Singapore at night. FILE PHOTO
Three Singaporean companies are expected to expand their operations and increase their investment exposure in the Philippines, on the back of the continued strong performance of the local economy.
Fresh from his trip to Singapore earlier this week, Trade Secretary Gregory L. Domingo identified these as SIA Engineering Co. Ltd., a major provider of aircraft maintenance, repair and overhaul services in the Asia Pacific; GIC Private Ltd., a sovereign wealth fund, and Temasek Holdings, an investment company owned by the government of Singapore.
Domingo was part of the delegation that accompanied President Aquino in his two-day visit to Singapore early this week.
The trade chief said SIA Engineering, which is part of the Singapore Airlines Group, is investing an additional $18 million in its maintenance, repair and overhaul (MRO) facility in Clark, Pampanga, on top of the $20 million that the company invested in 2009. The additional investment will fund the construction of two additional hangars that will enable the Clark-based company to service wide-body aircraft by the end of next year. The new facilities are expected to create 300 new jobs, Domingo added.
In the meantime, GIC and Temasek are exploring other investment opportunities in the Philippines.
It was reported earlier this month that GIC had agreed to acquire a 6.95-percent stake in Emperador and is expected to further boost its stake in the company to 9.64 percent with the purchase of equity-linked securities.
Domingo and his team also met with 22 high-level executives from various business chambers and industry associations based in Singapore. Many of these executives, he said, were expanding their current investments in the Philippines and were looking at other prospective business opportunities in the country.