Singapore is eyeing to increase investment in the Philippines and add more flights to Manila, a move seen to promote better economic ties between the Southeast Asian neighbors, the Department of Finance (DOF) said on Thursday.

The Singaporean private sector intends to explore new growth opportunities in the Philippines, particularly in the retail, transportation, infrastructure and tourism sectors, Ambassador Kok Li Peng told Finance Secretary Carlos Dominguez III in a recent meeting.

“We’re trying to get a mixed meeting of the PSBC (Philippines-Singapore Business Council) here. They want to bring the members to Davao to meet with the President,” Kok said.

Dominguez said that a possible date for such a dialogue could be in February.

Kok noted Singapore is looking at the Philippines to expand the market for its airline industry.

“More competition is good for the consumer,” Kok said, noting that Singapore Airlines, SilkAir and Tiger Airways plan to add more flights to the Philippines.

Dominguez said opening the Philippine air travel industry to competition and even partnerships with other airlines would benefit the economy and boost the tourism sector.

As of 2015, Singapore’s investment to the Philippines totaled P16.8 billion, mostly in real estate, electricity, gas, steam and air conditioning supply, and manufacturing activities.

Singapore was the Philippines’ fourth largest trading partner in 2015, with total exports of $3.8 billion in 2015, mainly comprising electronic products, petroleum products, and electronic equipment and parts.

The Philippines also imported of $5 billion worth of goods from Singapore, mostly mineral fuels, lubricants, food and live animals, and industrial machinery and equipment.

05 January 2017
By Ted Cordero/VS, GMA News