2018 infra spending seen hitting 6.2% of GDP — DBM
The Department of Budget and Management (DBM) expects infrastructure spending managed to maintain its robust growth pace last year in line with the Duterte administration’s plan to bring its spending ratio to seven percent by 2022.
— Manila Bulletin
World Bank cuts 2019 growth forecast for PH to 6.5%
The World Bank on Wednesday reduced its 2019 growth forecast for the Philippines to 6.5 percent from an earlier estimate of 6.7 percent, saying “the outlook for the global economy has darkened.”
— Manilastandard.net
Demand for BSP’s P20-B term-deposit offering hits P35.34 billion
DEMAND for the Bangko Sentral ng Pilipinas’s (BSP) term-deposit offering on Wednesday surged, as banks continued to flock back to the Central Bank (CB) after meeting the country’s liquidity needs during the holiday season.
— Business Mirror
Treasury raises P20B from bond tap facility
THE GOVERNMENT raised another P20 billion through the 10-year bonds on Tuesday after it opened its tap facility to accommodate strong demand from investors.
— BusinessWorld Online
Diokno: No salary hike until 2019 budget passed
BUDGET Secretary Benjamin Diokno yesterday said the salary adjustment for government employees, including public school teachers, policemen and soldiers, would be implemented and retroactive from January 1 this year as soon as the 2019 budget is passed into law.
— Malaya
DA to withdraw P200 M from QRF for ‘Usman’ assistance
It’s been more than a week into 2019 and the Department of Agriculture (DA) is now poised to spend 20 percent of its budget under its Quick Response Fund (QRF), which gets replenished with P1 billion every year.
— Manila Bulletin
Hordes hoping for miracle throng Philippine Catholic procession
Throngs of believers flung themselves at a historic statue of Jesus Christ as it inched through Manila yesterday for an annual procession that is one of the world’s biggest displays of Catholic zeal.
— The New Paper
Gov’t to meet infra spend target
Government can still hit its economic growth and infrastructure spending-to-GDP targets for 2019 despite starting the year with a reenacted budget, according to Benjamin Diokno, secretary of the Department of Budget and Management (DBM).
— Malaya
BRP Gregorio del Pilar to be ‘available’ by yearend
The Philippine Navy (PN) flagship BRP Gregorio del Pilar (FF-15), which ran aground off Hasa-Hasa Shoal last August, is expected to be available for operations before the end of 2019.
— Philippine News Agency
3 years of faster growth seen
The World Bank expects the Philippine economy to grow at a faster pace in 2019 and over the next two years, even as the global economy is projected to soften amid rising downside risks to the outlook.
— Malaya
DOF sustains programs to cut red tape, improve EODB in 2018
The Department of Finance (DOF) continued to spearhead programs on cutting red tape and improving the ease of doing business in 2018, with the government’s online trading portal that automates licensing, permits and other trade procedures going live in December and successfully linking up with other regional economies through the ASEAN Single Window (ASW) System.
— Philippine News Agency
Duterte signs into law bill to curb HIV/AIDS spread
PRESIDENT Duterte has signed into law the bill seeking to strengthen government’s measures to prevent the spread of HIV/AIDS in the country, Malacañang announced on Wednesday.
— Business Mirror
Over 1,000 devotees seek medical aid during Traslacion 2019
A total of 1,070 devotees joining Traslacion Tuesday have sought medical assistance as of 6 p.m., the Philippine Red Cross (PRC) said in its latest report.
— CNN Philippines
Boracay reopening to lift 2019 outlook for tourism
THE OUTLOOK for tourist arrivals in 2019 is more positive now that the industry has put the Boracay closure behind it and as airlines add connections to the Philippines, industry officials said.
— BusinessWorld Online
Duterte accelerates land reform, orders Masbate coverage
President Duterte is planning to place Masbate province under the agrarian reform program to improve the plight of the people.
— Manila Bulletin
Devotion or fanaticism?: Black Nazarene continues to draw Catholics
HUNDREDS OF thousands of Filipinos joined an annual procession in the Philippine capital to kiss or touch a centuries-old black wooden statue of Jesus Christ, believed to have miraculous healing powers, in a grand display of Catholic devotion.
— BusinessWorld Online
Tagle defends Nazarene crowds: Not fanatics but forces of faith
The streets of Manila on Wednesday turned into a sea of maroon and yellow as barefoot Catholics displayed their devotion to Nuestro Padre Jesus Nazareno, or the Black Nazarene, in the annual “traslacion,” a procession that reflects the Filipino’s unique brand of Catholicism, which includes folk superstitions.
— Philippine Daily Inquirer
NUJP: Red-tagging of journalists ‘idiotic,’ puts them in danger
A group of journalists found itself the subject of Red-tagging even before the Alliance of Concerned Teachers (ACT) was subjected to profiling by the Philippine National Police as part of state efforts to defeat communist rebels.
— Philippine Daily Inquirer
Mislatel targets 10K cell sites within 7 years
Mislatel Consortium, winning bidder for the country’s third telco slot, is eyeing to install some 10,000 cell sites within the country in the next seven years.
— Philippine News Agency
Foreigners account for 60% of visitors to Boracay in 2018
TOTAL visitor arrivals in Boracay Island plunged by some 53 percent to 942,533 in 2018, from the historic high of 2 million the previous year.
— Business Mirror
PCSO: Partial 2018 revenue hits P59.4B
THE Philippine Charity Sweepstakes Office (PCSO) ended 2018 with a bang as it reported partial sales of P59.4 billion, excluding the revenue from Small Town Lottery (STL) for the month of November to December.
— The Manila Times
P4M aid to give indigent patients in Bantayan town free boat ride to mainland Cebu hospitals
Sick indigent patients in Bantayan town in northern Cebu, who would need to be transported by ambulance from the district hospital to a provincial hospital on mainland Cebu, would not have to worry anymore about their boat fare and even some of their medical expenses.
— CDN
‘Reverting MDM tariff to 40% not automatic’
CHANGES to the concessionary tariff rate for mechanically deboned meat (MDM) granted by the Philippines in exchange for retaining its quantitative restriction (QR) on rice will not be automatic once the President signs into law the rice tariffication bill.
— Business Mirror
Dumaguete subport revenues breaches ₧3-billion mark–Customs
The Bureau of Customs (BOC) in the subport of Dumaguete exceeded its target revenue collection for 2018 by almost 50 percent, as it hit the P3-billion mark.
— Business Mirror
Trilateral Patrols in Sulu Sea Won’t Deter Terrorism, Kidnapping: Think Tank
Trilateral sea patrols are not likely to stop kidnapping by the southern Philippine militant group Abu Sayyaf or reduce the risk of terrorism, a conflict resolution think tank said in a new report released Wednesday.
— Benar News
At least 477 injured during Black Nazarene procession so far
At least 477 people were injured in this year’s Black Nazarene procession in Quiapo, Manila which the Philippine National Police (PNP) described to be generally peaceful.
— Manila Bulletin
More Filipinos worried of Duterte’s health
MORE Filipinos were worried of the health status of President Rodrigo Duterte, a Social Weather Stations (SWS) survey found.
— The Manila Times
Rice tariffication improving PHL’s WTO standing
THE Philippines’ decision not to extend quantitative restrictions on rice has improved its position with potential trading partners, its World Trade Organization (WTO) representative said.
— BusinessWorld Online
More ‘french fries’ potato variety eyed in P77-M study
Cordillera region is hoping to increase by at least 25 percent the seedling production of the “processing” potato variety and supply more potatoes to the “french fries” requirement of food chains.
— Philippine News Agency
TESDA to establish institutional arrangements with industries
The Technical Education and Skills Development Authority (TESDA) is currently working to establish institutional agreements with industry boards (IBs) or industry associations (IAs), an executive told the Philippine News Agency (PNA) on Wednesday.
— Philippine News Agency
4 PH agencies linked to Asean single window
The Department of Finance (DOF) said four agencies have started coordinating for the exchange of electronic trade documents via the Asean Single Window (ASW) System.
— Malaya
PH seeks to update agri deal with Spain
The Philippines has informed the Spanish government of its desire to update the existing memorandum on agricultural cooperation between Manila and Madrid to further strengthen trade cooperation between the two countries.
— Manila Bulletin
Crop insurance payments worth P160M due next week for victims of Usman
A TOTAL of P160 million worth of insurance payments will be released next week by the Philippine Crop Insurance Corp. (PCIC) to farmers affected by tropical depression Usman, Agriculture Secretary Emmanuel F. Piñol said on Wednesday.
— BusinessWorld Online
AC Energy acquires Phinma Corp. power unit for P3.42 billion
AC Energy Inc., the energy platform of the Ayala conglomerate, is acquiring the Phinma Group’s power business in a deal that will allow both parties to focus and meet targets in their respective core competencies.
— The Philippine Star
PH mulls stricter rules on Indonesian palm oil imports
Agriculture Secretary Manny Piñol said government is seriously considering the possible tightening up on palm oil importations, particularly those coming from Indonesia, to prevent a flooding in the local market and at the same time address the trade gap between countries.
— Philippine News Agency
Diokno announces 2020-2022 wage hikes for gov’t employees, military
Government employees and the military can expect another salary hike in the next years until the end of President Rodrigo Duterte’s term in 2022, the country’s Budget chief said Wednesday.
— The Philippine Star
Visa waiver for Chinese and Indian tourists pushed
Travel operators yesterday strongly pushed for the waiver of visa for Chinese and Indian tourists as they forecast a 20 percent rebound in tourist arrivals this year after the industry failed to hit its 2018 growth target.
— Manila Bulletin
Tariffs to stabilize rice prices: NEDA
The National Economic and Development Authority (NEDA) reiterated the need for the immediate enactment of the rice tariffication bill, saying it is fundamental in the government’s efforts to stabilize food prices and overall inflation rate.
— Malaya
N. Samar to host largest seed production hub in PH
The Department of Agriculture (DA) will set up the country’s largest rice seed production center in Northern Samar where it will plant selected high-yielding varieties developed by the Philippine Rice Research Institute (PhilRice) on a 2,000-hectare (ha.) farm.
— Malaya
7 Vietnamese poachers fined P300,000
Seven Vietnamese fishermen have been ordered to pay a fine of P300,000 for poaching in Philippine waters.
— The Philippine Star
CTA upholds P26.07-M VAT refund for P&G
THE Court of Tax Appeals (CTA) affirmed a P26.07-million partial tax refund it awarded to Procter and Gamble Asia, Pte. Ltd. (P&G) for its unutilized excess input value-added tax (VAT) attributable to zero-rated sales for the second half of 2005.
— BusinessWorld Online
Duterte: I hope I have not offended anyone by my harsh words
MANILA, Philippines — President Rodrigo Duterte said Wednesday that he was intentionally using harsh and vulgar words to attack those who had been unfairly criticizing him even before he became president.
— Inquirer.net
Nuclear Regulation Act to boost tech, industrial growth: Salceda
Filipinos will likely upgrade their outlook on nuclear concerns shortly.
— Philippine News Agency
RCBC sets $300-M bond offering
Yuchengco-led Rizal Commercial Banking Corp. (RCBC) is returning to the offshore bond market with a fresh offering of at least $300 million worth of three-year debt notes.
— Philippine Daily Inquirer
Feature photo Michael Landicho
This week’s Philippines morning news feature photo depicts the effects of tropical storm Usman in the regions of Bicol and Eastern Visayas.
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 January 10 added by Stella-maris Ewudolu on
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Stella-maris Ewudolu
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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