SINGAPORE — Despite the lower than expected GDP growth in the third quarter, the country’s “strong” economy still attracts interest of more Singaporean businessmen.
The Philippine Statistics Authority reported last week that the country’s economy grew at 6.1 percent, which was below government and market expectations.
Despite this, Philippine Ambassador to Singapore Joseph Del Mar Yap said there is still a strong interest for Singaporean businessmen to invest in the country.
“Actually when the President came last time, there was really a lot of interest by the Singapore businessmen and that continues to be the case ‘no. So that’s why there was a business forum in which those MOUs (memoranda of understanding) were signed, getting commitments of a 180 plus million dollars commitment to invest in the Philippines,” Yap said in an interview with RTVM on Monday.
“And that interest continues because the Philippines still generates a very strong growth rate or GDP still grows very strongly, above six percent. We’re targeting six to seven percent. And so the Singaporeans are aware of that. In fact, all the Singaporean businessmen that I meet, they all say, “Oh the Philippines is so — growing so strongly,” he added.
The envoy also said that the even government agency in Singapore Enterprise Singapore have already sponsored about fix or six business delegations to the Philippines, composed of different industries including the Philippines.
“Even our embassy here, we facilitated at least three delegations who wanted to go to the Philippines to study various investment opportunities,” he said, noting that from big to small and medium enterprises are interested to go because they know that the country’s consumer market is very strong.
“We have a young population and we have a growing and strong middle class. So they all want to take advantage of that,” he said.
Yap also cited that the Philippines was even listed as the number one investment destination in the world in 2018 by US News & World Report.
President Duterte is set to attend the 33rd Association of Southeast Asian Nations (Asean) and Related Summits starting today until November 15.
Malacañang said the Asean Summit will be an opportunity for the Philippine government to join in the discussions pertaining to the progress of the Asean community blueprints and bringing Asean closer to the realization of people-centered Asean community.
“ Similarly, the related summits in Singapore will give the President the chance to witness the progress of ASEAN’s relations with its dialogue partners, with the goal of fostering deeper cooperation on priority areas including peace, security, economy, and overall well-being of our people,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a statement.
After the opening ceremony later today (November 13), Duterte and other Asean leaders will also be witnessing a presentation by the Asean Business Advisory Council to be followed by a working dinner for the Asean leaders to be hosted by Singapore Prime Minister Lee Hsien Loong.
Then, an Asean Summit Plenary will be held wherein the leaders will discuss Asean community building and regional and international issues.
On the second day of Asean Summit tomorrow (November 14), the Asean leaders will hold summits with leaders of dialogue partners, such as Australia, China, Republic of Korea, Russia and Japan.
Then the much-awaited Second Regional Comprehensive Economic Partnership (RCEP) summit is also scheduled to happen also on Wednesday as the leaders of negotiating countries will be discussing the progress of the negotiations of the document. A cocktail reception and gala dinner will be capping the day.
On Friday, November 15, the President together with other Asean leaders will meet with leaders of India and the United States, after which they will attend the ASEAN Plus Three Summit. The 13th East Asia Summit Plenary will also be held on the same day.
Yap also explained that this year’s theme “Resilient and Innovative” reflects Singapore’s aspiration for the whole Asean community to survive amid trade tensions and technological disruption.
“There’s a lot of new strategic as well as economic challenges. The whole multilateral economic system in the world is being questioned. There’s trade friction between China and the US. So all of these are changing circumstance that ASEAN as a whole should adjust — learn to adjust to. So there’s a need for this resilience,” Yap said.
“And at the same time, there’s also a lot of disruption coming from technology. So all these technological disruption, artificial intelligence, cyber-terrorism, cybersecurity. All these are important.”
World leaders are also expected to attend the Summit, such as Russian President Vladimir Putin and US Vice President Mike Pence.
Yap said this could give the President the opportunity to meet up with the different world leaders and discuss relevant issues with them, such as the country’s concern about migrant rights and migration, South China Sea as well as RCEP.
Aside from Panelo and Yap, joining the President in attending the Asean meetings are Foreign Affairs Secretary Teodoro L. Locsin, Jr., Finance Secretary Carlos G. Dominguez III, Defense Secretary Delfin N. Lorenzana, Trade Secretary Ramon M. Lopez, Social Welfare and Development Secretary-designate Rolando Joselito D. Bautista, National Security Adviser Hermogenes C. Esperon, Presidential Communications Secretary Jose Ruperto Martin M. Andanar, and Philippine Permanent Representative to Asean Elizabeth Buensuceso.