PASCUAL TOUTS PH’S MANUFACTURING POTENTIAL TO SINGAPOREAN BUSINESS LEADERS

From L to R: Raymond Tan, President of Singapore Noodles Manufacturers’ Association; Lennon Tan, President of Singapore Manufacturing Federation; Merle Hinrich, Chairman of Hinrich Foundation; DTI Secretary Fred Pascual; Bill Foo, President of Singapore Business Circle; Vishal Vijay, CEO of AgroCorp International; Philippine Ambassador to Singapore Medardo Macaraig; DTI Undersecretary Allan Gepty.

Singapore – Following one of the priorities of President Ferdinand R. Marcos Jr. to position the Philippines as a leading manufacturing hub in Southeast Asia, Department of Trade and Industry (DTI) Secretary Fred Pascual met with several Singaporean business leaders on June 5, 2024, to highlight manufacturing investment opportunities in the Philippines.

“The Philippines’ strategic location in the heart of Southeast Asia makes it an ideal gateway for accessing the ASEAN market. Its proximity to major Asian economies and extensive seaport and airport networks to facilitate seamless integration into global supply chains,” Secretary Pascual emphasized.

During the meeting, the DTI chief presented the manufacturing potential in both established and emerging sectors, which include (1) semiconductors and electronics, (2) the automotive industry, particularly, electric vehicles, (3) textiles and garments, (4) medical devices, (5) aerospace, (6) iron and steel, and (7) pharmaceuticals.

DTI Secretary Fred Pascual convenes a meeting with Singapore business leaders, organized by Singapore Business Circle President Bill Foo and PTIC Singapore Commercial Counsellor Carla Grepo.

Further, he emphasized the government’s incentives and legislative support, citing the Corporate Recovery and Tax Incentives for Enterprises Act, which offers additional fiscal incentives for companies targeting high-value or high-technology manufacturing. He also spotlighted the country’s large, young, and educated workforce, with over 790,000 college graduates annually in engineering, technology, and business fields.

The meeting was attended by the Singapore Manufacturing Federation (SMF) led by President Lennon Tan, the Singapore Business Circle led by President Bill Foo, the Singapore Food Manufacturers’ Association, and other Singapore business leaders.

Key industry players in Singapore also attended, including AgroCorp International’s CEO Vishal Vijay, Singapore Noodles Manufacturers’ Association President Raymond Tan, Hinrich Foundation’s Chairman Merle Hinrich and Head of Trade Policy, Dr. Deborah Elms, and F&G Food’s Managing Director Patrick Tay.

SMF Officers and Council Members were also in full attendance, including Vice President Melvin Tan (also Group Managing Director of Cyclect Holdings); Committee Chairman for SMF’s Medical Technology Industry Group Henry Tan (also Group Managing Director of Alpha-Health Asia); SMF Vice President and Honorary Treasurer Audrey Yap of Yusarn Audrey LLC; Council Member for SMF’s Building and Construction Industry Group Benjamin Lim (also Managing Director of Iwa Designs); and SMF Senior Director Emmeline Lam.

SMF is the largest national organization representing the interests of manufacturing and manufacturing-related industries since 1932, with about 5,000 corporate members.