DTI woos Singaporean investors

MANILA, Philippines — The government is set to hold an investment summit this week to encourage Singaporean firms to do business in the country, the Department of Trade and Industry (DTI) said.

The trade department said it is conducting with the Embassy of the Republic of the Philippines in Singapore, the Third Philippines-Singapore Business and Investment Summit on April 27.

“The virtual summit will feature Philippine cabinet members and other high-level government officials who will discuss why the Philippines is an ideal business and investment destination,” the DTI said.

Trade Secretary Ramon Lopez, Finance Secretary Carlos Dominguez, Energy Secretary Alfonso Cusi and Bangko Sentral ng Pilipinas Governor Benjamin Diokno are expected to talk about the country’s monetary policy, tax reforms, economic prospects and improvements in the investment climate.

The Philippine government recently approved into law reforms that seek to make the country a more attractive destination for investments.

These include the Public Service Act amendments that opened telecommunications, domestic shipping, railways, subways, airlines, airports, expressways and tollways to full foreign ownership.

Amendments to the Retail Trade Liberalization Act were also signed into law, lowering the minimum paid-up capital requirement for foreign investors in the retail sector to around $500,000 from $2.5 million.

The Foreign Investments Act amendments, meanwhile, allow foreign firms to invest up to 100 percent in a domestic enterprise, unless participation is prohibited or limited by existing laws.

Enterprise Singapore, a statutory body under the Singapore Ministry of Trade, will be sharing how they assist Singaporean companies expanding in the Philippines.

The Fintech Philippines Association, Digital Pilipinas and Developers of Renewable Energy for AdvanceMent Inc., and private companies like PLDT Inc. and Philippines Fiber Optic Cable Network are expected to talk about doing business in the country.