Singapore expands investments in PH climate resilience projects

Singapore’s investments in the Philippines continue to grow, particularly in climate resilience initiatives, including renewable energy, smart infrastructure, and sustainability projects, it was learned recently.

Speaking at their Lunar New Year reception earlier this week, Singapore’s Ambassador to the Philippines, Constance Sy, reaffirmed her country’s strong economic partnership with the Philippines, with its foreign direct investment (FDI) commitments exceeding $800 million in 2023, a 40 percent increase from 2017 to 2022.

She also noted Singapore’s leadership in Southeast Asia in advancing climate technologies and decarbonization efforts.

“Singapore companies are investing in smart and sustainable infrastructure, renewable energy, climate technologies, and water and waste management,” she said.

She expressed optimism about expanding collaboration in climate technologies, decarbonization, sustainability, and carbon transition credits—key elements of what she described as the “triple transition” encompassing carbon, energy, and economic shifts.

Beyond these initiatives, Ambassador Sy said the strong and multi-faceted cooperation between the two nations cover education, culture, labor, biodiversity conservation, defense, and security. She also acknowledged the Philippines’ significant contributions to the bilateral relationship.

She also emphasized the role of digital innovation and financial services in the Philippines’ economic ambitions. “At the same time, the Philippines’ dynamic talent, entrepreneurial spirit, and strong economic fundamentals make it an attractive partner for Singaporean businesses,” she added.

The reception was attended by key business figures, including Aboitiz Group President Sabin Aboitiz and SM Prime Holdings Chairman Hans Sy, both of whom play major roles in the power sector. Aboitiz has led significant investments in energy transition, while Sy has been a strong proponent of sustainable infrastructure and disaster resilience, particularly in real estate and mall development.

“The Year of the Snake calls for strategic thinking, agility, and bold decisions. Singapore and the Philippines have always turned challenges into opportunities,” she said.

“As Singapore turns 60 this year, the Embassy is excited about new opportunities to deepen our partnership,” she added. Veronica Uy