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Minister for Foreign Affairs Vivian Balakrishnan and Philippine President Ferdinand Marcos Jr. (Photo from Malacañang)

Singapore ready to tap Philippine market potential

For years, Singapore has been a top foreign investor in the Philippines.

Singapore sees the Philippines as "fertile ground" with untapped potential and is eager to help transform its economy.

In a doorstep interview with local media, Minister for Foreign Affairs Vivian Balakrishnan stated that Singapore can contribute in areas such as master planning, training, and networking, connecting Filipino companies with global opportunities.

The minister added that Singapore is already working with the Philippines on areas like sustainability. 

“We are working with the Philippines so that they will be able to establish a carbon credit market, which will be consistent with Article Six of the Paris Agreement. This will provide new opportunities as the Philippines also transforms its economy to a more green and renewable form of economy,” Balakrishnan said.

“We are also interested in working with the Philippines on renewable energy and the ASEAN Power Grid. There are many new and emerging areas, including smart cities,” the foreign affairs minister added.

Balakrishnan said Singapore is “ready to harvest the economic opportunities that the Philippines is on the threshold of exploiting at a grand scale.”

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