MANILA: The upgraded air services between the Philippines and Singapore would boost the two countries’ cooperation on the business and tourism sectors, Singaporean President Tharman Shanmugaratnam said Thursday.
In a statement after his bilateral meeting with President Ferdinand R. Marcos Jr. at Malacañan Palace in Manila, Shanmugaratnam said the memorandum of understanding (MOU) amending the two nations’ air services pact would spur more economic activities in both countries.
‘The liberalization of the Singapore-Philippines air services agreement announced in May this year should spur greater tourism, but also greater trade and industry,’ Shanmugaratnam said.
‘That’s a very important basis for business people, including our MSMEs (micro, small and medium enterprises), to take an interest in different parts of the Philippines and find it very convenient to flip between Singapore and Philippines,’ he said.
The MOU signed by the Philippines and Singapore in May this year allows their airlines to offer up to
150 weekly codeshare services to carry passengers between Singapore and Manila, with airlines from third countries as codeshare partners.
The new limit of 150 weekly codeshare services will double by end March of 2026 and will be fully lifted by end March of 2027.
Shanmugaratnam assured Marcos of Singapore’s support for the Philippines’ economic transformation bid.
He also stressed the Singaporean companies’ high confidence in investing in the Philippines.
‘We would like to participate in the Philippines development both through our companies investing in the Philippines,’ he said.
Approved investments from Singapore reached USD2.4 billion in 2022 and USD674.4 million in 2023, according to government data.
In 2023, Singapore ranked as the Philippines’ 8th largest trading partner, 6th export market, and 7th import supplier.
The Philippines made a total of USD10.62 billion trade with Singapore, with USD3.53 billion in exports and USD7.09 billion in imports last year.
Shanmugaratnam is currently in the P
hilippines for a three-day state visit.
He met with Marcos at Malacañan Palace where they discussed issues of mutual concern and witnessed the exchange of two MOUs in the areas of carbon credits collaboration and recruitment of healthcare workers.
Tharman is also expected to participate in various meetings with the Philippine business sector and other government agencies, including the Department of Environment and Natural Resources.
Source: Philippines News Agency