By Katrina Gracia Consebido
President Ferdinand R. Marcos Jr. sealed a total of P374.57 billion worth of investment during his State Visit in Singapore, Press Secretary Trixie Cruz-Angeles said Thursday, Sept. 8.
Angeles said the investments are expected to generate jobs to an estimated 15,000 Filipino workers.
In an earlier speech at the Philippine Economic briefing at the Shangri-La Hotel, Marcos invited foreign businesses to put their investments in the Philippines, describing the country as “Asia’s fastest rising star.”
“We are presently on a steady path to a strong recovery from the pandemic and a robust economic expansion. In the next few years, our economy is expected to outperform our regional peers,” Marcos told foreign business leaders.
“My administration is committed to establishing an even more competitive business climate conducive to high-value investments,” he added.
Topping the list of Singaporean investments to the Philippines is electronic tricycles valued at USD 5 billion which is seen to lessen air pollution emitted by an estimated 3.5 million tricycles nationwide.
The next top Singaporean investment is in renewable energy, specifically the new technology of floating solar valued at USD 1.2 billion.
“You will notice that the top two investments of Singapore to the Philippines are both environment-friendly and are aligned with the government’s program on climate change,” Angeles said.
The next top investment is the setting up of an in-country Data Center valued at USD 200 million.
Singaporean businesses also expressed interest in the “Blue Economy” where they are expected to invest from USD 10 to 100 million in areas such as marine renewable energy, water production, desalination, electric boats, and aquaculture.
Investments on “Innovation Platform for Start-ups” was pledged at USD 20 million while another USD 20 million will be invested on “Women in Technology.”
Meanwhile, the Singapore government has also approved the hiring of more Filipino workers in the city-state where 200,000 Filipino migrant workers are currently employed. – gb
