Singapore delegation in Philippines to explore business opportunities
A delegation of local business representatives is in the Philippines to scout out opportunities in a market that is generating growing interest among Singapore companies.
The 22 delegates on the four-day mission, which ends on Friday, are exploring business and networking opportunities in the capital Manila and Davao City.
The visit to Davao City, which is the largest economy in southern Philippines, reflects the Singapore Government’s call to companies here to look beyond capital cities.
The Philippines was ranked last month by Fitch Ratings as South- east Asia’s fastest-growing economy, a crown the agency said it is likely to hold for the next five years.
It said the Philippines will grow at an average of 6.6 per cent for the next five years, ahead of Vietnam’s 6.1 per cent, Indonesia’s 5.1 per cent, and Singapore’s 2.9 per cent.
Singapore is the Philippines’ fourth-largest trading partner, with total trade between the two countries amounting to $15.5 billion last year.
The mission, organised by the Singapore Business Federation (SBF), International Enterprise (IE) Singapore and the Philippine Trade and Investment Centre, is being led by SBF council member and Keppel Corp chief executive Loh Chin Hua.
The Philippines was ranked last month by Fitch Ratings as South-east Asia’s fastest-growing economy, a crown the agency said it is likely to hold for the next five years.
Mr Ivan Tan, IE Singapore’s group director for South-east Asia and Oceania, noted that the “tremendous opportunities” in the Philippines in the areas of consumer goods and infrastructure prompted the trade agency to increase the number of staff in Manila and Singapore dedicated to helping companies explore the market.
“We encourage Singapore companies to look beyond Manila as the current administration has put regional development as one of its priorities,” he added.
Correction note: This story has been edited to provide the correct figure for total trade between Singapore and the Philippines, which was $15.5 billion last year.