Manilastandardtoday.com, November 22, 2006
President Gloria Macapagal Arroyo returned from her official visit to Singapore yesterday, securing pledges for $1 billion investments in the country’s frontline industries.
Trade Secretary Peter Favila said the brief stopover at Singapore proved to be more productive in terms of investments than the President’s three-day stay in Hanoi for the Asia Pacific Economic Cooperation meeting.
“We were in Singapore less than 24 hours and it has been a very productive visit. The government is looking at something like $1 billion new Singaporean investments in the power, energy, technology, mining, telecommunications and tourism sectors in the Philippines,” Favila said.
The department chief attributed the bullish stance of the Singaporean businessmen to the improved economic and political conditions.
Singapore Airlines is tying up with Cebu Pacific of the Gokongwei empire to expand flights between the two countries, while ShoeMart of tycoon Henry Sy also entered into a joint venture with the Keppel Bank.
