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Singapore investors are being courted by the Philippine economic team.

MANILA, Philippines β€” The Philippines hopes to entice more Singapore-based companies to set up shop in the country.

This is because, on April 27, the Department of Trade and Industry (DTI) and the Philippine Embassy in Singapore will host the 3rd Philippine-Singapore Business and Investment Summit.

Cabinet leaders such as DTI Secretary Ramon Lopez, Finance Secretary Carlos Dominguez III, Energy Secretary Alfonso Cusi, and BSP Governor Benjamin Diokno will explore the commercial potential in the Philippines for Singaporean companies.

The government officials will also discuss monetary policy, the business climate, economic growth prospects, and the Duterte administration’s economic reforms.

President Rodrigo Duterte’s administration was able to enact crucial economic bills before stepping down on June 30, including modifications to the Retail Trade and Liberalization Act (RTLA), the Foreign Investments Act, and the Public Service Act.

These laws are projected to make the Philippines a more appealing investment destination for foreign corporations, especially Singaporean firms.

Despite the fact that these modifications were not passed last year, with the exception of the RTLA, which was enacted in December 2021, the country’s net foreign direct investments hit a new high of USD10.52 billion.

The business and investment summit will attract 400 attendees, including Singapore-based executives from the manufacturing sector, multinational businesses, micro, small and medium firms, and business groups, as well as representatives of the diplomatic corps.

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