The government has extended its invitation to Singaporean investors to explore and consider investment opportunities in the Philippines.
Finance Secretary Ralph Recto, during the 4th Philippine-Singapore Business and Investment Summit held yesterday at Shangri-La, Singapore, highlighted the new Public-Private Partnership (PPP) Code that has made PPP involvements faster and easier.
He encouraged Singaporean investors to submit unsolicited proposals, respond to solicited ones and explore more joint ventures with the Philippine government through the administration’s 186 flagship infrastructure projects.
“As we aggressively enhance our logistics backbone and human capital through productivity-boosting investments, Singapore’s role has never been more crucial. We need more of Singapore’s cutting-edge expertise and technology for our 186 flagship infrastructure projects,” Recto said.
As the country modernizes major airports across the archipelago to welcome the post-pandemic tourism surge, Recto also emphasized that the Philippine government is looking for more participation from top-tier partners in Singapore like the Changi Airport Group, which has excelled in managing and operating the Clark International Airport.
“Given Singapore’s world-class expertise in aviation, both of us can lead Asean’s transformation into a global travel hub and drive the tourism boom across the region,” he said.
Recto also sought Singapore’s competitive advantage to help the government build more smart, modern, sustainable and people-centered cities across the Philippines.
He said the government is actively addressing bottlenecks and streamlining processes to clear the way for Singaporean investors’ seamless participation in high-priority sectors.
These include clean energy, critical minerals, retail, digital technologies, food production, financial services and pharmaceuticals, among many others.
With the Philippine Digital Infrastructure Project and the National Broadband Program in place, Recto said the Philippines is ready to become the hotspot for technology-driven businesses, from hyper-scale data centers to smart manufacturing and high-tech agriculture.
“We are eager to team up with Singapore’s start-up visionaries to unlock new frontiers in emerging technologies,” he said.
To fuel this digital transformation, Recto explained that the government has developed an Artificial Intelligence roadmap and strategy to upskill and retool the
Filipino workforce.
“We are cultivating a new generation of research scientists, engineers and R&D innovators who will power up your forward-looking enterprises,” he said.
“These reforms are just a fraction of the transformative changes underway in the Philippines to make us stand out as the most hospitable economy for Singaporean enterprises. We are committed to working non-stop until good becomes better and better becomes the best for business,” he added.
The finance chief pointed out that these reforms, along with the country’s booming economy and the strategic complementarities of Singapore and the Philippines, make the latter the most strategic haven for Singaporean investors.
“We are very eager to work closely with you and forge new partnerships to shape an exciting shared future for both Filipinos and Singaporeans,” he said.
