A total of 17 companies based in Singapore are in the Philippines to look for business opportunities.
The firms brought 24 business delegations for a four-day business mission, during which they also visited Davao.
In a press conference on the sidelines of the 2017 PSBC Conference and Business Matching session in Makati City Thursday, PSBC co-chair Loh Chin Hua said Singaporean companies have seen a lot of opportunities in the country with its fast economic growth.
He said the visiting companies are looking at opportunities in the areas of business management, real estate, infrastructure, food and beverages, information technology, and engineering services, among others.
“There’s a lot of interest among Singaporean companies to engage in the growth pace of the Philippines’ economy,” Loh said.
The Philippines, he said, remains an attractive investment destination for Singaporean businesses despite the situation in Marawi City.
“We do look at long-term fundamentals of the Philippines, and the signs are all positive,” he noted.
Loh, who is also the chief executive officer of Keppel Corp. Ltd., said Singaporean firms also see Davao as a new destination for businesses.
Moreover, PSBC chair Guillermo Luchangco said Philippine conglomerates are also eyeing Singapore for their business expansions, particularly in the ASEAN region.
“The visit of the Singapore business delegation is timely because the Philippines is hosting the ASEAN this year under the theme, Partnering for Change, Engaging the World,” Luchangco said.
Singapore will succeed the Philippines in chairing the ASEAN next year.
Singapore is also the country’s largest trading partner from ASEAN, accounting for a 30-percent share of the country’s total trade with ASEAN. (KMC/PNA)