THE PHILIPPINES is making its pitch to potential investors from Singapore, highlighting the passage of economic liberalization measures.
Evariste M. Cagatan, Board of Investments-Investment Promotions Services executive director, said during the 3rd Philippine-Singapore Business and Investment Summit on Wednesday that Singapore companies were invited to look into projects involving green ecosystems, which include electric vehicle assembly and infrastructure, energy efficiency and conservation projects, energy storage technologies, biopolymers, and electronic devices and circuits for smart grid and renewable energy.
“Other areas are modern health-related products and services, green metals processing, and green agriculture. There is also opportunity in higher value information technology (IT) services and those adopting innovative processes and technologies including internet of things and cybersecurity and smart manufacturing,” she added.
According to Ms. Cagatan, the Philippines favors innovative technologies with the potential to generate jobs.
“We would welcome investment projects that will use modern, advanced, or new technology which is right up the alley of expertise and interest of Singapore companies,” Ms. Cagatan said.
“In general, we are inviting investments in industries and sectors that have high job creation potential, or will increase our export competitiveness, or will make possible for us to participate in a bigger way in global value chains, or meet our own supply chain gaps,” she added.
Trade Secretary Ramon M. Lopez said in his presentation in Singapore that the city-state has been a steady partner from even before the pandemic.
“We highly value Singapore as our top source of foreign direct investment (FDI) both prior to and after the pandemic, with total investment value of $1.6 billion in 2021. We are also pleased to reaffirm our commitment to strengthen our trade partnership and work on our various initiatives to further enhance our economic ties. Singapore was our top sixth major trading partner (out of 223) in 2021,” Mr. Lopez said.
Mr. Lopez also highlighted the passage of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act and amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act, which he said will help position the Philippines as a more attractive investment destination.
“With a more robust investment incentive regime, the liberalized policies on foreign equity participation, and free trade agreement (FTA) arrangements, the Duterte administration has positioned the country as a destination for more investments in future technologies, smart manufacturing, and digitalization,” Mr. Lopez said. — Revin Mikhael D. Ochave
