According to DBS Bank, the Philippines is one of the preferred investment destinations for Singapore-based investors. The economic team highlighted investment opportunities in infrastructure and public-private partnership (PPP) ventures. Piyush Gupta, the chief executive of DBS Group, mentioned that the Philippines is among the top 10 countries that Singaporeans are interested in. Gupta cited the Philippines’ sustainability agenda, digitalization agenda, and favorable geopolitics as reasons for its attractiveness.
During the Philippine economic briefing in Singapore on June 15, Budget Secretary Amenah Pangandaman expressed confidence in the budget and fiscal reforms being implemented, addressing the limited fiscal space of the government. These reforms include opening up the country’s economy to foreign investments, rightsizing the bureaucracy, digitalization, and a strong push for PPP to support other priority areas.
Secretary Benjamin Diokno, the Finance Secretary, emphasized the government’s plan to leverage private capital and expertise through the PPP mechanism. Diokno stated that this strategy is crucial for upgrading key sectors such as health, energy, logistics, agriculture, transportation, telecommunications, digital connectivity, and water infrastructure. Singapore is currently the Philippines’ top source of foreign direct investment inflows, with investments in various sectors including renewable energy, infrastructure, healthcare, manufacturing, and information and communications technology (ICT).
Neda Secretary Arsenio Balisacan confirmed that President Marcos instructed the economic managers to pursue PPPs as a means of financing critical infrastructure development in the country. Balisacan highlighted that these investments would cover transport and road projects, property development, health, water and sanitation, ICT, solid waste management, energy, and tourism. The National Economic and Development Authority (NEDA) recently approved 194 Infrastructure Flagship Projects (IFPs) with an estimated value of $148 billion or P8.3 trillion. Most of these projects focus on enhancing physical and digital connectivity, as well as managing water resources. Balisacan urged the business sector to finance these projects, emphasizing the Philippines’ large consumer base and demographic dividend as factors to consider.
The Philippines has the potential to regain its status as the “darling of Asia” with ongoing economic transformation and support from investors like those based in Singapore. With continued investment and support, the Philippines can become not only the darling but also the sweetheart of Asia.
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