Singapore expressed interest in increasing its investments in the Philippines and adding more flights to Manila in anticipation of increased demand for air travel between the two countries, the Finance Department said Thursday.
Singapore Ambassador to Manila Kok Li Peng said in a recent meeting with Finance Secretary Carlos Dominguez III that Singaporean businessmen would like to explore new growth opportunities in the Philippines, particularly in the retail, transportation, infrastructure and tourism sectors.
He said Singaporean businessmen planned to schedule the next meeting of the Philippines-Singapore Business Council in Davao City and meet with President Rodrigo Duterte to discuss new business and investment activities in the Philippines.
“We’re trying to get a mixed meeting of the PSBC here. They want to bring the members to Davao to meet with the president,” Kok said.
Singapore’s investments in the Philippines”•valued at P16.8 billion in 2015″•were mostly in real estate activities, electricity, gas, steam and air conditioning supply and manufacturing.
Singapore was the Philippines’ fourth largest trading partner in 2015. The country’s total exports reached $3.8 billion in 2015.
