President Rodrigo Duterte speaking before private sector leaders after witnessing the signing of key business agreements in Singapore.

At the sidelines of the 32nd ASEAN Summit, President Rodrigo Roa Duterte spoke before private sector leaders after witnessing the signing of key business agreements that aim to deepen economic ties between the Philippines and Singapore through private sector involvement. The signing of 10 agreements will lead to additional 1,920 employment, as USD185.7M worth of investments will be pumped into the Philippine economy.

Sectors that will be covered include collaborative works on aviation, solutions for sustainable urbanization, as well as development of marine renewable energy, packaging, film manufacturing, information, communications technology, financial technology, water solutions, prefabricated projects, food, and blockchain technology.

The President mentioned that these investments are part of his personal commitment to my countrymen to bring to the Filipinos more job opportunities.

In 2017, Singapore (SG) was PH’s 6th trading partner, 5th export market, and 7th import supplier with total bilateral trade valued at USD 9.34 billion. Exports of semiconductor devices manufactured on consignment basis also boosted PH export to SG by 1.16% in 2017.

Likewise, a significant growth of 378% (or Php 2.13 billion in 2017 from Php 444 million in 2016) approved investments from SG was noted in electricity, gas, steam, and air conditioning supply industry.♦

Secretary Ramon M. Lopez (center) at the signing of key business agreements in Singapore.

Date of release: 29 April 2018