Money Matters

Duterte’s visit to Singapore results in P9-B worth of investments

WHEN IT RAINS, IT POURS. Philippine President Rodrigo Duterte and members of his Cabinet witnessed the signing of around $185.7 million, approximately P9 billion, worth of investment agreements with Singaporean companies on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit in Singapore.

Six memoranda of understanding (MOU) were signed at the Ritz-Carlton Millenia Singapore hotel. The agreements are mainly centered on urban development, trade cooperation, economic cooperation, manufacturing, aviation, and renewable energy.

The MOUs signed between Filipino and Singaporean companies are as follows:

  • Ascent Solutions Philippines Inc. and Ascent Solutions Pte. Ltd. will be working to develop blockchain technology for transport management system, trade financing, and a national ID system;
  • Everhydro Corporation and OceanPixel will work on marine renewable energy projects in Zamboanga;
  • Filinvest Development Corporation with (FDC) Hitachi Asia Ltd. will work towards social innovation, energy management, information and communication technology, water solutions, security and financial technology, and urban development based on existing projects of the FDC, its subsidiaries, and affiliates;
  • Filinvest Development Corporation (FDC) with Keppel Corporation will develop projects in Filinvest City, Alabang, set up computing data centers in Metro Manila, and create urban solutions for Clark City;
  • ICS-ICT Support Services Corp. and Robin Village International Pte. Ltd. will work on the construction of prefabricated homes; and
  • Philippine Chamber of Commerce and Industry (PCCI) and the Singapore Manufacturing Federation will promote, strengthen and expand economic, trade, scientific, technological cooperation, and other business relations between concerned organizations of both parties.

Additionally, the Philippine government received four letters of intent stating the possibility of future business cooperation with the following parties:

  • Cebu Air Inc. and SIA Engineering Company Limited, which will expand line maintenance operations at the Clark International Airport;
  • Department of Trade and Industry and ASEAN Business Advisory Council, which will work on a feasibility study to identify a suitable site for the Smart Grow Connect legacy project of the ASEAN;
  • Jollibee Worldwide Pte. Ltd. and Golden Beeworks Pte. Ltd., which will develop 25 new Jollibee outlets in Singapore in a span of five years; and
  • Lepack Packaging Pte. Ltd., which will explore opportunities in the Philippines in plastic packaging and film manufacturing.

These investments are expected to generate approximately 1,900 job opportunities for Filipinos.

via CNN Philippines

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