PRESS RELEASE

PR-103-2024

Organized by the Philippine Embassy in Singapore with its attached agency, the Philippine Trade and Investment Centre Singapore (PTIC Singapore), the 4th Philippines-Singapore Business and Investment Summit (PSBIS) concludes this afternoon with a clarion call for both Philippine and Singapore businesses to maximize the potential of the Philippines as a strategic trade partner and emerging investment destination. 

Now on its 4th iteration, the 2024 Summit was held at the Shangri-La Hotel Singapore with more than 200 participants from the Philippines’s and Singapore’s government, business community and private sector in attendance.

BDO President and CEO Nestor Tan welcomed the attendees to the 4th PSBIS, highlighting that as a country full of opportunities, it has a potential for economic takeoff, and is an attractive business and investment destination for infrastructure, transportation, and urban renewal, among many other sectors.

In his opening remarks, Philippine Ambassador Medardo G. Macaraig said that both the Philippines and Singapore “recognize the importance of developing sustainable, eco-friendly businesses and green ecosystems to allow industries to thrive”, and that by aligning economic strategies with sustainability goals, both countries can “become leaders in the green and blue economy, setting a model for the rest of the region”.

Finance Secretary Recto, in his keynote speech, remarked that the Philippines, which has a stable political environment and an investment landscape that has never been more open and liberalized. He added that the Philippines is ready to elevate PH-SG relations to a higher level and that the partnership is critical for a greener future. He also urged Singaporean businesses to explore the wide range of opportunities in the Philippines, which will be made more attractive by the anticipated enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE).

Joining the powerhouse roster of high-level speakers were Secretary for Education Hon. Juan Edgardo “Sonny” M. Angara, Secretary for Science and Technology Hon. Renato U. Solidum Jr., Secretary of Budget and Management Hon. Amenah F. Pangandaman, Secretary for National Economic and Development Authority Hon. Arsenio M. Balisacan and Chairperson of the Mindanao Development Authority, Secretary Leo Tereso A. Magno, General Manager of the National Development Company Antonilo DC Mauricio, Director General of the Philippine Economic Zone Authority Tereso O. Panga, and President and CEO of the Bases Conversion Development Authority Engr. Joshua M. Bingcang.

One of the highlights of the PSBIS was the presentation of the signing of a Memorandum of Understanding (MOU) to launch the Philippine Innovation Hub (PIH) at the Singapore Management University, led by National Development Company (NDC) General Manager, Undersecretary Antonilo Mauricio. The Innovation Hub will foster a collaborative ecosystem for innovation, accelerate start-up growth and global competitiveness, and promote inclusive and sustainable economic development. It is a tangible representation of the strong ties between the Philippines and Singapore, united by a shared vision of innovation-driven economic progress.

The PSBIS is a high-level forum bringing together Minister-level officials, business leaders, and key decision-makers from the Philippines and Singapore. The 4th PSBIS marked the return of its in-person format after the COVID-19 pandemic.

In celebration of 55 years of diplomatic ties, the 2024 summit, with the theme, “The Next 55 Years: Philippines and Singapore Partnership for a Green and Sustainable Future”, focused on strengthening the Philippines-Singapore partnership by fostering greener and more sustainable economic growth. (END).

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