The Philippines continues to attract direct foreign investments, as President Rodrigo Duterte secured investment pledges worth US$185.7 million during a business forum organized by the DTI Philippine Trade & Investment Centre - Singapore on the sidelines of this year’s ASEAN Summit in Singapore on Saturday, April 28.
The President and some of his cabinet members witnessed the presentation of 6 MOUs between Philippine-based and Singaporean companies, respectively, including Filinvest Development Corporation (FDC) and Keppel Corporation; FDC and Hitachi Asia Ltd.; Everhydro and OceanPixel; Robin Village International Pte. Ltd. and ICSICT Support Services Corp.; Ascent Solutions Philippines Inc. and Ascent Solutions Pte Ltd.; and Philippines Chamber of Commerce and Industry (PCCI) and Singapore Manufacturing Federation.
Additional 4 Letters of Intent (LOI) were also announced between Jollibee Woldwide Pte. Ltd. and Golden Beeworks Pte. Ltd, SIA Engineering Company Limited (SIAEC) and Cebu Air, Inc., Lepack Packaging Pte. Ltd., Department of Trade and Industry (DTI) and ASEAN Business Advisory Council.
The investment commitments span from urban development, renewable energy, aviation, manufacturing and economic and trade cooperation are expected to generate some 1,920 job opportunities for Filipinos.
In return to their vote of confidence in the Philippines, President Duterte assured the Singaporean business leaders present at the forum that there will be no corruption under his governance and tasked the departments of trade and finance to effect measures that will ease the process of conducting business in the country.♦
Date of release: 03 May 2018