The Philippines is set to see even more investment from Singapore
The Philippines is set to see even more investment from Singapore
Flights between the island state and the archipelago will also increase
The Singaporean government aims to ramp up its stakes in the Philippines, a top diplomat revealed to reporters this week.
Investors from the city-state want to discuss various opportunities with President Rodrigo Duterte in an upcoming forum with the Philippines-Singapore Business Council, according to Singaporean Ambassador to Manila Kok Li Peng. The meeting could take place in Davao City in February, Philippines finance secretary Carlos Dominguez III said.
Singapore’s investments in the Philippines are likely to be concentrated in real estate, electricity, gas, steam and air conditioning supply, and manufacturing.
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Such investments would be in line with the incumbent administration’s economic and political realignment with China and ASEAN countries. Dominguez had vowed to push for “stronger integration” of the Philippines with its neighbours during Duterte’s state visit to China last year.
A likely focus of Singapore’s renewed investment drive in the Philippines is the country’s airline industry. Carriers like Singapore Airlines, SilkAir, and Tiger Airways plan to increase flights to the Philippines, Kok revealed.
“More competition is good for the consumer,” Kok said.
Singaporean investments in the country totalled PHP16.8 billion (USD340 million) in 2015, while the Philippines imported USD5 billion in goods from Singapore, according to the Department of Finance.
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Source: Property Report