The 3rd PH-Singapore Business Summit Invites Businessmen to Invest in the Philippines

With Singapore being one of the biggest sources of remittances from Filipino OFWs and as the 6th largest trading partner of the Philippines, PH officials invite Singaporean firms to invest in the Philippines at the 3rd Philippines-Singapore Business and Investment Summit held virtually.

“Now is the best time for Singaporean investors to further expand their businesses in the Philippines,” says Finance Secretary Carlos Dominguez. PH officials also highlighted the country’s recent fiscal reforms and reviving the economy as an enticing investment destination. Some of these laws, as described by cabinet secretaries as “game-changers”, are the Foreign Investments Act, Ease of Doing Business and Efficient Government Service Delivery Act, Corporate Income Tax and Incentives Reform Act, Public Services Act, Rice Tariffication Law, and the amendments to the Retail Trade Liberalization Act.

Apart from these new fiscal reforms, Executive Director of the Board of Investments – Investment Promotions Services Evariste Cagatan also states that numerous industries in the Philippines are open to foreign investments such as green ecosystems, green metals, energy storage technologies, energy-efficient projects, high value IT services, cybersecurity, electric vehicles, and modern health products and services, among many others. “In general, we are inviting investments in industries and sectors that have high jobs creation potential or will increase our export competitiveness or will make it possible for us to participate in a bigger way in global value chains or meet our own supply chain gaps,” says Cagatan.

“We highly value Singapore as our top source of foreign direct investment both prior to and after the pandemic with a total investment value of $1.6 billion in 2021,” Trade Secretary Ramon Lopez said. Lopez also says Singapore is one of the Philippines’ top trading partners and aims for more Singaporean businessmen to invest in the Philippines.

Philippine Ambassador to Singapore Joseph del Mar Yap also says that he can expect stronger Philippine-Singapore relations, as well as rapid growth for the Philippines.

Source: ABS CBN News