MANILA – The economic team of President Ferdinand R. Marcos Jr. will be holding its second economic briefing in Singapore to attract more foreign investments.
The second Philippine Economic Briefing (PEB) with the Singaporean business community will be held on June 15, the Department of Budget and Management (DBM) announced on Tuesday.
“After the successful run of the first Philippine Economic Briefing in Singapore last year with President Ferdinand R. Marcos Jr., the country’s economic managers will once again engage with Singapore-based business leaders, bankers, and investors on June 15, 2023,” the DBM said.
“To further strengthen economic collaboration, the Philippines’ Economic Team is gearing up for the second PEB Singapore which carries the theme, ‘Unfolding New Chapters in the Philippines’ Growth Story,’” it added.
The DBM said Department of Finance (DOF) Secretary Benjamin Diokno would give an overview of the country’s economic performance and key economic liberalization reforms, while Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr. would brief the Singaporean leaders about the performance and outlook of the monetary, external and financial sectors.
DBM Secretary Amenah Pangandaman would discuss the priority expenditures supporting the Philippine Development Plan 2023 to 2028, while Socioeconomic Planning Secretary and National Economic and Development Authority director general Arsenio Balisacan would make a presentation on infrastructure investment and development.
“They will also join a panel discussion to be moderated by DBM Undersecretary Margaux Salcedo and BSP Managing Director Tony Lambino. The private sector, represented by the Founder and Managing Director of Stratbase Group and Bower Group Asia, Mr. Victor Andres “Dindo” C. Manhit, will serve as a reactor in the panel discussion,” the DBM said.
Aside from the PEB, the economic team would also join sideline meetings with DBS Bank, HSBC and Singapore Second Minister for Finance and Second Minister for National Development Indranee Rajah.
The PEB was co-organized by the BSP, DOF, DBS Bank, and the Investment & Capital Corporation of the Philippines (ICCP) with the assistance of the Philippine Embassy in Singapore.
The economic briefing serves as an avenue for the economic leaders to discuss investment opportunities in the Philippines.
The first PEB Singapore resulted in USD6.5 billion worth of investment pledges, topped by investment in the transportation sector for the manufacturing of electronic tricycles valued at USD5.0 billion.
The investment commitments also include investment in renewable energy through floating solar panels generating energy to power communities, amounting to USD1.2 billion.
Singapore is one of the top sources of Foreign Direct Investments in the Philippines.
Apart from Singapore, the country’s economic team also held a PEB in the United States and Europe.
The economic managers are also targeting holding briefings in the Middle East and Asia. (PNA)