Property News · January 6, 2017

The Philippines is about to get a lot more investment from Singapore


Flights between the island state and the archipelago to increase too
View of the skyline of Makati at sunset, in Metro Manila, Philippines. Jon Bilous/Shutterstock
The Singaporean government aims to ramp up its stakes in the Philippines under its new administration, a top diplomat revealed to reporters this week.
Singaporean Ambassador to Manila Kok Li Peng disclosed that investors from the city-state want to discuss various opportunities with President Rodrigo Duterte in an upcoming forum with the Philippines-Singapore Business Council. The meeting could take place in Davao City in February, Finance Secretary Carlos Dominguez III said.
Singapore’s investments in the Philippines are likely to be concentrated in real estate, electricity, gas, steam and air conditioning supply, and manufacturing. Singaporean investments in the country totalled PHP16.8 billion (USD340 million) in 2015, while the Philippines imported USD5 billion in goods from Singapore, according to the Department of Finance.
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Such investments would be in line with the incumbent administration’s economic and political realignment with China and ASEAN countries. Dominguez had vowed to push for “stronger integration” of the Philippines with its neighbors during Duterte’s state visit to China last year.
A likely focus of Singapore’s renewed investment drive in the Philippines is the country’s airline industry. Carriers like Singapore Airlines, SilkAir, and Tiger Airways plan to increase flights to the Philippines, Kok revealed.
“More competition is good for the consumer,” Kok said.
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Source : property-report.com
Read more…The Philippines is about to get a lot more investment from Singapore

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