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Singapore firms upbeat on PH

By: - Reporter / @amyremoINQ
/ 12:56 AM November 03, 2014

Singaporean companies are bullish on the various investment opportunities they can tap in the Philippines, which is now being considered “Asia’s bright spot.”

“A strong 7-percent GDP growth over the past two years has increased the world’s confidence in the Philippines. With an annual $20-billion overseas remittances spurring consumer demand and $17-billion worth of Public-Private Partnership (PPP) projects in the pipeline, the Philippines is Asia’s best growth story today,” a notice from the International Enterprise Singapore (IE Singapore) stated.

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IE Singapore, a government agency that spearheads the overseas growth of Singapore-based companies and promotes international trade, is set to hold an advisory seminar for companies wanting to invest in the Philippines.

During the seminar scheduled this month, audit, tax and advisory firm KPMG Philippines will brief Singaporean firms on the Philippine Investment Outlook for 2014 and 2015, while the legal aspects of doing business in the Philippines will be discussed by law firm Rajah & Tann Asia.

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Also to be tackled are the opportunities in the Philippines’ PPP program, consumer sector, and franchising industry.

An IE Singapore statement earlier noted that “more Singapore companies are now relooking at the Philippines as an upcoming growth market.”

Tan Soon Kim, assistant chief executive officer of IE Singapore earlier noted that the “Philippines’ economic resurgence is driven by robust growth in domestic demand, strong infrastructure spending and structural economic reforms. This has led to renewed investor interest. It is timely for Singapore companies looking to diversify their presence in the region, to look at this market anew for opportunities that commensurate with the needs of the market, including infrastructure and urban solution demands, complemented by a sizable consumer base.”

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