Remarks by President Tony Tan at the Philippines-Singapore Business Council Lunch

Mr Guillermo Luchangco
And Mr Loh Chin Hua
Co-Chairmen of the Philippines-Singapore Business Council

Distinguished Guests

Ladies and Gentlemen

        Good afternoon. I am delighted to join in the Philippines-Singapore Business Council (PSBC) Roundtable lunch today. It is heartening to see so many top business leaders from our two countries gathered here. This is a testament to our robust economic ties, and the level of confidence and commitment that we share towards deepening economic cooperation between our two countries.

        The Philippine economy has performed remarkably over the past few years. It is consistently one of the strongest in Asia, and expanded an impressive 7.2% last year. Investment figures also recorded a 10% growth in 2013. With its rich resources and a vibrant workforce, the future shines bright for the Philippines.

        There will be many opportunities for Singapore businesses to be part of the Philippine success story, and vice versa. Last year alone, International Enterprise Singapore (IE Singapore) conducted seven business trips to the Philippines, and hosted six similar visits from the Philippines. I expect this number to grow as more Singapore professionals and entrepreneurs venture here to tap on the Philippines’ growth potential. To facilitate these burgeoning interests, IE Singapore established an overseas centre in Manila three months ago.

        The PSBC plays a critical role in furthering this relationship. Since its launch in 1994, the PSBC has worked tirelessly to open doors, promote exchanges, and facilitate cooperation between our enterprises. Your relentless efforts and advocacy over the past two decades have contributed to the depth of our relationship today. As close friends and neighbours within ASEAN, we have a stake in each other’s future, and the region’s success.

        Let me end off here so that we can move on to our real business of talking business! I wish you a fruitful discussion this afternoon, and success in your endeavours.

        Thank you.