SINGAPORE (via PLDT) --- Noting the improved economic and political conditions in the Philippines, Singaporean businessmen have signified renewed interest in investing in the Philippines in their meeting with President Gloria Macapagal-Arroyo here yesterday.

The President held a series of meetings the whole day and early evening yesterday with different groups of Singaporean businessmen to drum up interest in investing in the Philippines.

Trade and Industry Secretary Peter Favila, who was with the President, described the meetings with Singaporean investors as "very productive."

She arrived here Sunday evening from Hanoi where she attended the 14^th annual leaders meeting of the Asia-Pacific Economic Cooperation (APEC) forum last weekend.

With Singapore Airlines, Keppel and Development Bank of Singapore already operating in the Philippines, and the SM tieup with Keppel, SIA Engineering and Cebu Pacific, the President said she is looking forward to more Singaporeans investing in the country.

"Noting the wide range of business in Temasek’s profile, we enjoined Temasek to partner with us in developing infrastructure projects to raise export competitiveness, in restructuring our power sector and lowering our dependence on imported fuel. We also want you to look at retail services such as tourism, ICT, BPO and telecommunications," the President said.

Her meetings with the business community here were arranged by Madam Ho Ching, the wife of Singapore Prime Minister Lee Hsien Loong and the Philippine/Singapore Business Community and Temasek Holdings.

"We were here less than 24 hours and it has been a very productive visit to Singapore," Favila said.

He said the government is looking at something like US$1 billion new Singaporean investments in the power, energy, technology, mining, telecommunications and tourism sectors in the Philippines.

Among the Singaporean business establishments planning to pour new investments into the Philippines are Banyan Tree, a hotel-resort company. Banyan Tree plans to establish a hotel-resort facility in the Visayas and Palawan.

Ho Kwon Ping, Banyan Tree’s executive chairman, said he is looking forward to his visit to the Philippines early next year to "look for special sites" to build a world-class hotel resort.

"We are everywhere in the world…China, Mexico, unfortunately not in the Philippines. So we are looking at investing in the Philippines," he said.

Banyan Tree had invested in the Philippines in the 1990s but decided to pull out of the country because of the then prevailing political and economic instability.