The Department of Trade and Industry (DTI) reported receiving more than $180 million worth of investment pledges from Singaporean companies.
In a statement on Saturday, DTI said the pledges were signed on the sidelines of the 32nd Association of Southeast Asian Nations (Asean) Summit in Singapore during the weekend.
The investments cover collaborative works on aviation, solutions for sustainable urbanization as well as development of marine renewable energy among others. DTI said the pledges would create 1,920 new jobs.
“There are enormous opportunities for companies partnering with the Philippines as the country is on its economic breakout,” Trade and Industry Secretary Ramon Lopez said.
DTI said the President witnessed six memorandums of understanding (MOU) and four letters of intent (LOI) signed between the Philippine business delegation and Singaporean companies.
The Philippine delegation included Filinvest Development Corp., Everhydro Corp., Cebu Air Inc., ICS ICT Support Service Corp., Ascent Solutions Philippines Inc. and Jollibee Foods Corp.
On the other hand, the Singaporean companies were Keppel Corp., OceanPixel, SIA Engineering Co. Ltd., Hitachi Asia Ltd., Robin Village International Pte. Ltd., Ascent Solutions Pte. Ltd., and Golden Beeworks Pte. Ltd.
Lopez also signed an LOI with Lepack Packaging Pte. Ltd. director Lim Seong Nam to explore opportunities to help and assist micro, small, and medium enterprises by developing innovative packaging.