The Philippines is one of the top 10 potential investment destinations for Singapore businesses, according to the Department of Finance (DoF). The DoF said the country is a top choice among the respondents of a national business survey conducted by the Singapore Business Federation (SBF). SBF chairman Teo Siong Seng said Singapore was the second biggest foreign investor in the Philippines last year and its biggest export market in the region.
According to Teo, while numerous Singapore firms have set up operations in the Philippines in the manufacturing and infrastructure industries, there are untapped opportunities for Singapore companies in the information technology and digital sectors. He added that Singapore investors are attracted by the country’s economic and social progress. Meanwhile, Keppel Corp. CEO Loh Chin Hua said Keppel is looking at options to increase its investment in the country, noting the government’s Build, Build, Build infrastructure program.