SINGAPORE–Department of Trade and Industry (DTI) Secretary Fred Pascual, in partnership with the Milken Institute, spearheaded a roundtable discussion on strategic investment priorities in the Philippines between Philippine President Ferdinand Marcos Jr. and prominent CEOs and top-tier in Singapore last Wednesday.
President Marcos Jr. and Secretary Pascual outlined the business-friendly policy reforms and incentives available in the Philippines, encouraging investors to capitalize on the nation’s initiatives in digital transformation, infrastructure development, and renewable energy sectors.
Secretary Pascual noted, “The Philippines always strives to offer a more conducive business environment for foreign investors through responsive policy reforms. We also offer a large domestic market given our large population of 115 million with a growing middle class and a young, dynamic, and skilled workforce.”
Secretary Pascual highlighted the Philippines’ ambitious goals in the renewable energy sector, aiming for a 35% share in the power mix by 2030 and envisioning a 50% share by 2040. He proudly shared the recent achievements in this sector, including the approval of 126 new renewable energy contracts with a combined potential capacity of 31,000 megawatts. Furthermore, he discussed the amendments to the Republic Act No. 9513, known as the Renewable Energy Act of 2008, which have eased foreign equity limitations for renewable energy projects, particularly in the domains of solar, wind, and ocean energy.
In addition, Secretary Pascual underscored the promising prospects in the Philippine startup ecosystem, fueled by a young and competent talent pool. He emphasized the rich mineral deposits in the Philippines, presenting opportunities for Singaporean companies to establish hubs for processing green metals, which are integral in manufacturing electric vehicles, renewable energy systems, and battery technologies.
In closing, Secretary Pascual assured the Singaporean firms of the Philippine government’s unwavering support in facilitating business operations in the country. He stated, “Under the leadership of our President, we assure the Singaporean firms of a whole-of-government approach in supporting business operations in the Philippines. The DTI will be steadfast in working with you to ensure the promotion of an enabling and more conducive business environment for foreign investments.”
The CEO roundtable, organized by the DTI-Philippine Trade and Investment Center (PTIC) Singapore and the Milken Institute on the sidelines of the prestigious Milken Institute Asia Summit, served as a platform for 23 CEOs and business leaders from the fields of energy, banking, venture capital, shipping and transportation, ICT, aerospace, pharmaceuticals, real estate and telecommunications to engage directly with the Philippine President and the Trade and Industry Secretary of the Philippines centered on mutual growth and collaboration. ♦
Date of release: 14 September 2023
