Singapore plans to expand their already strong investment in the Philippines.
The Philippines welcomes numerous investors from across the globe due its favourable investment conditions. Philippines property has become a lucrative investment asset that has been identified by many foreign investors that includes Singapore who play a role in the the growth and development of the Philippines.
In 2015, Singapore was ranked as the Philippines’ fourth biggest trading partner. They invested PHP 16.8 billion with real estate being one of the major sectors. This was in addition to manufacturing, electricity, gas, and air conditioning supply.
Singapore has indicated that they plan to build on and diversify on existing investments in the Philippines. Intending to focus on tourism, infrastructure, transportation and retail sectors. This brings with it more flights between Singapore and Manila to increase the connectivity and reinforce the relationship between the two countries.
The introduction of more flights will create increased competition among the existing airlines that should reduce fares. This will help to further promote Philippines’ appeal due to its accessibility but also boast the country as a tourist destination, both of which will help grow the economy.
The Durte administration has been cited to be making moves to endorse the Philippines as an attractive investment destination. Engaging with countries across Asia as well as internationally, the aim is to promote integration to open the Philippines up to future trade and investment opportunities. It could be argued that these moves have been working with this news of Singapore wanting to increase their investment portfolio. Plus it also indicates the confidence that Singapore has in the Philippines which is likely to entice other investors in.
