International Enterprise (IE) Singapore recently organized a seminar on business opportunities in the Philippines at the IE headquarters in Singapore. Entitled “Philippines: Asia’s Next Bright Spot”, the event was attended by close to 90 guests who wanted to learn how to do business in the country.
According to IE, “With a strong seven percent GDP growth over the past two years, an annual US$20 billion overseas remittances spurring consumer demand and US$17 billion worth of Public-Private Partnership (PPP) projects in the pipeline, the Philippines presents strong investment and business opportunities to Singapore companies, especially in the infrastructure and consumer goods & services sectors”.
Singapore is one of the Philippines’ most vital trading partners, presently ranking as the country’s fifth largest source of investments. Speaking at the event, Philippine Trade & Investment Centre (PTIC)-Singapore Commercial Counsellor Glenn Peñaranda urged the participants to look at opportunities in the growing economy. With the availability of skilled labor at competitive costs, he asserted that the country can support the regional and global operations of Singapore companies, especially in the manufacturing sector. Currently, the Philippines is promoting the following industries in Singapore: infrastructure, PPP and energy; food and agribusiness; aerospace; electronics, shipbuilding; tourism facilities and services; and IT services.
Philippine Ambassador to Singapore Antonio Morales officially opened the seminar. Other speakers include representatives from KPMG Philippines, Rajah & Tann LLP, Mayer Brown Consulting, Frontier Strategy Group, SM Retail, Brotzeit Bar and Restaurant and PPP Center-Philippines.
PTIC-Singapore collaborates with IE Singapore in promoting trade relations between the Philippines and Singapore. IE Singapore opened its eight Southeast Asian office in Manila, Philippines in January of this year.