Government officials and business leaders from the Philippines and Singapore are looking to further strengthen economic cooperation between the two countries as they hope to mutually latch onto potential trade and investment opportunities.
Speaking at the Philippines-Singapore Business Council (PSBC) lunch meeting Friday, Tony Tan Keng Yam, President of the Republic of Singapore, noted that the Philippine economy performed remarkably over the past two years, becoming one of the strongest in the region.
“There will be many opportunities for Singapore businesses to be part of this Philippine success story. Last year alone, the International Enterprise Singapore conducted seven business trips to the Philippines, while six similar visits [came] from the Philippines,” President Yam said. “I expect this number to grow as more Singapore professionals and entrepreneurs venture here to tap the Philippines.”
International Enterprise Singapore is a government agency that promotes overseas trade and growth of Singapore-based companies abroad.
President Yam led a delegation of 11 members from the private sector, including the PSBC.
“Singapore corporate brand names such as SingTel, Ascott, Somerset … and Breadtalk are doing well in the Philippines. Likewise, Philippine brands such as Ayala and Jollibee have made profitable inroads into the Singapore market. With the Philippines’ strong and steady performance in recent years, we expect more Philippine companies to do business in Singapore or … collaborate with Singapore companies to enter another market,” said Loh Chin Hua, PSBC co-chair and CEO of Keppel Corp. Ltd.