Wednesday, June 26, 2019

Philippines inks $185-M investment deals in Singapore

SINGAPORE. President Rodrigo Duterte witnesses the signing of several investment agreements at the sidelines of the 32nd Asean Leaders Summit in Singapore. (Photo grabbed from PCOO video)

PRESIDENT Rodrigo Duterte witnessed on Saturday, April 27, the signing of investment agreements with an estimated combined value $185.7 million in the fields of urban development, renewable energy, aviation and manufacturing.

While Singaporean firms are investing in the Philippines, Jollibee Worldwide Pte. Ltd. is planning to open 25 new Jollibee outlets in Singapore through Golden Beeworks Pte. Ltd.

The signing of the agreements - six memorandums of understanding (MOUs) and four letters of intent (LOIs) submitted by Singaporean companies - was done on the sidelines of the 32nd Association of Southeast Asian Nations (Asean) Leaders Summit in Singapore.

The investment pledges could generate about 1,920 job opportunities for Filipinos.

President Rodrigo Roa Duterte witnesses the signing of several business agreements between the Philippines and Singapore at the Ritz-Carlton Millenia Hotel in Singapore on April 28, 2018. #ASEAN2018 #WeAreASEAN #DuterteSG2018

Posted by Presidential Communications (Government of the Philippines) on Friday, April 27, 2018

Speaking before the business delegates, Duterte ensured that he will protect investors, as long as they are paying the right taxes and complying with the Philippine laws.

“You just take care of the laws. There are a set of laws to follow. If it’s followed, then we are okay and we can talk about business,” the President said.

“I welcome you. I assure you the protection that you need. No corruption is no corruption. I stake my presidency on this. I will lose the presidency on this. I will lose the honor and the prestige in pursuing that policy of no corruption,” he added.

An MOU was signed between FIlinvest Development Corporation and Keppel Cooperation to explore cooperation opportunities in Filinvest City's development projects, edge computing data centers in Metro Manila, and urban solutions for Clark City, Pampanga.

FIlinvest also inked an MOU with Hitachi Asia Ltd. to provide the framework to explore possible collaboration in social innovation business, energy management, information and communication technology, water solutions, security and financial technology and urban development.

Everhydro and OceanPixel signed an MOU to develop marine renewable energy projects in Zamboanga.

In a bid to explore collaboration in prefab projects for areas needing fast development, Robin Village International Pte. Ltd. and ICSICT Support Services Corp. inked an MOU.

Ascent Solutions Pte. Ltd. and Ascent Solutions Philippines Inc. also signed an MOU for the development of a blockchain technology platform for a national identification card system, transport management system, and trade financing.

The last MOU was signed between the Philippine Chamber of Commerce and Industry and Singapore Manufacturing Federation to promote, strengthen and expand trade, economic, scientific, technological cooperation and other business relations between concerned organizations and firms of both parties.

A pledge made through an LOI was submitted by Lepack Packaging Pte. Ltd. to explore opportunities in the Philippines on plastic packaging and film manufacturing.

Other LOIs were inked between SIA Engineering Company Limited and Cebu Air, Inc. for expansion of hangar facilities in Clark; and between the Department of Trade and Industry and Asean Business Advisory Council for a joint feasibility study to identify where to implement SGConnect™ legacy project. (SunStar Philippines)


SunStar website welcomes friendly debate, but comments posted on this site do not necessarily reflect the views of the SunStar management and its affiliates. SunStar reserves the right to delete, reproduce or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.

Forum rules:

Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent. Do not shout or use CAPITAL LETTERS!