Philippines morning news for January 8

Philippines morning news for January 8
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Philippines morning newsPHL dollar reserves rise to $78.46 billion in December
THE country’s dollar holdings continued to expand in December after registering declines in previous months, as the peso strengthened against the greenback toward the end of 2018.
— Business Mirror

Government task force endorses P25-billion medium-term Boracay action plan
The Boracay Inter-Agency Task Force adopted the Medium-Term Boracay Action Plan on Dec. 21, formally laying out programs for the island’s rehabilitation, the National Economic and Development Authority said Monday.

Filipino Journalists Protest Police Efforts to Link them to Communists
Filipino journalists on Monday protested recent efforts by the Philippine National Police to link them with communist insurgents in the country, saying the efforts sought to intimidate one of the region’s beacons of free speech.
— Benar News

Dagupan allots P2-M for this year’s Nat’l Festival of Talents
The city government here has allotted PHP2 million for the preparation and rehabilitation of facilities in the city to cater to the needs of the delegates from across the country for the upcoming 2019 National Festival of Talents (NFOT) on January 29 to February 1.
— Philippine News Agency

Lower House to decide on budget system
Whether the proposed 2019 P3.75-trillion national budget would be cash-based or obligation budget will depend on the House of Representatives, Sen. Panfilo M. Lacson said on Monday.
— Manila Bulletin

Malacañang warning: Budget delays ‘unacceptable’ to Filipinos
Malacañang warned Congress that further “unreasonable” delays in passing the 2019 budget due to partisan politics would impede government programs and would thus be unacceptable to citizens.
— Rappler

SBMA sets cash aid for MSMEs
A financial assistance program is now available here for Micro, Small, and Medium Enterprises (MSMEs) that are accredited to deliver goods and services in the Subic Bay Freeport Zone.

Magnitude 5.5 Quake Hits Philippines – Seismological Center
A moderate 5.5-magnitude earthquake has hit southern Philippines, the European-Mediterranean Seismological Centre (EMSC) said.
— UrduPoint

BTr awards P16.7 billion from P20-billion offering as mixed results mark 1st T-bills auction
THE Bureau of the Treasury (BTr) received mixed results in its first Treasury bills (T-bills) auction for the year 2019 on Monday, with the auction committee awarding P16.720 billion, from the P20-billion offering.
— Business Mirror

Philippines launches 10-yr U.S. dollar bonds – Refinitiv IFR
The Philippines launched a 10-year U.S. dollar bond issue on Monday, making it the first country in Asia to tap the global debt market this year, according to capital markets publication Refinitiv IFR.
— Nasdaq

P45-M grandstand ready for Dinagyang fest
The new freedom grandstand will be completed before the highlight of the Dinagyang Festival slated from January 25 to 27 this year.
— Philippine News Agency

Philippines’ DICT plans common tower foray
The Philippines’ ICT ministry plans to establish agreements with tower companies aimed at accelerating the deployment of cell sites across the country.

BoI confident of beating 2019 investment pledges target of P1-trillion
THE Board of Investments (BoI) said it is confident it will surpass the P1 trillion target for investment pledges in 2019.
— BusinessWorld Online

US company joins race to build billion-dollar LNG import terminal
Texas-headquartered Excelerate Energy L.P. is the latest addition to the race for the liquefied natural gas (LNG) import terminal venture that the Philippine government has been pursuing to meet its energy sector’s future gas needs.
— Manila Bulletin

Lower headline inflation seen to cause decline in market interest rates this year
LOWER INFLATION will trigger a similar decline in bond yields this year, analysts at First Metro Investment Corp. (FMIC) said, together with expected rate cuts from the central bank.
— BusinessWorld Online

GenSan targets P200-M revenue from biz permits
The city government aims to generate at least PHP180 to PHP200 million in revenues in the ongoing annual registration of new businesses and renewal of local business permits.
— Philippine News Agency

PH agri group, economist say rice tariffication can help lower rice prices
Philippine economic managers have been betting big on the rice tariffication bill as one of the government’s way to keep inflation within its target range.
— ABS-CBN News (video)

Investment grade rating for PH global bond offer
The government’s plan to return to the offshore debt market has received an investment grade score from S&P Global Ratings.
— The Manila Times

PNP confirms intel operation vs ACT teachers
The Philippine National Police has confirmed reports that it is profiling members of the Alliance of Concerned Teachers (ACT), a group critical of the Duterte administration, drawing an outcry from rights and lawyers organizations.
— Philippine Daily Inquirer

Road Board abolition included in tax reform
The abolition of the allegedly corruption-plagued Road Board and the transfer of its funds sourced from the collection of the Motor Vehicle User Charge (MVUC) to the state’s General Fund to ensure accountability and transparency in their use is included in the Department of Finance’s (DOF) original proposal of the comprehensive tax reform program (CTRP), the agency said.
— Malaya

300 gas stations must explain early charging of higher excise taxes
ONLY 3.47 percent of the 8,630 gasoline stations nationwide have started implementing higher fuel prices brought about by higher excise taxes under the second tranche of the Tax reform for Acceleration and Inclusion (TRAIN) law.
— Business Mirror

PSBank starts P8-billion rights offer
PHILIPPINE Savings Bank (PSBank) started its P8-billion stock rights offering (SRO) yesterday, with proceeds to be used to support the lender’s growth.
— BusinessWorld Online

SEC revises rules on initial coin offerings
The Securities and Exchange Commission (SEC) has revised anew its proposed rules on `initial coin offerings (ICOs), taking into account the comments received from the public last year.
— The Philippine Star

Bacolod police crime solution, clearance rates up by over 20%
The Bacolod City Police Office (BCPO) registered an increase of more than 20 percent in its crime solution and clearance rates in 2018, with figures higher than the target set by the Police Regional Office (PRO)-6 (Western Visayas).
— Philippine News Agency

Court upholds order to arrest Trillanes
THE Makati Regional Trial Court Branch 150 has upheld its decision to have Sen. Antonio Trillanes 4th arrested as it junked the lawmaker’s plea to reverse the ruling.
— The Manila Times

NAPOLCOM revokes deputation, power over police of Guimbal Mayor Garin
The National Police Commission (NAPOLCOM) has withdrawn the deputation of an Iloilo mayor as its representative, stripping him of his power over the local police after he allegedly mauled a cop last month.
— CNN Philippines

BSP approves PBB merger with 2 savings banks
The merger of Philippine Business Bank, Inc., (PBB) A Savings Bank and Insular Savers Bank, Inc., A Rural Bank (ISBI), with PBB as the surviving bank, has been approved by the Monetary Board of the Bangko Sentral ng Pilipinas.
— Manila Bulletin

DA soon to open P10-million rice-storage dome in Cagayan
IGUIG, Cagayan—The Department of Agriculture (DA) 2 (Cagayan Valley) is set to activate this year the P10-million first-ever monolithic dome erected at the DA-Southern Cagayan Research Center in Minanga Norte here, which would serve as warehouse of agricultural products, such as farm seeds and other inputs.
— Business Mirror

New Clark City spells a golden era for Chinese and Philippine economies
Though only an under-development project located in Capas, Tarlac, Philippines, New Clark City is attracting investment from China with the hope to become a new commercial hub in that could bring a golden area for both Chinese and Philippine economies.
— Global Times

DENR, groups to campaign vs. plastic waste on social media
The United Nations says the Philippines is one of five countries that produce half of the world’s plastic waste.
— CNN Philippines (video)

Exporters chafe at new delay in Ease of Doing Business I.R.R.
EXPORTERS are demanding that the government stop passing laws that it cannot roll out properly, as they lamented yet again the delayed issuance of the Ease of Doing Business (EODB) law’s implementing rules and regulations (IRR).
— Business Mirror

SSS charter change bill grounded in Congress
State-run Social Security System (SSS) is still waiting for further progress on the status of a bill which seeks to amend the state fund’s charter.
— The Philippine Star

Taiwan offers scholarships for Filipino students
Taiwan‘s Ministry of Education (MOE) is offering more scholarship slots for Filipinos interested in pursuing advanced studies in Taiwan, and for those who want to learn Mandarin.
— The Manila Times

Environmental group pushes for clean ‘Traslacion’
An environment advocacy group is calling on devotees of the Black Nazarene to participate in its campaign for a litter-free “Traslacion” in Manila this year.
— Philippine News Agency


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.


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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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