Philippine President Ferdinand Marcos Jr. will conclude a two-day visit to Singapore today. Marcos is meeting with Singaporean President Halimah
Philippine President Ferdinand Marcos Jr. will conclude a two-day visit to Singapore today.
Marcos is meeting with Singaporean President Halimah Yacob to focus on deepening bilateral relations and advancing economic ties. In a separate meeting with Prime Minister Lee Hsien Loong, Marcos will sign several agreements concerning counterterrorism and data privacy, as well as a number of likely business deals.
Singapore has become the Philippines’ leading partner in trade and was the top source of approved international investments in the Philippines in 2021. Economic briefings, business forums and meetings have been scheduled during the state visit to attract more investments and buyers of Filipino exports to accelerate post-pandemic economic growth.
Singapore also has a great deal to gain from advancing its linkages with the Philippines. Economists warn that the island-state would be the first Southeast Asian country to be hit should the U.S. fall into a recession, due to its small domestic market and reliance on trade with the West for economic growth. The Philippines, by contrast, has a more domestic oriented economy and would be less impacted by slowing external demand. Singaporean leaders will likely take concerns about a recession into consideration during discussions with Marcos.