PRESIDENT Ferdinand Marcos Jr. sees brighter bilateral relations with Singapore since there are no “significant issues” between the neighboring countries.

The President made the statement on Wednesday at the 10th Asia Summit, a roundtable with prominent Singaporean business leaders hosted by the think tank Milken Institute.

He said the relationship between Singapore and the Philippines starts at the people-to-people level, which has been the bedrock of all the other agreements, partnerships and alliances that have since been forged.

“And in that time between the very beginning of that relationship, we haven’t come across really any significant issues, diplomatic, political, or otherwise between Singapore and the Philippines. I think that is the reason why, at some point, Singapore was the largest source for foreign investment in the Philippines,” the President said.

He said he does not see any paradigm shift in terms of geopolitical positioning, and in multilateral relationships with the rest of the Association of Southeast Asian Nations (Asean) as well as the rest of Asia.

“So, for me, the future is bright for the Philippines and Singapore. And I see more opportunities than we have ever had before, in fact, and it’s just up to us to identify those and to agree on how to best respond to the changes that we now face,” he said.

In 2022, Philippine exports to Singapore went up by 16.98 percent, to $4.91 billion from $4.2 billion in 2021. Singapore has also been the Philippines’ biggest source of foreign direct investments in 2021 at $761 million, the Presidential Communications Office (PCO) said.

The following year, Singapore committed a substantial portion of foreign investment pledges to the Philippines, helping fuel the country’s economic expansion of 7.6 percent last year, the country’s highest recorded growth in 46 years.

“Let us embark on this path together, united in our commitment to economic progress, social inclusion [and] sustainable development,” the President said.

He cited policy changes allowing 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources.

“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” he told investors.

The President said the Philippines’ startup ecosystem also poses great potential with the country’s young and competent talent who could thrive with strong government support and a dedicated startup community.

“I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy,” he said.

Marcos said the Philippines aims to achieve its goal of 50 percent digital retail transactions and 70 percent Filipino adults with bank accounts by the end of 2023 and to promote an inclusive, innovative and healthy financial sector.

He said his administration’s 8-Point Socioeconomic Agenda aims to reinforce the economy’s steady recovery and high growth trajectory.

“Let me also take the opportunity to encourage you to participate in the infrastructure projects under the banner of the Build, Better, More program, which aims to facilitate mobility and connectivity for businesses and for people,” Marcos said.

To make the country attractive to investors, the President said he issued Executive Order 18, establishing green lanes for strategic investments, which will streamline permits and licenses processing.

Marcos also touted the country’s highly skilled, young, talented, and capable workforce who could do and hold various roles. “The country’s population’s median age of 25 years old offers greater productivity, increase in savings rate and increased creativity,” he said.

The President also said the launching of the Maharlika Investment Fund, the country’s sovereign wealth fund, allows the Philippines to consolidate investment funds for government programs and projects.

“We look forward to exploring co-financing opportunities with foreign investors, with multilateral institutions, and other sovereign wealth funds around the world,” Marcos said.

Marcos will cap his visit to Singapore on Sunday by attending the Formula One Singapore Grand Prix on the invitation of Prime Minister Lee Hsien Loong.

Vice President Sara Duterte has been designated as the country’s caretaker while the Chief Executive is in Singapore, Presidential Communications Secretary Cheloy Garafil said in a text message to reporters on Thursday. Garafil said Marcos will return to the Philippines on Sunday.