Marcos pitches upper-middle-income Philippines to Singapore investors

Speaking at a roundtable discussion hosted by the Milken Institute at the Philippine Embassy, President Marcos emphasized the nation’s potential, citing a labor force exceeding 52 million and its status as one of the largest consumer markets within the Association of Southeast Asian Nations (ASEAN).

Strategic Reforms and Infrastructure Goals

To attract international capital, the administration has implemented significant regulatory changes. According to the Presidential Communications Office (PCO), the government has eased foreign ownership restrictions in retail trade and public services. Furthermore, the administration has extended land lease agreements to a maximum of 99 years and now permits up to 100% foreign ownership in renewable energy projects.

The government has set ambitious targets for the power sector, aiming for renewable energy to account for 35% of the power generation mix by 2030, rising to 50% by 2040. To further incentivize development, the President noted that qualified investors could access up to 40 years of tax and non-tax benefits under the revised incentive system.

Central to the Philippines’ development strategy is the "Build Better More" infrastructure program. This initiative comprises over 200 projects with a total value of approximately $170 billion, including the development of the Luzon Economic Corridor. These projects are intended to provide the necessary foundation for expanding advanced manufacturing, electronics, and critical mineral processing.

Expanding Digital Infrastructure

A primary focus of the President’s visit was the strengthening of digital infrastructure. During meetings with executives from Singapore Telecommunications Ltd. (Singtel), including Group CEO Yuen Kuan Moon, the company reaffirmed its commitment to expanding investments in artificial intelligence, cloud technologies, and data centers.

Current expansion efforts include:

• NCS Philippines: A joint venture between Singtel’s NCS and Globe Telecom’s Yondu that has grown its workforce from 150 to approximately 1,200 employees.
• Data Center Growth: The expansion of ST Telemedia Global Data Centers (STT GDC), specifically the STT Fairview facility in Quezon City and the ongoing STT Cavite 2 development.

These projects are designed to improve internet connectivity and establish the Philippines as a regional hub for digital infrastructure.

Healthcare and Bilateral Cooperation

Beyond technology, the President secured commitments in the healthcare sector. Following meetings with representatives from the Ayala Group, Temasek Trust, and the private equity firm ABC Impact, officials confirmed a partnership to support the expansion of AC Health.

The project aims to broaden access to medical services nationwide, with specific targets for 2027:

• Hospitals: At least 10
• Clinics: 300
• Pharmacies: 1,150
• Job Creation: Approximately 10,000 direct healthcare and retail positions.

Trade Secretary Cristina Roque welcomed the investment, describing it as a "vote of confidence" in the nation’s healthcare workforce.

Regional Ties and Trade Strategy

The President’s visit also included a meeting with Singapore Prime Minister Lawrence Wong. The two leaders discussed enhancing cooperation in areas including regional security, digitalization, and healthcare. According to Palace Press Officer Clarissa A.

To broaden market access, the government is pursuing at least five new free trade agreements. This strategy complements existing frameworks, such as the Regional Comprehensive Economic Partnership and agreements with Japan, Korea, and the European Free Trade Association, while ongoing negotiations continue with the European Union and Canada.