Connect with us

Hi, what are you looking for?


Electric tricycle, floating solar projects top Singapore investment deals from Marcos visit


ELECTRIC TRICYCLE and floating solar energy projects headlined the deals signed in Singapore during the state visit of President Ferdinand R. Marcos, Jr., the Palace said.

The electric tricycle deal was valued at $5 billion, Press Secretary Rose Beatrix L. Cruz-Angeles said in a statement, noting that the proposed upgrades will curtail the air pollution generated by the Philippines’ 3.5 million tricycles. 

“The next top Singapore investment is in renewable energy, specifically the new technology of floating solar (power plants) valued at $1.2 billion,” Ms. Cruz-Angeles said adding that the top two deals align with the government’s climate change goals.

A data center project was also proposed with an estimated investment of $200 million, while various proposals were made to invest in the so-called “blue economy” or water-related ventures, such as marine renewable energy, water production, desalination, electric boats, and aquaculture, she said.

Investment pledges secured by Mr. Marcos during his state visits to Indonesia and Singapore amounted to $14.36 billion. 

Terry L. Ridon, a lawyer and investment analyst, said projects arising from these investments should be “coordinated well” with implementing agencies and local governments “to avoid waste and leakages.”

“Certainly, investment pledges should always be welcomed by any government,” he said in a Messenger chat. “But it is a different matter on whether the government can follow through and deliver on the pledges to the end-user.”

Mr. Ridon called for the establishment of an investment tracker to ensure transparency and to notify stakeholders on the actual status of projects.

“This is not only for monitoring, but also to push involved agencies to work harder and ensure timely delivery of commitments,” he said.

Mr. Ridon noted that the administration should be flexible with investment pledges in areas that have not been identified as priorities by government planners, particularly those that promise technology transfer.

“If these pledges do not involve massive amounts of public funds, and actually serve the public good, these initiatives can be incorporated into our existing programs,” he said.

The Singapore investment pledges are expected to generate 15,000 jobs in the Philippines, according to Ms. Cruz-Angeles.

The Singapore government is expected to hire more Filipino workers for jobs based in the city-state, where 200,000 Filipino migrant workers are currently employed, she added.

The Palace said Migrant Workers Secretary Susan V. Ople has been informed by her Singapore counterpart of close to 10,000 new job orders for Filipino workers. — Kyle Aristophere T. Atienza

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...


Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.