Singapore President Tharman Shanmugaratnam arrives in Malacañang for a bilateral meeting with President Ferdinand Marcos Jr. on Thursday, Aug. 15. Malacañang photo
MANILA, Philippines – Singapore President Tharman Shanmugaratnam on Thursday expressed Singapore’s commitment to supporting the Philippines’ economic development.
In a speech after a bilateral meeting with President Ferdinand Marcos Jr. in Malacañang, Shanmugaratnam tagged the Philippines as a “natural partner” to Singapore.
“We see ourselves as a partner in Philippines development in all aspects – economic development, sustainability, inclusive growth,” said the President of Singapore.
“We see ourselves as a partner for the long term. We’d like to participate in the Philippines’ development, both through our companies investing in the Philippines,” he added.
Shanmugaratnam even noted that many Singaporean companies are “keen” to invest in their Southeast Asian neighbor.
“Our companies are keen to invest in the Philippines. In fact, we are one of the top foreign investors in the Philippines in a range of industries,” he said.
“So I look forward to some of the companies meeting us later … [and] there’s a much larger group of companies besides those that are present today who are very keen to explore opportunities in the Philippines,” he added.
The Presidential Communications Office said Singapore ranks as the country’s 8th largest trading partner, 6th export market (out of 205) and 7th import supplier (out of 221).
READ: Singapore’s president arrives in Malacañang
In 2023 alone, the country’s total trade with Singapore was at $10.62 billion—$3.53 billion in exports and US$7.09 billion in imports.
Shanmugaratnam arrived in the Philippines for a three-day state visit, with his wife First Lady Jane Yumiko Ittogi Shanmugaratnam, and other Singaporean delegates.