Singapore firms plan more investments in Subic freeport

FIVE Singaporean firms have expressed interest in pouring additional investments at the Subic Bay Freeport after conducting an economic mission recently, according to a report issued by the freeport.

The report said that the delegation, led by Yew Sung Pei, director of the International Enterprise Singapore, visited the freeport to look for possible ventures and was satisfied with what it saw.

The delegation comprised of representatives from Sommer­set Millennium, Bous­ted Technologies, Crimson Logic, Ju­rong Consultants and Lantro Philippines Inc.

Alfredo Antonio, administrator at Subic Bay Metropolitan Authority, welcomed the interest shown by the Singaporean delegation.

Singapore is one of the Philippines’ major trading partners.

In 2003 total exports to the Lion City amounted to $2.455 billion, or about 7 percent of the Philippines’ total exports to the United States, based on data from the Bureau of Export Trade Promotion.

Of the total exports to Singapore, electronic products accounted for the biggest share at $2.1 billion. The Philippines shipped semiconductor components amounting to $1.9 billion. Petrochemical shipments to the island-state accounted for $3.9 million of the Philippines’ total exports.

The trade in electronics between the two countries remains a key driver for economic growth, and accounts for more than 70 percent of bilateral trade. This is due to the complementary relationship between the two in the electronics manufacturing chain.
--Niel V. Mugas