MANILA - Top Philippine officials urge Singaporean businessmen to invest in the Philippines citing the reviving economy and new fiscal reforms adopted by the country.

At the virtual Third Philippines-Singapore Business and Investment Summit, Philippine economic managers presented the Philippines as an attractive investment destination amid the Covid-19 pandemic.

Finance Secretary Carlos Dominguez, Trade Secretary Ramon Lopez, Bangko Sentral ng Pilipinas Governor Benjamin Diokno and other officials from various departments all highlighted the many economic gains of the Duterte administration.

Among the major economic attraction in the country, officials said, are the new fiscal laws signed by the president in recent years. These new measures have been described by the cabinet secretaries as "game-changers".

Among these laws are the Ease of Doing Business and Efficient Government Service Delivery Act, Corporate Income Tax and Incentives Reform Act, Rice Tariffication Law and many others. Amendments to the Retail Trade Liberalization Act, Foreign Investments Act and Public Services Act were also highlighted as new measures that will promote the Philippines as an investment haven.

"Now is the best time for Singaporean investors to further expand their businesses in the Philippines," said Dominguez.

The finance chief said the new laws "create numerous opportunities for synergy between local and international firms."

"There is now enough space for international firms to form joint ventures with Filipino companies," he said.

Lopez said Singapore is among the top trading partners of the Philippines and he hopes that more Singapore investors will set up shop in the country.

"We highly value Singapore as our top source of foreign direct investment both prior to and after the pandemic with total investment value of $1.6 billion in 2021," Lopez said.

Evariste Cagatan, Executive Director of the Board of Investments- Investment Promotions Services said there are many industries open to foreign investors in the Philippines.

These include green ecosystems, electric vehicles, energy efficient projects, energy storage technologies, modern health products and services, green metals, high value IT services, cybersecurity and many more.

"In general, we are inviting investments in industries and sectors that have high jobs creation potential or will increase our export competitiveness or will make it possible for us to participate in a bigger way in global value chains or meet out own supply chain gaps," Cagatan said.

Singapore is the 6th largest trading partner of the Philippines and the 3rd biggest source of remittances from Filipino overseas workers. Philippine Ambassador to Singapore Joseph del Mar Yap said, he expects a rapid growth for the Philippines this year and the strengthening of relations with Singapore.

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