Singapore’s Foreign Minister Vivian Balakrishnan expressed the city-state’s readiness to engage with the Philippines during his recent four-day visit from April 15 to 18, 2024. Highlighting the potential for economic transformation in the Philippines, Balakrishnan described the country as “a very fertile ground” for investment and collaboration, particularly in master planning, training, and connecting local enterprises to global opportunities.

In a doorstop interview with Singaporean media, Balakrishnan noted, “We are ready to harvest the economic opportunities that the Philippines is on the threshold of exploiting at a grand scale.” His visit coincided with the commemoration of 55 years of diplomatic relations between the two Southeast Asian nations.

The minister emphasized the potential for cooperation in the digital sector, particularly in artificial intelligence, and expressed interest in partnering on renewable energy initiatives and establishing a carbon credit market in the Philippines. He pointed out that the nation’s vast geographical size, young population, and eagerness to learn present ample opportunities for collaboration.

In 2023, Singapore ranked as the fourth-largest foreign investor in the Philippines, with approximately 37.5 billion pesos (S$892.9 million) in approved investments, according to the Philippine Statistics Authority. The Philippines also stood as Singapore’s fifth-largest export market, reinforcing the importance of bilateral trade.

During his trip, Balakrishnan met with Philippine President Ferdinand Marcos Jr. and engaged with the local business community, including the Makati Business Club. He visited New Clark City, SIA Engineering (Philippines), and Clark International Airport, reinforcing Singapore’s commitment to investing in the Philippines’ future growth.

Dr. Balakrishnan noted the growing confidence of Singaporean businesses in the Philippines’ economic prospects, especially as the country continues to be one of ASEAN’s standout performers, achieving a 5.6% GDP growth in 2023. He characterized bilateral relations as “excellent,” built on a foundation of goodwill, trust, and gratitude between Singaporeans and their Filipino counterparts.