The Synergies found between the Philippines and Singapore
Our countries benefit from our strong ties and the Philippines and Singapore enjoy an excellent relationship. We enjoy wide-ranging relations which include trade, education, culture and the arts, cuisine, people-to-people relations and government relations. The Philippines, like Singapore, has a vibrant culture and our countries benefit from our strong ties.
The Philippines’ population is resourceful and energetic and are looking towards the future. The Philippines contributes to Singapore’s healthcare sector, banking industry and even animation industry. In food and beverage and retail, the Philippines is an active regional and global contributor. In terms of trade, Singapore is the Philippines fourth largest trading partner globally, number one in the ASEAN region and annual bilateral trade exceeds S$15billion. In 2016, Singapore was the fifth largest foreign investor and the largest amongst ASEAN members.
‘There is a general consensus that we can strengthen the relationship between our two countries further. There is a growing middle-class market in the Philippines which Singaporean companies are eager to reach out to
‘The fiftieth anniversary of ASEAN is a significant milestone. From ten mostly small states with varying levels of development, a coherent and cohesive association was formed and ASEAN’s success lies in its inclusivity and openness. We have maintained regional peace and stability and today we are focusing on the region’s economic integration and development. ASEAN attracts partners from across the globe and we will continue to work closely with our international friends and dialogue partners. ASEAN stands for constructive collaboration and despite significant global and regional challenges, we intend to build and strengthen working relationships for the future. With more than 600 million consumers and a combined GDP exceeding US$2.5 trillion, the economic potential of ASEAN is enormous. ASEAN attracts a growing amount of FDI, reaching US$136.2billion in 2013. Growth is projected to continue at a clip of 5.1% over 2017-21’.
‘There are exciting economic and cultural opportunities presenting themselves across the region and we are excited about the future of the region. Finally, we are very much looking forward to 2019 when we celebrate the fiftieth anniversary of relations between the Philippines and Singapore’.