Duterte's Singapore visit nets ₱9-B worth of investments

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Metro Manila (CNN Philippines, April 28) — Around $185.7 million, or approximately ₱9 billion, worth of investment agreements with Singaporean companies were signed on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit in Singapore Saturday.

President Rodrigo Duterte and members of his Cabinet witnessed the signing of six memoranda of understanding (MOU) at the Ritz-Carlton Millenia Singapore hotel.

The agreements focus on the fields of urban development, manufacturing, economic cooperation, trade cooperation, renewable energy, and aviation.

The following are the MOUs signed between Filipino and Singaporean companies:

  • Philippine Chamber of Commerce and Industry (PCCI) and the Singapore Manufacturing Federation: to promote, strengthen and expand trade, economic, scientific, technological cooperation, and other business relations between concerned organizations and firms of both parties;
  • Filinvest Development Corporation (FDC) with Keppel Corporation: developing projects in Filinvest City, Alabang, create computing data centers in Metro Manila and urban solutions for Clark City;
  • Filinvest Development Corporation with (FDC) Hitachi Asia Ltd.: social innovation, energy management, information and communication technology, water solutions, security and financial technology, and urban development based on existing projects of the FDC, its subsidiaries and affiliates;
  • Everhydro Corporation and OceanPixel: marine renewable energy projects in Zamboanga;
  • ICS-ICT Support Services Corp. and Robin Village International Pte. Ltd.: construction of prefabricated homes; and
  • Ascent Solutions Philippines Inc. and Ascent Solutions Pte. Ltd.: to develop blockchain technology for a national ID system, transport management system, and trade financing.

Four letters of intent (FOI) were also submitted to the Philippine government, stating the possibility of future business cooperation with the following parties:

  • Department of Trade and Industry and ASEAN Business Advisory Council to work on a feasibility study to identify a suitable site for the Smart Grow Connect legacy project of the ASEAN;
  • Jollibee Worldwide Pte. Ltd. and Golden Beeworks Pte. Ltd. to develop 25 new Jollibee outlets in Singapore in five years;
  • Cebu Air Inc. and SIA Engineering Company Limited to expand line maintenance operations at the Clark International Airport; and
  • Lepack Packaging Pte. Ltd. to explore opportunities in the Philippines in plastic packaging and film manufacturing.

The government expects these investments to generate around 1,900 job opportunities for Filipinos.