S’pore firms urged to collaborate with Phl companies on tech dev’t

Singapore companies were urged to partner with Philippine companies in developing digital tools and technologies to take advantage of the growth of startup companies in the ASEAN.

Finance Secretary Carlos Dominguez told the business community during the 2nd Philippines-Singapore Business and Investment Summit yesterday to take advantage of mutual strengths amid the transition to a digital economy.

“As we transition to a digital economy, the Philippines and Singapore should explore opportunities for collaboration in developing technological innovations,” he said.

Singapore’s strength in innovation can be complemented by the Philippines’ large pool of young, educated and tech-savvy workforce.

Dominguez said this would provide Singapore the opportunity to create an ecosystem for its leading startups to establish their presence in the Philippines and could likewise be instrumental in helping Filipino startup companies to flourish.

The country’s large population and consumption-driven nature of the economy will also create a large consumer market for products and services.

“I urge the Singaporean business community to take a much closer look at the investment opportunities in the Philippines,” Dominguez said.

“I hope that our strong fundamentals, fiscal stamina, pro-business environment, and effective governance will continue to make us a promising investment destination for Singaporean investors.”

The Finance chief said more comprehensive dialogues with Singapore and the rest of the Philippines’ fellow members in the ASEAN can be pursued to determine how regional partnerships can be used to advance recovery.

“We will not recover alone. The best way forward for the region is to resume integration and cooperation in earnest,” Dominguez said.

“We are each other’s best allies in recovery. We create products for each other’s consumers. A surge in demand later this year should translate into an expansion of our manufacturing activities and more robust investment flows,” he said.