Philippines Morning News For October 5

World Bank trims PH growth forecast
The World Bank trimmed its growth forecast for the Philippines in 2018, but said the Philippine economy will remain resilient in the face of elevated inflation.
— ABS-CBN News (video)

LandBank offers P300-million loans to Ompong-hit Northern Luzon farmers
THE Land Bank of the Philippines (LandBank) is extending at least P300 million in loans to Northern Luzon farmers affected by Typhoon Ompong to help them recoup their losses.
— Business Mirror

Corporate abuses cost gov’t P43 billion, DOF says
The national government is losing billions of pesos in tax leakages to firms that possibly exploit the country’s convoluted corporate income tax (COT) system and abuse transfer pricing schemes, the Department of Finance (DOF) said yesterday.
— Manila Bulletin

94% of fund obligations released
The Department of Budget and Management (DBM) has released 94 percent or P3.52 trillion of the P3.77 trillion obligation program as of end-September, the agency said in a statement yesterday.
— Malaya

PEZA-registered investment pledges down 55% in 9 months
THE Philippine Economic Zone Authority (PEZA) said investment pledges in the first nine months of 2018 declined over 55% with potential investors taking a wait-and-see attitude pending the passage of the Tax Reform for Attracting Better and High Quality Opportunities or TRABAHO bill.
— Business Mirror

Gov’t ready to suspend excise tax on fuels
The government is set to suspend the excise taxes on fuels in case global oil prices average above $80 a barrel for three straight months.
— Philippine Daily Inquirer

KKR, China’s Tencent buy into Voyager
PLDT Inc. announced on Thursday the investment of global investment firm KKR and China’s leading internet service provider Tencent Holdings Ltd. in Voyager Innovations Inc. for $175 million.
— The Manila Times

P40B losses seen on fuel excise tax suspension
The government can lose as much as P40 billion in gross revenues if the excise tax on fuel is suspended next year due to the increasing price of Dubai crude, the Department of Finance (DOF) said.
— Malaya

World Bank – Persistent high inflation may slow down poverty reduction
The World Bank warned that the Philippines’ persistent high inflation can slow down progress on poverty reduction.
— Philippines Magazine

Airlines lost as much as $100M due to supertyphoons
The International Air Transport Association (IATA) estimated that two Category 5 typhoons that slammed Japan, China and the Philippines in September likely resulted in industry-wide passenger revenue losses of $60 million to $100 million.
— Inquirer.net

Grab secures e-money license in the Philippines
Ride-hailing company Grab is expanding its mobile wallet services in the Philippines following receipt of an e-money license from the Bangko Sentral ng Pilipinas (BSP).
— Telecomasia.net

DoF estimates P40B in lost revenue if fuel excise suspended
THE DEPARTMENT of Finance (DoF) said that the government will lose some P40 billion in revenue if it suspends the second tranche of the fuel tax hike next year, adding that it has yet to draft the implementing rules on how the tax will be suspended and reinstated.
— BusinessWorld Online

For Boracay 2.0’s survival
Proclaimed as a ‘paradise on earth’ in the 1970s, the Philippine island of Boracay landed on the bucket lists of western tourists seeking sun, sea and surf.
— The Asean Post

Sweden to assist PH in smart city initiatives
CLARK, Pampanga: The Philipine government’s efforts to develop more infrastructure through its Build, Build, Build program appear to be moving to a higher level with smart city initiatives now being undertaken with the assistance of the government of Sweden.
— The Manila Times

4 more communications vs Duterte filed at ICC
At least four more “confidential communications” about President Rodrigo Duterte’s ferocious war on drugs have been filed before the International Criminal Court, Commission on Human Rights chief Chito Gascon said.
— Philippines Magazine

SEC OKs food firm’s P142B follow-on offer
The Securities and Exchange Commission (SEC) has approved San Miguel Food and Beverage Inc.’s (SMFB) P141.8- billion follow-on offering.
— Malaya

GSIS to offer new housing-loan condonation until Dec. 31
STARTING October, the Government Service Insurance System (GSIS) will offer a 100-percent waiver of unpaid penalties and surcharges to housing buyers and borrowers with past due accounts and are willing to settle their housing obligations in full.
— Business Mirror

2nd Makati court to hear DOJ’s plea for Trillanes’ arrest Friday
Where is Senator Antonio Trillanes’ application for amnesty?
— CNN Philippines

House okays tax exemption for small-scale gold miners on 2nd reading
The House of Representatives on Wednesday approved on second reading a measure exempting small-scale gold miners from paying excise taxes.
— Philippine News Agency

NFA to bid 750,000 MT rice import in November
The government will squeeze in three bidding process in the span of more than a month for the importation of additional 750,000 metric tons (MT) of rice, a move that should force the National Food Authority (NFA) to release billions worth of fund for the said overseas purchases amid its ballooning debt.
— Manila Bulletin

Consulate locates missing Pinoy inmate from earthquake-damaged prison in Indonesia
The Filipino inmate who was reported missing after a mass jailbreak from an earthquake-damaged jail in Palu, Indonesia has been located by Philippine consulate in the area.
— GMA News

San Miguel joins the powerful JD.com e-commerce platform
San Miguel, a leading citrus company from the Southern Hemisphere, and Jingdong Shengxian (JD.com), a well-known e-commerce company and one of China’s major retail platforms, strengthened their relationship to market fresh produce through the e-commerce portal JD.com.
— Fresh Plaza

ProPak Launches in the Philippines
After the success of the 27th ProPak Asia 2018, Asia’s No. 1 international processing and packaging industry event held in Bangkok, Thailand last 13 – 16 June 2018. UBM Philippines is now bringing this world-renowned processing and packaging event to the Philippines.
— AEC News Today/ PR Newswire (media release)

Declare war on garbage, Legarda urges MMDA
Senator Loren Legarda on Thursday urged the Metro Manila Development Authority (MMDA) to follow environmental laws, in particular declaring war on garbage.
— Manila Bulletin

Metrobank raises P8.68 billion
METROPOLITAN Bank & Trust Co. (Metrobank) has raised P8.68 billion from the first tranche of its P25-billion long-term negotiable certificates of deposit (LTNCD) program meant to diversify its funding sources.
— BusinessWorld Online

San Miguel to convert coal plants into biomass generating facilities
The energy investment arm of San Miguel Corporation (SMC) will be converting its existing coal-fired power plants into biomass facilities that shall be feeding on rice husks on its generation of electricity.
— Manila Bulletin

Gov’t urged to build up hybrid rice program
Private hybrid rice seeds producer SeedWorks Philippines is urging the government to beef up its hybrid rice program to ensure the supply of Filipinos’ main staple.
— The Philippine Star

SEC warns public against 3 companies
The Securities and Exchange Commission on Thursday warned the public about dealing with three companies that are allegedly soliciting investments without prior consent from the regulator.
— Manilastandard.net

Duterte raises possibility of having ‘stage 3’ cancer
AFTER denials from the Palace, President Rodrigo Duterte himself admitted that he had gone to the hospital for tests, and raised the possibility that he has “stage 3” cancer.
— The Manila Times

Twitter launches global in-stream video ads, partners with ABS, GMA
TWITTER, INC. announced on Thursday it is making its in-stream video advertisements available globally and has forged partnerships with local companies ABS-CBN Corp. and GMA Network, Inc.
— BusinessWorld Online

50-80 government officials face corruption probes–PACC
ANOTHER 50 to 80 government officials face possible dismissal due to alleged irregularities in the performance of their duties, according to the Presidential Anti-Corruption Commission (PACC).
— Business Mirror

Rep. Aniceto Bertiz lll faces sanction for misconduct; OFW files complaint
The House of Representatives committee on ethics will sanction ACTS-OFW party-list Rep. Aniceto Bertiz lll for alleged misconduct in reportedly refusing to take off his shoes at the airport despite being asked to do so.
— The Philippine Star

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.

Philippines morning news for October 5 added by Stella-maris Ewudolu on October 5, 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.