Philippines morning news for October 3

Philippines morning news for October 3
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Philippines morning newsWB releases 496 mln USD to help typhoon victims in Philippines
The World Bank (WB) has released 496.25 million U.S. dollars to support the Philippine government’s efforts to hasten recovery, rehabilitation, and reconstruction in areas battered by Typhoon Mangkhut last month, the bank announced on Tuesday.
— Xinhua

Philippines to miss its 7-8 pct GDP growth target this year – budget secretary
The Philippine budget secretary said on Tuesday the government would not be able to reach this year’s 7-8 percent economic growth target, due to stubbornly high inflation that’s denting consumption.
— Reuters/ Nasdaq

Philippines president fast tracks security of tenure bill
Philippine President Rodrigo Duterte has signed as urgent a bill that would provide security of tenure to the country’s millions of workers.
— HRM Asia

Philippines – Extra imports of 150,000 t of sugar to bring down inflation
The Philippines will allow traders to import an additional 150,000 tonnes of raw or refined sugar before the end of the year to bring down local prices.
— Informa

‘Trabaho’ to plug P43B annual tax leakages
The Department of Finance (DOF) estimated losses of P43 billion due to tax leakages annually by firms that possibly exploit the current corporate income tax system and abuse transfer pricing schemes.
— Malaya

Government releases timeline for selection of 3rd telco player
The Department of Information and Communications Technology (DICT) and National Telecommunications Commission (NTC) have revealed the timeline for the selection of the new major telecommunication player.
— CNN Philippines

‘Tax leak from cheating firms robs government of P43 billion’
THE government is losing an estimated P43 billion a year in tax leakages to firms that are possibly exploiting the country’s convoluted corporate income tax (CIT) system and are abusing transfer-pricing schemes, the Department of Finance (DOF) has reported.
— Business Mirror

Gov’t pursues PH-China joint oil, gas exploration
The Philippines hopes to sign with China this year a formal agreement on a joint oil and gas exploration in the West Philippine Sea/South China Sea to help address the country’s fuel requirements and eventually lessen its dependence on imported oil.
— Malaya

Philippine Congress urged to pass Philippine Innovation Bill
The House of Representatives is being urged to pass a bill which would promote innovation and knowledge transfer for economic and social development, according to a recent report.
— OpenGov

Health department backs 25% tax increase for alcoholic drinks
Health advocates want to raise excise taxes on alcoholic beverages to 25 percent— to discourage Filipinos from drinking.
— CNN Philippines

Philippines’ 1st floating solar farm launched
WINNERGY Holdings Corp. commissioned last week a 10-kilowatt-peak (kWp) floating solar farm on Laguna Lake within Baras, Rizal province, the company said on Tuesday.
— BusinessWorld Online

Ride-hailing app FastGo to launch in Indonesia, Myanmar; PH next
Vietnamese ride-hailing service, FastGo has announced it will launch its service in Indonesia and Myanmar – its two first international markets – by the end of this year.
— Viet Nam News/

Duterte to take over if third telco not named before Christmas: DICT
President Rodrigo Duterte is expected to take over the selection of the third major telecommunications player in the country if officials given the task fail to make the pick on time, an official said Tuesday.

Innovation hubs eyed nationwide
The Department of Trade and Industry (DTI) is seeking to establish innovation centers nationwide to promote what is referred to as “an inclusive innovation ecosystem” in the country.
— Philippine News Agency

Canada to fund 9 women empowerment projects in PH
Canada announced Tuesday it would fund nine projects on women empowerment across the Philippines this year.
— ABS-CBN News

Business groups oppose ban on all forms of job contracting
Business groups yesterday warned that banning all forms of job contracting would be disastrous, particularly to micro small and medium enterprises (MSME’s).
— Manila Bulletin

Govt to double budget for employment program
The allocation for the Labor department’s emergency employment program will be more than doubled next year to allow government to give assistance to more Filipinos, the Department of Budget and Management said on Tuesday.
— The Manila Times

Korean firm bids for operation of Malaya thermal power plant
SOOSAN ENS Co. Ltd. of Korea is the lone bidder for the one-year operation and maintenance service contract (OMSC) for the 650-megawatt (MW) Malaya thermal power plant (TPP).
— Business Mirror

‘Red October’ aims to push PRRD to declare nationwide martial law
The “Red October” plot is meant to force President Rodrigo Duterte to declare a nationwide martial law, signing his own political death warrant, the Armed Forces of the Philippines (AFP) said Tuesday.
— PTV News

US, PH agree to increase joint military exercises to 281 from 261
American and Filipino defense officials have agreed to accelerate military engagements between the two longtime allies, in an effort by the Trump White House to reaffirm the US commitment to the Philippines, The Washington Times reported on Monday.
— Philippine Daily Inquirer

Philippines launches search for Startup Champions
The Department of Information and Communications Technology (DICT) is seeking nominations for the Startup Champions through the seedPH Program, according to a recent report.
— OpenGov

Banana exports Philippines increase, profits remain low
Although there has been an increase in the export of bananas, the profit margins remain low as exporters contend with increasing production costs.
— Fresh Plaza

Philippines collaborates with Russia on cybersecurity
The Department of Information and Communications Technology (DICT) is collaborating with a Russian state-owned company in its mission to improve cybersecurity in the country.
— OpenGov

PT&T goes to court to contest P500-m unsettled obligations
Philippine Telegraph and Telephone Corp. said it filed a petition before the Court of Appeals to reverse the National Telecommunications Commission’s decision ordering the company to pay nearly P500 million worth of supervision and regulation fees.

AFP chief Galvez confirms Trillanes’ amnesty application
The AFP contradicted earlier statements by the Palace on the amnesty of Sen. Trillanes.
— ABS-CBN News (video)

Government taps Robinsons, SM to sell imported rice
The Trade Department tapped top retailers SM Supermarket and Robinsons Supermarket to sell 350,000 metric tons of imported rice at P38 per kilogram to ease the tight supply of the staple in the local market.

Swedish actor faces murder case for killing Filipina wife
A Swedish actor-director faces a murder case after allegedly killing his 28-year-old Filipina wife, Mailyn Conde Sinambong, said the Department of Foreign Affairs (DFA) on Tuesday, October 2.
— Rappler


Feature photo Asian Development Bank

This week’s Philippines morning news feature photo acknowledges World Teachers’ Day, October 5.


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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