Citing the need to adapt to the changing world, the Philippines and Singapore have agreed to strengthen their bilateral relations and explore new partnerships, saying there is a positive momentum in the relationship between the two nations.

In a bilateral meeting with Singapore Prime Minister Lawrence Wong on Friday, May 31, President Marcos said he was looking forward to continuing such strong ties with the Southeast Asian neighbor.

"I look forward to continuing [the relationship]. I’m confident," he said.

"We have really laid down for the last [five] years [the] formal and official relationship... I think that is why [it’s] easy for us to work together to make [a] partnership," he added.

For his part, Prime Minister Wong, who assumed the post on May 15 after Lee Hsien Loong's 20-year rule, said there was "a very strong" cooperation and positive momentum in the relationship between the two countries.

"There is also a strong positive momentum in our relationship [in] businesses, and there’s growing confidence in the prospects on the [Philippine] economy," he said.

"So, many different projects are taking place, including in New Clark City and others, and I’m sure there are interests amongst investors and businesses to invest in your country,” he added.

In response, President Marcos recognized Singapore as one of the top sources of foreign direct investment (FDI) into the Philippines, saying he was glad that the Singapore leader mentioned New Clark City, a part of the Luzon corridor, is gaining recognition among investors.

He told Wong that the Philippine government wants to develop the area as an industrial center with all the different facilities such as manufacturing, semiconductor assembly, businesses, and green minerals processing, in which Singaporean investors could participate.

On the other hand, Marcos said there was great potential in the two countries’ tourism industries, which could further be boosted by much-improved infrastructure and enhanced air linkages.

Wong likewise mentioned the good people-to-people exchanges, with more than 200,000 Filipinos working and staying in Singapore. He committed to protecting and ensuring the health and well-being of Filipino workers while appreciating their contributions to the Singapore economy.

Marcos is in Singapore to deliver the keynote address for the 21st edition of the International Institute for Strategic Studies (IISS) Shangri-La Dialogue on Friday.  

The Philippines and Singapore are both founding members of ASEAN formed in 1967 and the Asia-Pacific Economic Cooperation (APEC) in 1989.

The two countries established diplomatic relations on May 16, 1969. In 2019, they celebrated the 50th anniversary or Golden Jubilee of their diplomatic ties.

In 2023, Singapore was the Philippines’ eighth-largest trading partner, sixth export market (out of 205), and seventh import supplier (out of 221). In the same period, exports and imports were valued at $3.53 billion and $7.09 billion, respectively.

The Philippines recorded a trade deficit of $3.57 billion.

On the other hand, Singapore was the country’s largest source of approved investments, posting $1.628 billion in 2021 and $2.398 billion in 2022.

Based on preliminary figures in 2023, Singapore ranked as the fourth source of approved investments amounting to $674.40 million.