BILATERAL TIES. President Ferdinand R. Marcos Jr. (left) and Singaporean President Tharman Shanmugaratnam shake hands before their meeting at The Istana on Friday (May 31, 2024). Marcos recognized Singapore as one of the top sources of foreign direct investments in the Philippines while Shanmugaratnam said he is looking forward to entering into various agreements with the Philippines. (Photo courtesy of Presidential Communications Office)
MANILA – Singapore President Tharman Shanmugaratnam is expecting "warmer" diplomatic relations between Singapore and the Philippines under the administration of President Ferdinand R. Marcos Jr.
Shanmugaratnam made the remark during his bilateral meeting with President Marcos on Friday at The Istana in Singapore.
“We’re seeing opportunity to take forward our relationship… but it’s a warm relationship that’s getting warmer under your leadership,” the Singapore President said.
He also cited the strengthened economic relationship between the two countries, including efforts to attract investors in various sectors.
Shanmugaratnam said he is looking forward to entering into various agreements with the Philippines and other related concerns.
President Marcos, for his part, extended his gratitude to the Singapore government for their warm welcome to the Philippine delegation.
Marcos stressed the importance of maintaining a vibrant relationship between the two countries.
“I’m glad that we had an opportunity to call on you… it is really important that we continue… as you say, (the) warmer relationship between our countries… and the call of the time is for us to be strengthened relationship,” Marcos said.
Marcos noted the significant exchanges between the Philippines and Singapore particularly on people-to-people, as well as efforts to address climate change, and the government’s bid to the Loss and Damage Fund Board.
“I am very happy to continue that relationship,” President Marcos added.
President Shanmugaratnam expressed his intention to visit the Philippines this year.
Adapting to changing world
President Marcos also met with the city-state’s new Prime Minister Lawrence Wong, as the two leaders agreed to explore new partnerships to adapt to the changing world.
Although the two countries already collaborate in many areas, Marcos said he looks forward to continuing such strong ties with the Southeast Asian neighbor.
“I look forward to continuing [the relationship]. I’m confident… although there’s already a [great deal] that we’re doing in many areas,” President Marcos told Wong.
“We have really laid down for the last [five] years [the] formal and official relationship but as in all other ASEAN member — for Asian countries in general and I think that is why [it’s] easy for us to work together to make partnership,” Marcos added.
Marcos recognized Singapore as one of the top sources of foreign direct investments (FDI) in the Philippines.
He was glad that the Singapore leader mentioned that New Clark City, which is a part of the Luzon corridor, is gaining recognition among investors, noting that the Philippine government intends to develop the area as an industrial center with all the different facilities such manufacturing, semiconductor assembly, businesses, and green minerals processing, in which Singaporean investors could participate.
President Marcos pointed out that there is great potential in the two countries’ tourism industries, which could further be boosted by much-improved infrastructure and enhanced air linkages.
For his part, Wong said there is a "strong positive momentum" in the relationship between the two countries.
“So, many different projects are taking place, including in New Clark City and others, and I’m sure there are interests amongst investors and businesses to invest in your country,” Wong said.
Wong also mentioned the good people-to-people exchanges, with over 200,000 Filipinos working and staying in Singapore.
Wong made a commitment to protect and ensure the health and well-being of the Filipino workers, recognizing their contributions to the Singapore economy.
Wong, 51, assumed office last May 15, marking the third handover of leadership in the country’s 59-year history. He replaced Lee Hsien Loong, who led the country for 20 years.
President Marcos will make a historic address on Friday night at the opening of the 21st edition of the International Institute for Strategic Studies (IISS) Shangri-La Dialogue, Asia’s premier defense forum.
Diplomatic relations between the Philippines and Singapore span 55 years after the two nations formally established ties on May 16, 1969.
According to the Presidential Communications Office (PCO), Singapore was the Philippines’ 8th largest trading partner, 6th export market (out of 205), and 7th import supplier (out of 221) in 2023.
In the same period, exports and imports were valued at USD3.53 billion and USD7.09 billion, respectively.
The Philippines recorded a trade deficit of USD3.57 billion.
On the other hand, Singapore was the country’s largest source of approved investments, posting USD1.628 billion in 2021, and USD2.398 billion in 2022.
Based on preliminary figures in 2023, Singapore ranked as the fourth source of approved investments amounting to USD674.40 million. (PNA)
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