Philippines Presents Opportunity for Singapore Companies
The Minister for Trade & Industry says there are big opportunities for Singapore companies in the Philippines
With the Philippines going through an economic resurgence driven by domestic demand and economic reforms, there will be opportunities for Singapore companies as demand for consumer goods and infrastructure development in the Philippines rises, said Minister for Trade and Industry Lim Hng Kiang.
Speaking at the Philippines-Singapore Business Council Forum, Mr Lim noted that the Philippines has achieved much progress in enhancing its business environment and competitiveness in the last decade.
Mr Lim noted that investment linkages between Singapore and Philippines are strong, and bilateral trade between the two countries hit S$15 billion last year, a two percent increase over 2013.
To further promote economic partnership between both countries, he said, IE Singapore has established an overseas office in Manila last year.
Assistant Chief Executive Officer of IE Singapore, Mr Tan Soon Kim, who also spoke at the event, noted that many Singaporean companies are already operating in various sectors in the Philippines, such as infrastructure, telecommunications and retail.
He listed examples such as Breadtalk, Keppel Offshore and Marine, and The Ascott Group.
Mr Tan singled out more opportunities for Singapore businesses, in the infrastructure and consumer sectors in the country. There is a pipeline of more than 50 infrastructure projects worth about US$21 billion, and the Philippines has a large consumer market with a population of close to 100 million, he said.
To realise these opportunities, Mr Tan added, IE Singapore has been working with the Philippine government agencies to share potential business opportunities with Singapore companies, and to match them with their Philippine counterparts.