Over 70 potential investors and business executives in Singapore discovered the investment potential and opportunities in the Philippines, including priority sectors such as Food, IT and BPM Services, Infrastructure and Public-Private Partnerships during a seminar recently organized by global law firm Reed Smith.
"Our country regularly achieves positive results in the growth of the gross domestic product. In recent years, we have done our utmost to improve the business environment. We have a large growing young population and domestic consumption is on an all-time high boosted by the continuous inflow of remittances. Furthermore, the Philippines offers one of the lowest costs of doing business in Asia,” said Philippine Trade & Investment Centre (PTIC) - Singapore Commercial Counsellor Glenn Peñaranda at the seminar.
Other speakers shared their expertise on investment trends – outbound investments, the risks and rewards; and legal considerations.
The Lion City is one of the Philippines’ most vital economic partners, ranking over the years as its top foreign investor in ASEAN. In 2015, approved investments from Singapore reached US$370 million, a 21 percent increase from 2014 and making Singapore the fifth largest source of investments globally and the highest in ASEAN.
Several Singapore companies have established operations in the Philippines, penetrating various industries such as manufacturing, infrastructure, telecommunications, and retail. Firms have even begun to explore prospects beyond the capital city of Manila, expanding into Cebu City in the central part and the Clark and Subic Freeport Zones in the north.
Reed Smith counsels on a broad range of disciplines including shipping, energy and natural resources, international arbitration, corporate, finance, restructuring, regulatory affairs and investigations.