MANILA - Singaporean Ambassador to the Philippines Gerard Ho on Monday said he hopes that the Philippines can become a "more attractive investment opportunity" under the incoming administration of President-elect Ferdinand Marcos Jr.

Singaporean investors appreciate the passage of laws on retail trade, tax incentives and ease of doing business under the administration of President Rodrigo Duterte, Ho said in a press conference after his courtesy visit.

"We hope to see not only these things continuing as well as maybe making further programs to make the Philippines a more attractive investment opportunity," he said.

"We see a lot of growth potential in the Philippines and we hope to see more and more Singapore companies coming into the Philippine market."

Singapore is the Philippines' biggest export market in Southeast Asia and the 5th largest in the world. In 2019, Philippine exports to Singapore was pegged at $3.83 billion, according to data from the Philippine Embassy in Singapore.

Southeast Asia's lone first world country "is also the Philippines’ top international investor in 2019, with investment commitments totaling P176.4 billion (roughly US$3.48 billion) or 45.2 percent of total foreign pledges," it said.

"Singapore is also the Philippines’ 9th biggest tourism market worldwide and the 1st in ASEAN with 158,595 passenger arrivals in 2019."

In his courtesy visit on Marcos, the Singaporean ambassador brought with him a book and bottled drink, which he hopes the President-elect would "enjoy."

Marcos, in return, gave Ho an Inabel, one of the traditional looms of his home region Ilocos.

"We have been reviving the weaving industry in the northern part of the country," Marcos said.

Marcos also recalled conversations between his father former President Ferdinand Marcos Sr. and Singapore's founding father Lee Kuan Yew, Ho said.

WATCH: Singaporean Ambassador to the Philippines Gerard Ho visits PH President-elect Ferdinand Marcos Jr.

Ho gives Marcos a book and a bottled drink, while the Filipino leader hands him an Inabel cloth from his home region Ilocos.

(📹: Bongbong Marcos IG) pic.twitter.com/brjBq77L61

— Kat Domingo (@_katrinadomingo) May 30, 2022

Ho said details about Marcos' state visit to Singapore have yet to be discussed and finalized.

Earlier this month, Singaporean President Halimah Yacob extended an invitation for Marcos to come for a state visit.

"This (state visit) is something that we do often among ASEAN leaders. I have also mentioned and reiterated that invitation in the earlier meeting with President Marcos," he said.

"There are no details as of yet. This is something that would depend on the schedules and I see that there are a lot of things to be done for the new president."

• Singaporean leader invites Marcos for a state visit

Ho noted that Singapore and the Philippines have been "old friends and close partners" as both countries are founding members of the Association of Southeast Asian Nations (ASEAN).

"I think with the resumption of cross border travel as well as the passage of a lot of significant economic reforms in the Philippines under the current administration, we are hopeful that we will continue to grow this bilateral economic relationship with the Philippines and will continue to flourish," Ho said.

"Successive generations of Singapore and Philippine leaders have worked together for the peace and prosperity of the region," he said.

Reporters were unable to ask questions about tensions in the South China Sea as the press conference was halted after two questions.

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