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Ministry of Trade and Industry
2. Speeches

Mr Lim Hng Kiang at the SBF-IE Eminent Leaders Lecture, 11 Mar 2011

11 March 2011

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Opening Remarks by Mr Lim Hng Kiang, Minister for Trade & Industry at the SBF-IE Eminent Leaders Lecture “The Philippines – Partnership for Progress” In Honour of PHILIPPINE PRESIDENT BENIGNO S AQUINO III on Friday, 11 March 2011 

Your Excellency Benigno Aquino III,

President of the Republic of the Philippines

Distinguished Guests,

Ladies and Gentlemen,

Introduction

I am pleased to welcome all of you to theEminent Leaders Lecture, “The Philippines – Partnership for Progress”.

Today’s event is a timely opportunity to strengthen the linkages between the business communities of Singapore and the Philippines.

The Philippines’ Economic Potential

The Philippines’ economy has recovered strongly from the global financial crisis, registering a 7.3% GDP growth in 2010. The Philippines’ continued attractiveness as an investment destination is evident from the strong rebound in Foreign Direct Investments (FDI) into the Philippines.In 2010, total inward FDI rose 62% year-on-year.The strong rebound in FDI not only underscores international investors’ confidence in the Philippines’ economic potential but also marks the government’s commitment to create a conducive, pro-business climate.

Singapore’s Economic Interests In The Philippines

Singapore and the Philippines enjoy warm and growing bilateral economic relations.The strong recovery in bilateral trade and investment following the global financial crisis is testament to the strength of our bilateral economic relations.In 2010, bilateral trade rose 51% year-on-year to reach S$22.3 billion, making us the Philippines’ 4th largest trading partner.

Singapore companies’ investments in the Philippines have also been on the rise.In 2009, our registered cumulative investments in the Philippines reached S$4.2 billion, a 26% increase from S$3.3 billion in 2005.For Singapore companies, the Philippines continues to be a favoured investment destination in a wide range of sectors, such as real estate, retail, hospitality, energy and ICT.

Our tourism linkages have continued to strengthen.In 2010, Singapore visitor arrivals to the Philippines rose 23% year-on-year.The Philippines’ visitor arrivals to Singapore have also been on the rise, with a 26% year-on-year increase.

Conclusion

I would like to encourage our companies to continue to take advantage of the growth opportunities in the Philippines, and ride on its strong post-crisis recovery.

Today’s event is an excellent opportunity for both sides to build networks, forge partnerships and translate opportunities into action plans.

On this note, I would like to extend a very warm welcome to President Benigno Aquino and thank His Excellency for taking the time to grace the event.Thank you.