Singapore firms bullish on Philippines

MANILA, Philippines - The strong economic fundamentals of the Philippines continue to lure foreign businessmen as a group of Singaporean companies is currently in Manila to explore business opportunities.

In a press briefing yesterday, Philippines-Singapore Business Council (PSBC) co-chair Lo Chin Hua said many Singaporean companies have expressed interest in looking for potential projects in the Philippines, one of the fastest-growing economies in Southeast Asia.

“There will definitely be a lot of opportunities here for Singapore businesses,” said Hua, who heads the Singaporean business delegation.

The delegation will visit Manila and Davao as part of the four-day business mission, which will allow participants to network and learn more about prospects in the Philippine market.

“This trip will allow us to get a fresh perspective of what is happening here and we look forward to further collaborating with our counterparts in the Philippines,” Hua said.

Hua said 17 Singaporean companies are part of the delegation.

“It reflects that there’s a lot of interest for Singapore companies to engage in the growing phase of the Philippine economy,”Lua said.

The Singapore delegation consists of business leaders and representatives from various industries such as banking and finance, real estate, architecture design, life sciences, manufacturing, supply  chain office solutions, food and beverage, logistics and software development.

Meanwhile, PSBC co-chair Guillermo Luchangco said there  are many opportunities the Philippines could explore with Singapore.

Among these are the export of fresh and processed Filipino food and the expansion of successful Filipino brands by franchising or putting up branches.

“On the investment front, Singapore and Philippine companies can seek partnership in key industries such as food, investments in IT-BPM, infrastructure, shipbuilding, tourism and support startups,” Luchangco said.

He added that Singaporean investors can also look for expansion opportunities in new investment destinations, especially in ecozones and IT parks.

Asked if martial rule in Mindanao has any impact on the interest of Singapore companies to invest in the Philippines, Hua said they are more concerned with the long-term potential of the country.

“Ultimately, we look at the long-term fundamentals of the Philippines and the signs are all very positive,” he said.

For his part, Luchangco assured the Singapore businesses that the conflict in Marawi City only affects a portion of the country, and does not impose a national threat to the entire country.

“Business continues,” he said.