MANILA – The Philippines targets to lure more Singapore-based businesses to put up their operations here.
This, as the Department of Trade and Industry (DTI) and the Embassy of the Philippines in Singapore will be holding the 3rd Philippine-Singapore Business and Investment Summit on April 27.
Cabinet officials, including DTI Secretary Ramon Lopez, Finance Secretary Carlos Dominguez III, Energy Secretary Alfonso Cusi, and Bangko Sentral ng Pilipinas Governor Benjamin Diokno will discuss business opportunities in the country for Singaporean firms.
The government officials will also discuss the monetary policy, business climate, economic growth prospects, and economic reforms achieved by the Duterte administration.
Before President Rodrigo Duterte steps down on June 30, his administration was able to pass key economic bills, such as amendments to the Retail Trade and Liberalization Act (RTLA), Foreign Investments Act, and the Public Service Act.
These legislations are expected to make the Philippines become a more attractive investment destination for foreign firms, including Singaporean companies.
Even though these amendments were not yet passed last year, except for the RTLA which was enacted in December 2021, the country’s net foreign direct investments reached a record-high of USD10.52 billion.
Some 400 participants, including Singapore-based executives from the manufacturing sector; multinational corporations; micro, small and medium enterprises; and business groups as well as members of the diplomatic corps will attend the business and investment summit. (PNA)
