Singapore, the Lion City of Asia, is all eyes on the Philippines as its choice investment destination.
The Singapore Business Federation (SBF) said that the Philippines is among the top 10 markets of interest for the expansion of Singaporean businesses.
“While many Singapore companies have established operations in the Philippines in industries such as manufacturing and infrastructure, there are untapped opportunities in areas such as information technology and digital solutions, which our companies with the capabilities will be able to take up,” said SBF Chairman Teo Siong Seng.
He notes that the economic and social progress of the Philippines has made an attractive and compelling case for Singaporeans.
“Asean remains a bright spot in a cloudy global economy and has abundant opportunities and potential for growth. Singapore and the Philippines have always enjoyed close economic ties,” he said.
Currently, Singapore is the second-largest investor in the Philippines. It is also the Philippines’s largest export market among the member-states of the Asean in 2018.
Singaporean Firm Eyes PH Expansion
Loh Chin Hua, CEO of Keppel Corporation, mentions their current plans of exploring ways on how to expand their investment in the Philippines. Loh is also the co-chariman of the Philippines-Singapore Business Council.
He explains that one of the advantages of doing business in the country is the ability of investors to borrow in the local currency. Additonally, this helps reduce risks, and also enable them to get reasonable returns.
“For Keppel, we have operated two shipyards in the Philippines, and we are now looking to see how we can do more here,” explains Loh.
Keppel Corporation is one of Singapore’s largest conglomerates, with involvement in the infrastructure sector.
A delegation of 21 Singapore business leaders from 14 companies joined the business mission organized by the SBF from September 9 to 11 2019.