MANILAWith the economic growth of Metro Manila, there is growing interest from Singaporean companies to invest more in the Philippines, an envoy said Tuesday.
"The Philippines has been, of course, enjoying quite a lot of growth in the last few years so we have now been picked up on the radar of Singaporean companies We are really looking for opportunities to invest," Philippine Ambassador to Singapore Joseph del Mar Yap said in an interview with Radio-Television MalacaAang.
Within Southeast Asia, Singapore is the Philippines' biggest source of investment, mostly through joint ventures.
"The relationship that we have with Singapore in terms of investment and trade is, I think, quite close and getting even closer," Yap said.
Through joint ventures, he said, both states get to learn from each other.
"The Singaporean companies learn how to do business in the Philippines within our environment and then the Philippine companies, for their part, learn also the way how the Singaporean does business," the envoy added.
Yap said more Filipino companies focused on real estate and banking are also investing in Singapore.
In addition, Philippine products are now being sold in supermarkets, as well as local fast-food chains opening in Singapore.
"Other (Singaporean) companies have also opened up here. And I foresee that more and more will happen in the years to come," Yap noted. "Aside from the fact that Singapore has already quite a large amount of investment in the Philippines, they still continue to look for more opportunities in the Philippines. So they have been asking about different business opportunities."
Yap described the two nations' bilateral relationship as "very good," saying they continue to enhance this in various areas, not only in trade and investments but also in defense and culture.
Source: Philippine News Agency