Philippines Morning News For October 23

IT investments in ecozones buck downtrend, grow 9%
As investment approvals by the Philippine Economic Zone Authority (PEZA) declined in all industry sectors, the information technology (IT) sector bucked the trend, with investments picking up and posting a nine percent growth in the nine months to September this year.
— The Philippine Star

Budget deficit below ceiling in 9 months despite overspending
The Duterte administration’s budget deficit remained well below ceiling in the first nine-months of the year owing to higher revenue collections amid above-target expenditures, data from the Bureau of the Treasury showed.
— Manila Bulletin

Asean competitiveness: Singapore leads, Philippines galloping (Infographics)
The latest global competitiveness rankings by the World Economic Forum (WEF) showed encouraging trends among Asean nations, with Singapore leading the way and the Philippines showing the greatest improvement from last year.
— AEC News Today

Philippine court rejects Duterte bid to have critic arrested
A Philippine court has rejected a petition by President Rodrigo Duterte’s administration to have his fiercest critic in the Senate arrested, in a legal setback for Duterte that the senator called a victory for democracy.
— Bangkok Post

PHL insurance gap at $4.9 billion
THE PHILIPPINES is one of the countries with the largest insurance gap even as the country is susceptible to natural disasters and effects of climate change, a report from Lloyd’s said.
— BusinessWorld Online

Philippines Scrambles to Find Undersea Energy as Import Prices Hit Consumers
The resource-rich Philippines is doubling up development of its own fuel sources as world oil price hikes hit the largely impoverished population.
— Voice of America

TRAIN misses revenue target on weak VAT
The tax reform for acceleration and inclusion (TRAIN) law failed to deliver to the expected revenues in the first eight months of the year after collections from consumption levy incurred losses instead of income.
— Manila Bulletin

Government trims 2019 revenue target
The inter-agency Development Budget Coordination Committee (DBCC) has trimmed the national government’s 2019 revenue program to P3.159 trillion due to the proposed suspension of the next increase in fuel excise taxes, the Department of Finance (DOF) said yesterday.
— The Philippine Star

Poorest Filipinos feel inflation at 8% in August 2018
The poorest or bottom 30% income households felt inflation at 8% in August 2018, according to the latest release from the Philippine Statistics Authority (PSA).
— Rappler

Substantial wage hike unlikely, labor admits
LABOR groups sought President Rodrigo Duterte’s intervention for a “substantial” wage increase for some 4 million wage earners in Metro Manila, after a consultation on Monday with the Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR).
— The Manila Times

PHILIPPINES – JAPAN PROJECTED TO ACCEPT MORE THAN 50,000 FILIPINO SKILLED BLUE-COLLAR WORKERS UNDER NEW RULES (RAPPLER)
More than 50,000 skilled workers from the Philippines could be employed in Japan in the next six years once Prime Minister Shinzo Abe’s government finalises its new rules for giving temporary residence to foreign blue-collar workers, reports Rappler.
— Rappler/ SIA

DOF presents 2019 budget of P56.86 billion
THE Department of Finance (DOF) has presented to the Senate its 2019 proposed budget of P56.86 billion under the cash-based scheme, which includes support for its attached agencies.
— Business Mirror

Chinese investors drive PH real estate industry
THE steady influx of Chinese visitors and investors to the Philippines bodes well for the country’s real estate industry.
— Sun Star

OCEA delivers final Boracay-class patrol vessels to the Philippines
French shipbuilder OCEA has dispatched the final two Boracay-(OCEA FPB 72 Mk II) class patrol vessels on order for the Philippine Coast Guard (PCG).
— Jane’s 360

NIA puts up P74-million pumping station in Camarines Sur
The National Irrigation Administration has opened the new P74-million pumping station of the Libmanan-Cabusao pump irrigation system (LCPIS) as part of the government’s effort to cover more agricultural areas nationwide.
— The Philippine Star

Grab claims ‘95 times safer’ than other modes of land transport
RIDE-HAILING app Grab is buttressing its safety features even as it was deemed 95 times safer compared to other modes of transportation.
— Business Mirror

Investing in climate change
MORE banks in Southeast Asia have realized that climate change is a big business issue.
— Sun Star

Crimes down by 17% in first half of 2018: PNP
Total crime volume in the country decreased during the first six months of this year, the Philippine National Police (PNP) announced on Monday.
— Philippine News Agency

Retail prices of construction materials up in Sept
Prices of construction materials in Metro Manila grew slower in September, the Philippine Statistics Authority (PSA) reported.
— The Philippine Star

Outrage as Philippines probes farmer ‘massacre’
Philippine authorities said Monday they have launched a probe into the mass slaying of nine farmers gunned down after taking over part of a sugar plantation to grow food for themselves.
— Arab News

P500-K bounty up for NegOcc massacre suspects
A total reward of PHP500,000 has been offered for any information that could lead to the arrest of the suspects in the massacre of sugarcane workers in Sagay City, Negros Occidental on Saturday night.
— Northbound Philippines

Proclamation 572 voiding Trillanes amnesty ‘legal’: Makati court
A Makati court upheld the validity of President Rodrigo Duterte’s proclamation against the grant of amnesty to Senator Antonio Trillanes IV.
— Philippine News Agency

How PHL housing industry can attract more foreign capital
JOINT ventures (JV) with foreign players in the low-cost and economic housing sector may help address the housing backlog in the Philippines, according to Pinnacle Real Estate Consulting, Inc.
— BusinessWorld Online

Philippines to collaborate with China on agriculture
The Philippines will collaborate with China for various developments in the agriculture sector.
— The Philippine Star

Bidder’s suit against NTC may delay search for 3rd telco: DICT
The Department of Information and Communications Technology (DICT) said on Monday the selection process for the Philippines’ third major telecommunications company may be delayed by a suit lodged by NOW Telecom against the National Telecommunications Commission (NTC).
— ABS-CBN News

Philippine banks to finance more green projects
Philippine banks are now looking at financing sustainable projects to combat the adverse effects of climate change, the Bankers Association of the Philippines (BAP) said Monday.
— GMA News

QC gov’t junks jail time for ordinance violators
To ease overcrowding in the detention cells of its police stations, the Quezon City government has come up with a new way of dealing with all ordinance violators instead of jailing them outright.
— Philippine Daily Inquirer

Army flags down convoy of workers, peasant in Davao
Close to 600 banana plantation workers and peasants from Compostela Valley province were flagged down by Task Force Davao here Monday afternoon in an attempt to bar the entry of workers in the city.
— Davao Today

SC clears PNP official in 2009 chopper scam
A police official who was sacked for his alleged involvement in irregularities in the purchase of three police helicopters nine years ago has been vindicated after the Supreme Court affirmed the Court of Appeals’ reversal of a resolution of the Office of the Ombudsman dismissing him from the service.
— Northbound Philippines

Feature photo Michael McDonald

This week’s Philippines morning news feature photo acknowledges World Development Information Day, October 24.

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 23 added by Stella-maris Ewudolu on October 23, 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.