MANILA -- President Ferdinand R. Marcos Jr. urged businesses in Singapore to consider the Philippines as their investment hub for renewable energy as he laid out the government’s efforts to lower electricity rates in the country.
At the sidelines of the 10th Asia Summit Fireside Chat in Singapore, President Marcos said that foreign investors can now enjoy 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources.
“The policy change comes as the Philippines seeks to attract foreign investments to boost the renewable energy sector and to meet our long-term climate targets,” President Marcos told business leaders during a roundtable meeting with them in his working visit in the city state.
“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” he added.
Singapore ranked 5th among the top destinations for Philippine products, according to President Marcos.
President Marcos delivered his keynote address at the 10th Asia Summit Fireside Chat held on Wednesday in Singapore, making him the first sitting Philippine president to address the Milken Institute’s Asia Summit.
The President expressed his gratitude to the Milken Institute for taking part in the government’s goal of creating a healthy business environment and opportunities for all in the country.
In his meeting with business leaders and economic managers, President Marcos emphasized the healthy bilateral ties between the Philippines and Singapore, which even flourished amid the global pandemic.
The President recalled that the Philippine-Singapore ties have started at the “people-to-people” level, which has been the bedrock on which both countries develop all the other agreements, partnerships, and alliances.
“In that time between the very beginning of that relationship, we haven’t come across really any significant issues, diplomatic, political, or otherwise between Singapore and the Philippines,” President Marcos said.
“Many of our most professional workforce have actually come to live and work in Singapore. I know many, many, many people, especially in the financial sector who have made their lives here in Singapore and continue to do so,” he added.
President Marcos noted that Singapore was the largest source of foreign investments in the Philippines as he highlighted that the Philippines’ exports to Singapore went up by 16.98 percent or US$4.91 billion in 2022 from US$4.2 billion in 2021.
“Singapore has also been a steadfast partner in our economic journey through the largest source of foreign direct investments in 2021 with a net foreign direct investment or FDI of US$761 million,” President Marcos said.
President Marcos also highlighted the government’s 8-Point Socioeconomic Agenda aimed at reinforcing the economy’s steady recovery and high growth trajectory, and to further promote infrastructure, achieve energy security, create jobs, and develop priority industries.
“The Philippines’ start-up ecosystem also poses great potential with our young and competent talent who are – with strong government support and dedicated start-up community. I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy,” he quipped.
The chief executive also took pride in skilled and talented Filipino workers who are capable of holding various. (PND)
