NextGen Day

The Philippine government has promised to offer favorable regulatory conditions to Singaporean investors.

During the Philippine Economic Briefing (PEB), which was hosted at the Shangri-La Hotel in Singapore on Wednesday, Budget Secretary Amenah Pangandaman made the vow in front of the Singaporean business community.

During the panel discussion on Economic Performance and Outlook, she stated, “From our end, the administration will give the required regulatory framework to everyone who intends to invest in the country.”

According to Pangandaman, the Philippines is hopeful about bringing in more foreign capital for its commercial sector.

“Of course, we are here to solicit assistance from our partners to make investments through P3s in the Philippines. We need your assistance, and the Philippines is open,” she said.

The Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP) convened the PEB in order to showcase the Philippines’ robust economic progress and to highlight critical regions and investment possibilities.

The institutions that make up the nation’s economic team, including the DOF, BSP, the Department of Budget and Management, and the National Economic and Development Authority, also reviewed the forecast for growth and legislative and policy reforms.

President Ferdinand “Bongbong” Marcos Jr.’s official visit to Singapore resulted in investment commitments worth USD6.54 billion (PHP374.57 billion).

During the Singapore business roundtable discussion on Wednesday, several letters of intent to invest in the Philippines were signed.

15,000 Filipinos are anticipated to gain employment as a result of the commitments.

Among the pledges are investments totaling USD 5 billion in electric tricycles, USD 1.2 billion in floating solar technologies, and USD 200 million for the construction of a local data center.

Businessmen from Singapore have also stated their intention to spend between $10 and $100 million in the so-called “Blue Economy” as well as $20 million each on “Women in Technology” and “Innovation Platform for Start-ups.”

Teresita Sy-Coson, vice chairman of SM Investments Corp., who represented the private sector on the panel, advised Singaporean investors to invest in the Philippines.

There are many things one can do in the Philippines. As a group with the private sector, we ask many individuals to visit the country because there are many things we can accomplish together, according to Sy-Coson.

Marcos encouraged Singaporean investors to participate in the Philippines’ economic recovery in his keynote speech by assuring them that the nation is “on a steady path to a solid recovery from the epidemic and a vigorous economic boom.”

The Chief Executive stated, “The Philippines welcomes your investments and looks forward to developing even deeper connections with the Singaporean business community.”

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