A top diplomat has disclosed to a media reporters a week ago that the Singaporean government is aiming to increase its stakes in the Philippines.
According to Ambassador Kok Li Peng, a Singaporean diplomat to Manila that in the upcoming forum with the Philippines-Singapore Business Council, some Singaporean businessmen and investors wants to talk about various business opportunities with President Rodrigo Duterte.
The meeting could take place in Davao City in February, Philippines finance secretary Carlos Dominguez III said.
This incoming investment from Singapore will most likely to be focused on housing, real estate development, electricity generation, gas, steam and air conditioning supply, and manufacturing.
Such ventures would be in accordance with the incumbent administration’s economic and political realignment with China and with the ASEAN countries. Dominguez had guaranteed to push for “stronger integration” of the Philippines with its neighbors amid Duterte’s state visit to China a year ago.
Kok said that “a more competition is good for the consumer.” as he revealed on a probable concentration of Singapore’s renewed investment drive in the Philippines is the nation’s airline industry. Carriers like Singapore Airlines, SilkAir, and Tiger Airways plan to increase flights to the Philippines.
According to the Department of Finance, Singaporean investments has a totaled PHP16.8 billion (USD340 million) investments in the country, while the Philippines imported USD5 billion in merchandise from Singapore. -JCE