Marcos urges Singapore business leaders: Explore opportunities in PH

There are many opportunities for Singapore businesses in the Philippines, President Marcos told Singaporean businessmen as he encouraged them to invest in the country.

President Ferdinand 'Bongbong' Marcos Jr. and other government officials meet Singaporean businessmen in a roundtable meeting in Singapore on Sept. 13, 2023. (Photo courtesy of Malacañang)

During a roundtable discussion with businessmen in Singapore, Marcos encouraged investments in renewable energy, smart and innovative economy, and infrastructure development under the Build, Better, More program of the government.

“Let me also take the opportunity to encourage you to participate in the infrastructure projects under the banner of the Build, Better, More program, which aims to facilitate mobility and connectivity for businesses and for people,” Marcos said on Wednesday, Sept. 13.

“There are numerous projects that can be explored in the areas of physical and digital connectivity, water resources, agriculture, health, and energy.”

He shared the policy changes in the Philippines, allowing 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources to attract foreign investments.

“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” he told investors in the energy sector.

The President cited that the Philippines' start-up ecosystem also poses great potential with the country’s young and competent talent who could thrive with strong government support and a dedicated start-up community.

“I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy,” he said.

The President also cited that the Philippines seeks opportunities in the areas of financial technology as it aims to achieve its goal of 50 percent digital retail transactions and 70 percent Filipino adults with bank accounts by the end of 2023 and to promote an inclusive, innovative, and healthy financial sector.

Marcos also highlighted the country’s highly skilled, young, talented, and capable workforce who could do and hold various roles.

“Moreover, the country’s population’s median age of 25 years old offers greater productivity, increase in savings rate, and increased creativity,” Marcos told the Singaporean businessmen.

The Chief Executive also highlighted the launching of the Maharlika Investment Fund, the country’s sovereign wealth fund, allowing the Philippines to consolidate investment funds for government programs and projects.

He said that the country is looking forward to exploring co-financing opportunities with foreign investors, with multilateral institutions, and other sovereign wealth funds around the world.

“So, to our partners in Singapore, I offer you the assurance of our greatest efforts in supporting businesses as we work together in achieving our economic agenda and making the Philippines your destination of choice for investment,” he said.

Marcos flew to Singapore on his birthday, Sept. 13 for the Asia Summit 2023.

READ MORE: Future is bright for PH, Singapore—Marcos