Three months after President Benigno Aquino's investment promotion trip to Singapore, a Singapore business delegation is visiting the Philippines to explore business opportunities in the country.
The 40 top executives from 28 companies in Singapore are in the Philippines to explore trade and investment opportunities with the Philippine government and the private sector.
Aside from the business matching opportunities between various Singapore and Philippine companies engaged in housing and resort development, agribusiness, logistics, maritime and offshore engineering, and renewable energy, businessmen from Singapore were also able to get a first-hand update on the recent developments in the Philippine economy under President Aquino, a year after he took office.
The Singapore business delegation expressed optimism about the Aquino administration's emphasis on transparency and good governance which is vital in attracting foreign investments to the country.
Choo Chiau Beng, co-chair of the Philippines-Singapore Business Council, said: "The last one year, we have seen improvements and we can see that the new administration is heading the right way. One of the key areas is...they have opened up the skies, which mean that more airlines can fly to tourist destinations and provincial cities.
"They have also enlisted the PPP programs to modernize and privatize four or five airports, and this are encouraging because ultimately, infrastructure is very important, and if you have the right infrastructure, and the right policy in government with regards to infrastructure, the others will flow naturally."
With Singapore being the Philippines' fifth largest source of foreign direct investments, the Aquino administration is hoping it can lure more Singapore companies to invest in the Philippines and help fuel its economic growth.
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