Philippines secured US$6.54-B investments from Singapore —Palace

SINGAPORE — The Philippines secured US$6.54 billion worth of foreign direct investments following President Ferdinand “Bongbong” Marcos Jr.’s state visit here, Malacañang said Thursday.

In a statement, the Office of the Press Secretary said this is equivalent to P374.57 billion, which is expected to generate employment to an estimated 15,000 Filipino workers.

On top of the list of Singaporean investments is the electronic tricycles valued at US$ 5 billion, the OPS said.

“This investment in the transportation sector is seen to lessen air pollution emitted by an estimated 3.5 million tricycles nationwide,” it added.

Meanwhile, next on the list is the new technology of floating solar valued at US$1.2 billion for the renewable energy sector.

“You will notice that the top two investments of Singapore to the Philippines are both environment-friendly and are aligned with the government’s program on climate change,” Press Secretary Trixie Cruz-Angeles said.

The OPS said the next top investment is the setting up of an in-country Data Center valued at US$200 million, which is expected to employ Filipinos especially in the IT and creative industry.

Singaporean businessmen also expressed interest on the so-called “Blue Economy,” in which they are expected to invest from US$ 10 million to US$ 100 million in areas such as marine renewable energy, water production, desalination, electric boats as well as aquaculture, according to the OPS.

Meanwhile, investments on “Innovation Platform for Start-ups” is pledged at US$ 20 million while another US$20 million will be invested on “Women in Technology.”

Aside from foreign investments, the Singaporean government also approved the hiring of more Filipino workers in the city-state, where 200,000 Filipino migrant workers are currently employed.

During Marcos' two-day visit here, he met with Singaporean President Halimah Yacob and Prime Minister Lee Hsien Loong

Marcos returned to Manila on Wednesday night. —KBK, GMA News