silk Road Chamber of International Commerce (SRCIC) is offering RMB50-billion funding (USD7.3 billion) for projects in the Philippines, its chairman Lu Jianzhong said.
— Philippine News Agency

Government to slash non-infra budget after oil tax freeze
The government may reduce its non-infrastructure spending, once it suspends the second tranche of oil excise taxes, Finance Secretary Carlos Dominguez III said Monday.
— Manilastandard.net

China Bank, AF Payments ink deal for Beep reloading
CHINA BANKING Corp. (China Bank) said its automated teller machines (ATM) can now be used by its cardholders to top up their “Beep” cards.
— BusinessWorld Online

Selection process for new telco backed by Duterte
President Duterte is in full support of the third telco selection process amid a case filed by one of the aspirants questioning some of the rules, according to Information and Communications Technology acting Secretary Eliseo Rio.
— The Philippine Star

Philippines makes electronic reporting obligatory on all vessels
Philippines’ Department of Agriculture (DA), through the Bureau of Fisheries and Aquatic Resources (BFAR), said all commercial fishing vessels are subject to government tracking and must have vessel monitoring measures (VMM) and electronic reporting systems (ERS), reports Business World.
— IntraFish

SMC Global Power repurchasing $300 million securities
The power generation unit of diversified conglomerate San Miguel Corp. (SMC) has decided to buy back $300 million worth of securities.
— The Philippine Star

T-bills auction mixed as bids higher than expected–BTr
THE Bureau of the Treasury (BTr) received mixed results in its latest Treasury bills (T-bills) auction on Monday awarding P7 billion from the P15 billion on offer, on the back of high bids for the government security.
— Business Mirror

Aquino, Trillanes, Drilon, former officials face malversation raps over DAP
Former President Benigno Aquino III and several other officials are facing 272 counts of malversation for their alleged involvement in the Disbursement Acceleration Program (DAP).
— CNN Philippines

Tax hike deferral to hit cash transfers, subsidies
Cuts to non-infrastructure spending, including cash transfers to the poor and fuel subsidies for jeepney drivers, will be implemented by the government in exchange for the suspension of fuel tax hikes scheduled next year.
— The Manila Times

Toyota offers easy vehicle ownership to Grab drivers
Toyota Motor Philippines Corp. (TMPC) has partnered with Grab for a program covering car replacement and easy vehicle ownership for drivers of the ride-hailing service.
— The Philippine Star

What tourists, businesses need to know about Boracay dry run, opening
As Boracay began its partial reopening on Monday, the government said it will strictly enforce the compliance of business establishments to ensure the success of its dry run.
— ABS-CBN News (video)

Russian firm offers expertise in nuclear research to Philippines
Russian State Atomic Energy Corp. (ROSATOM) is eyeing more opportunities to advance the Philippines’ nuclear research program particularly in medicine and agriculture through its partnership with the Philippine Nuclear Research Institute (PNRI).
— The Philippine Star

Philippine govt offers financial aid to ‘flexible visa’ seekers in Bahrain
The Philippine Embassy in Bahrain will provide financial support to over 1,000 Filipinos living illegally in the country who wish to normalise their immigration status by applying for the kingdom’s flexible work permits, it was announced on Sunday.
— Arabian Business

Schools urged to keep up with 4th industrial revolution
Schools should invest more in research and innovation to keep up with the so-called fourth industrial revolution, the Philippine Institute of Development Studies said.
— The Philippine Star

PH re-election TO UN rights body grossly misleading – Hontiveros
The Philippines did not “win” a seat in the UN Human Rights Council (UNHRC) but barely held on to it, according to an opposition senator.
— Philippine Daily Inquirer

Drilling to start for Kalinga geothermal project in the Philippines in 2019
Kalinga Geothermal Project, a consortium of Aragorn Power and Energy Corporation, Guidance Management Corporation and Allfirst Kalinga Ltd., is given a two-year extension for its exploration permit.
— ThinkGeo Energy

Poe files COC for senator, hits unfulfilled gov’t promises
Senator Grace Poe filed her certificate of candidacy (COC) for reelection as senator, as she scored the Duterte administration for unfulfilled promises that were supposed to cushion the impact of its tax reform law.
— Rappler

Feature photo cornellcurrent

This week’s Philippines morning news feature photo acknowledges International Day for the Eradication of Poverty, October 17.

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 16 added by Stella-maris Ewudolu on October 16, 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.