MANILA (Mabuhay) – The country is focusing to get more investments from Singaporean companies since bilateral trade with Singapore is already big and stable, Department of Trade and Industry (DTI) Secretary Gregory Domingo said in an interview.
Domingo mentioned that Singaporean companies have explored business opportunities and expressed interests in areas of public-private partnership projects, agriculture, infrastructure, tourism, and retail, among others.
Singaporean companies, in line with the visit of Singapore President Tony Tan Keng Yam, have met Filipino businessmen Friday during a luncheon meeting in Makati City.
Eleven Singaporean business delegates met their counterparts here and explore partnerships for further investments both in Philippines and Singapore.
”More on investments, since our trade with Singapore is already big. They’re our fifth largest trader totaling US$ 8 billion total trade with them. That’s quite sizable already and that will continue to grow,” the Trade chief said.
Further, in Philippine Economic Zone Authority (PEZA) locations alone, there are 131 Singaporean companies invested inside economic zones, according to PEZA Director-General Leila de Lima.
De Lima also mentioned that there are more Singaporean investors who expressed to locate in the country, mostly in manufacturing sector.
On the other hand, Filipino entrepreneurs that expand their businesses in Singapore include Jollibee, Ayala, and Banco de Oro (BDO).
”The big companies in the Philippines have stronger confidence to invest overseas that’s because they have better capitalization, more access to liquidity, they have better management skills, they have more exposure internationally so they are much more confident already to compete abroad,” Domingo said.
”That also reflects the local industry. The local industry is getting more competitive because of all this back and forth exposure internationally. And the way we invest and the way international companies become our partners,” he added. (MNS)