MANILA (UPDATE) — President Ferdinand Marcos Jr. said he sees a bright future between the Philippines and Singapore due to strong bilateral ties and people-to-people exchange, considered the "bedrock of all the other agreements, partnerships, and alliances that have since been created."

During his roundtable meeting with Singaporean businessmen on Thursday, Marcos said the relationship between the two countries would not change anytime soon.

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“[From] the very beginning of that relationship, we haven’t come across really any significant issues, diplomatic, political, or otherwise between Singapore and the Philippines,” the President said.

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“So for me, the future is bright for the Philippines and Singapore. And I see more opportunities than we have ever had before in fact, and it’s just up to us to identify those and to agree on how to best respond to the changes that we now face,” he said.

Marcos earlier this week highlighted the Philippines’ strategic position in Asia, tax perks, and English-speaking workforce as he courted investors in Singapore.

Singapore was the Philippines' largest source of foreign investment in 2021, with a net investment of $761 million Malacañang said in a release.

In 2022, Philippine exports to Singapore reached $4.91 billion, up by 16.98 percent from $4.2 billion in the previous year, Marcos noted.

The President added that Singapore currently ranked 5th in terms of top destinations for the country's products.

RENEWABLE ENERGY

Marcos, meanwhile, urged Singaporean businesses to invest in the country's renewable energy, saying they could be part of supporting a "smart and innovative" economy.

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He told investors in Singapore that they could have full equity in exploring, developing, and using the country's solar, wind, and hydro energy.

“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,” said the Philippine leader in a roundtable discussion.

“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,” he added.

Aside from this, Marcos touted the country's "start-up ecosystem" that "poses great potential with our young and competent talent."

He also mentioned his administration's 8-Point Socioeconomic Agenda which targets sustainable growth and continuing economic recovery that would produce jobs, promote infrastructure and development, and attain energy security.

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Under the Philippines’ renewable energy plan — a requirement under the Renewable Energy Act of 2008 — the country targets to increase to 35 percent of the share of renewable energy in the power mix by 2030.

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In 2008, the share of renewables in the Philippines’ power mix was about 34 percent, according to data from the Department of Energy.

It went down to 21 percent in 2021, data showed.

The President in August recognized the country's slow transition to renewable energy, noting the importance of building infrastructure to support it.

Marcos has been in Singapore since Wednesday for the Milken Institute's Asia Summit and to attend the finals of Formula One Singapore Grand Prix 2023, upon the invitation of Singaporean Prime Minister Lee Hsien Loong.

He will return to the Philippines on Sunday, said Press Secretary Cheloy Garafil.

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