28 August 2015 - The Philippines is gaining a new wave of interest among members of the Singapore business community as an investment destination. A reflection of this is the recently concluded Philippines Market Business Seminar on August 25 spearheaded by the Singapore Business Federation (SBF) and supported by International Enterprise Singapore, the Philippine Department of Trade and Industry and the Singapore Furniture Industries Council.

Philippine Ambassador to Singapore Antonio A. Morales delivered the Keynote Address where he thanked the participants for their interest in the opportunities in the Philippines and exhorted them to invest in the country. “Now is the best  time  as the strong, growing Philippine economy, particularly the resurgence of manufacturing activities, and the 100 million  market,  offers many opportunities for supporting industries, services and trading,” Ambassador Morales said.

Director Corazon Halili-Dichosa and Director Angelina Cayas of the International Investments Promotion Service of the Board of Investments (BOI) were in Singapore from August 23 to 25 to meet with representatives of key Singaporean firms who have expressed keen interest in establishing a presence in the Philippines.

Director Cayas delivered a detailed presentation on the myriad opportunities available in the Philippines, investment incentives being offered to potential investors as well as the distinct advantages of the country.  Director Halili-Dichosa discussed the Manufacturing Resurgence Program (MRP) of the Philippine Department of Trade and Industry, where the Singaporean companies can possibly find opportunities to fill the gaps, especially in the resurging manufacturing sector.

Based on the Manufacturing Industry Roadmap (MIR), the MRP targets to close the gaps in industry supply chains, provide access to raw materials, and expand domestic markets and exports for Philippine manufactured products. The key goal of the MRP is to enhance the competitiveness of domestic manufacturing industries so they can be integrated in higher value-added, ASEAN-based production networks and global value chains.

Mr. Gordon Alan Joseph from the Cebu Business Club was also on hand to promote the potential of Cebu as an alternative manufacturing hub and to answer specific questions from the representatives of Singaporean companies.

A networking lunch at the end of the program enabled the participants to meet individually with the members of the BOI Mission. END