Phl seeks increased trade, investments with Singapore

MANILA, Philippines - The Philippines and Singapore intend to increase trade and investments through the conduct of more business delegation visits.

Speaking at the Philippines-Singapore Business Council (PSBC) Meeting yesterday, Singapore President Tony Tan Keng Yam said it is in the interest of Singaporean businesses to take part in available trade and investment opportunities in the Philippines.

He noted that International Enterprise (IE) Singapore, the government agency responsible for spearheading the growth of Singapore-based companies and promoting international trade, organized seven business trips to the Philippines and six similar visits from here last year.

“I expect this number to grow as more Singapore professionals and entrepreneurs venture to tap the Philippines and facilitate these burgeoning interests,” he said.

IE Singapore established a business center in Manila three months ago.

Loh Chin Hua, co-chair of the PSBC and chief executive officer of Keppel Corp. said in the same event that as many of Singapore’s corporate names such as SingTel, Ascott, Somerset, YCH, Charles & Keith and Breadtalk are doing well in the Philippines and Philippine brands such as Ayala and Jollibee have made profitable inroads in Singapore’s market, he expects more Filipino firms to do business or possibly collaborate with Singaporean companies to enter another market.

He said the business delegation from Singapore, composed of seven companies engaged in infrastructure, transport and logistics, and consumer services sectors currently in the country, is also looking to explore business opportunities here.

He revealed that Keppel is also interested in available opportunities.

“In the last few years, we have already invested in two yards both in Batangas and Subic. We have been working actively to upgrade our two yards here. We want to make our yards here more productive. As we become more productive, we’d like to do more work here,” he said.

Trade Secretary Gregory Domingo told reporters he expects trade between the two countries to continue to grow.

“But I think there is bigger opportunity to increase investments,”  noting that Singapore is already among the biggest trade partners of the Philippines.

Philippine merchandise exports to Singapore reached $4.01 billion last year, comprising 11.03 percent of the country’s total outbound shipments to Asia.

The country’s imports from Singapore meanwhile, reached $4.22 billion in the same year.

Total foreign direct investments from Singapore to the Philippines amounted to P9.24 billion in 2013.