Philippine Trade & Investment Centre (PTIC)-Singapore Commercial Counsellor Glenn Peñaranda (right) with lawyers Michael Mejia and Anna Margarita Ang of De Guzman San Diego Mejia & Hernandez Law Offices at the recent ASEAN Legal Alliance (ALA) launch in Singapore.
ALA, composed of law firms in each ASEAN member country, was established to provide legal services for businesses wanting to expand or enter new markets in Southeast Asia, as preparation for the ASEAN Economic Community (AEC). “We welcome the establishment of the ALA as partner for promoting bilateral and regional businesses in the ASEAN. This is especially favorable for the Philippines with its vast trade opportunities given the 100 million domestic market,” said PTIC-Singapore Commercial Counsellor Peñaranda. Among the emerging economies in ASEAN, the Philippines has outpaced most of its peers, making it Asia’s rising star. In the latest World Economic Forum report, the country ranked as the most improved country in terms of global competitiveness. With strong growth momentum, improved government finance and governance, it has gained investment-grade ratings from Fitch, Moody’s and S&P and made the country an increasingly attractive investment destination in Asia. During the first half of 2014, Singapore emerged as the top investor in the Philippines among ASEAN member-countries.