The Philippines has received US$185.7 million worth of investment pledges from Singapore that will provide 1,920 job opportunities and strengthen the two countries’ trade relationship.
The investment pledges were signed on April 28 on the sidelines of the 32nd Association of Southeast Asian Nations (ASEAN) Summit in Singapore, according to the Department of Trade and Industry (DTI).
The investment pledges cover collaborative works on aviation, solutions for sustainable urbanization, as well as development of marine renewable energy, packaging, film manufacturing, information, communications technology, financial technology, water solutions, prefabricated projects, food, and blockchain technology.
“With our robust bilateral trade and investments ties, we are confident that these new business agreements will even deepen our relationship further. These will push Philippine-Singapore trade engagement to even greater heights,” President Rodrigo Duterte said in a statement.
“With these investments coming in, I am fulfilling a personal commitment to my countrymen to bring them more job opportunities. That’s why I am appreciative of your investment in the Philippines. I promise you that when you invest in the Philippines, we will ensure that your investments will be protected,” Duterte added.
The President witnessed the presentation of six memorandums of understanding (MOUs) and four letters of intent (LOIs) signed between the Philippine business delegation—composed of Filinvest Development Corporation, Everhydro Corporation, Cebu Air, Inc., ICS ICT Support Service Corporation, Ascent Solutions Philippines Inc., and Jollibee Foods Corporation—and Singaporean companies, including Keppel Corporation, OceanPixel, SIA Engineering Company Limited, Hitachi Asia Ltd., Robin Village International Pte. Ltd., Ascent Solutions Pte. Ltd., and Golden Beeworks Pte. Ltd.
Trade Secretary Ramon Lopez also signed an LOI with the ASEAN Business Advisory Council’s chairman Robert Yap involving a feasibility study on a suitable site to implement a free online marketplace, the SGConnectlegacy project.
Lopez also signed an LOI with Lepack Packaging Pte. Ltd. director Lim Seong Nam on exploring opportunities to assist micro, small, and medium enterprises (MSMEs) by developing innovative packaging.
In 2017, Singapore was the Philippines’ sixth trading partner, fifth export market, and seventh import supplier, with total bilateral trade valued at $9.34 billion. Exports of semiconductor devices manufactured on consignment basis also boosted the Philippines’ exports to Singapore by 1.16% in 2017.
Likewise, a significant growth of 378% (or P2.13 billion in 2017 from P444 million in 2016) in approved investments from Singapore was noted in the electricity, gas, steam, and air-conditioning supply industries.
Meanwhile, Lopez encouraged the Singaporean business community to join the Philippines’ growth story by locating in the country and expanding their businesses here.
“There are enormous opportunities for companies partnering with Philippines as the country is on its economic breakout,” Lopez said.
“The 6.7% GDP growth, increasing consumer base, and highly skilled and young workforce complement the various reforms and infrastructure programs of the government, as well as new policies in enhancing business environment and competitiveness,” the trade chief noted.
Lopez also highlighted the Philippines’ preferential agreements with and market access to the European Union and the United States.
“We are a strategic partner as the Philippines is located at the crossroads of international shipping and airlines, and a natural gateway to the East Asian economies. With our preferential agreements to big economies, we can also provide access to the large US and EU markets,” Lopez said.
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