BG (NS) George Yong-Boon Yeo, Minister for Trade and Industry, will visit the Philippines from 19 to 23 July 1999 at the invitation of his counterpart, Mr Jose Pardo, the Philippine Secretary for Trade and Industry.

While in the Philippines, the Minister will meet with senior political leaders, key business leaders and Singapore businessmen based in the Philippines. He will officiate at the opening of Singapore companies in JTCI’s Carmelray Industrial Park II, and witness the signing of the franchise agreements between Singapore companies and their Philippines partners. He will also visit Keppel Shipyard in Cebu and the Del Monte plantation in Mindanao.

Besides officials from the Ministry of Trade and Industry and Trade Development Board, the Minister will be accompanied by a TDB-organised business delegation comprising 26 companies from diverse sectors such as banking, precision engineering and environmental engineering. The Singapore businessmen will be meeting up with some of their Philippine counterparts and various Philippine business associations during the mission. The participating companies in the business delegation are listed at Annex 1.

Singapore is the Philippines’ largest ASEAN investor, with cumulative investments of S$459 million in 1998 [Source: Philippines Board of Investments (BOI)]. These include investments in the areas of precision engineering and infrastructure, and environmental engineering. Total trade between Singapore and the Philippines grew by 10.7% to S$8.12 billion in 1998, making the Philippines Singapore’s 12^th largest trading partner. In the first 5 months of 1999, bilateral trade continued to grow strongly at 11.6% over the first 5 months of 1998.

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Annex 1

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