The Philippines is becoming a very prosperous place. According to rankings released last month via Fitch Ratings, the Philippines is actually the fastest-growing economy in Southeast Asia! This is the reason why so many companies in Singapore are choosing to expand into the country.

One new development which is interesting is the fact that twenty-two people are going to head to the Philippines, via Singapore, as part of a delegation designed to explore business opportunities between companies in Singapore and the Philippines.

Members of the delegation come from International Enterprise (IE) Singapore, the Singapore Business Federation and the Philippine Trade and Investment Centre. The business venture will take place from the 1st of August to the 4th of August, 2017, in Davao City.

It’s likely that the Philippines will continue to rank number one for the next few years at least. The ratings agency which came up with its number-one ranking believes that the Philippines will hang onto its impressive ranking for at least the next five years. Since prospects are so positive, it’s not surprising that the delegation from Singapore wants to build relationships with the Philippines which are win-win for both sides.

The Philippines is expected to grow economically by at least six and half percent over the next five years. Vietnam is also growing but lagging behind the Philippines in terms of how much it’s growing. Next in the rankings for economic growth is Singapore, followed by Indonesia and Singapore.

To put things in perspective, growth in Singapore is anticipated to be just under three percent, versus around six point six percent for the Philippines.

The Philippines is a Great Market

Lots of companies which are members of the SBF are looking more closely at the Philippines. It’s ranked seventh in terms of attracting interest from SBF-member companies. Lots of companies from Singapore have done well in the Philippines. Lots more probably will in the foreseeable future.

The twenty-two member delegation hopes to make economic ties between the Philippines and Singapore stronger. It’s all about giving Singapore company leaders the drive and inspiration to check out new business opportunities in the Philippines.

On the part of the Philippines, business interest from the Singapore delegation is very welcome. The leader of the Philippine Trade & Investment Centre, in Singapore, has stated that leaders in the Philippines are very interested in the delegation and support it wholly. They believe that it will help to establish stronger business ties between Singapore and the Philippines.

By all reports, there are tons of exciting business opportunities in Davao and Manila and these opportunities are available in a lot of different niches, such as agribusiness, property development, logistics, IT and infrastructure.

Singapore is Growing, Too

While Singapore’s rate of economic growth is slower, it’s experiencing growth which is steady and stable. For example, the fintech niche in Singapore is becoming an important part of the national economy and the fintech hub in Singapore is considered to be one of the best on the planet.

When Singapore and the Philippines come together via business deals, economic growth in Singapore may accelerate.