Marcos Pitches Philippines as Upper-Middle-Income Nation to Singapore Investors

MANILA, Philippines — President Ferdinand Marcos Jr. returned from Singapore on Thursday, July 16, saying the Philippines' new upper-middle-income status helped anchor his pitch to foreign business leaders as the country seeks to draw more investment into technology, infrastructure, AI and healthcare. "As a newly designated upper middle income country with solid macroeconomic fundamentals, the Philippines offers a secure, transparent and stable environment for businesses to thrive," Marcos said in his arrival statement. Marcos said he secured continued investment commitments and expansion plans from Singtel Group and ABC Impact, two Singapore-based entities. Singtel reaffirmed its long-term commitment to the Philippines in digital infrastructure and AI capabilities, while ABC Impact supported the expansion of healthcare operations across the country, the President said. "These business engagements covering digital technology, telecommunications, data infrastructure, AI and healthcare reaffirm Singaporean investors' strong confidence in the Philippine economy and the support that they will give to our country's vision of becoming a competitive, innovation-driven and future-ready investment destination," Marcos said. Singapore meetings. Marcos arrived in the Philippines after separate meetings with Singapore Prime Minister Lawrence Wong and business leaders during his three-day working visit. The President said his meeting with Wong focused on reaffirming Philippines-Singapore ties and advancing cooperation on trade and investment, AI, education, environment and people-to-people exchanges. The visit also came ahead of Singapore's assumption of the chairmanship of the Association of Southeast Asian Nations next year. The Singapore trip gave Marcos an early chance to use the Philippines' recent reclassification as an upper-middle-income country in front of regional business leaders. Global management consulting firm Kearney earlier told Philstar.com that the new income status is a "credibility upgrade" that could add to the Philippines' attractiveness as a market for foreign investment. Marcos made that pitch during a private roundtable organized by the Milken Institute, where he met with high-level business leaders from Southeast Asia. "I highlighted the Philippines' position of a strategic investment destination in Southeast Asia supported by a growing digital economy, a skilled workforce and a strong reform agenda," Marcos said. The President said he also showcased investment opportunities tied to the government's financing and infrastructure programs, including the Luzon Economic Corridor, the new Public-Private Partnership Code and Green Lanes for Strategic Investments. Marcos described the working visit as "productive," saying it demonstrated the "enduring strength" of Philippines-Singapore relations.