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 II.  BILATERAL TRADE WITH THE PHILIPPINES
     Value in US$ Million

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In 2006, Singapore ranked as 4^th trading partner of the Philippines, 6^th as export market and 3^rd as import supplier.

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• Singapore relies heavily on foreign trade. In addition to importing raw materials and resources for domestic use, the country is a regional commercial hub that imports and re-exports a multitude of goods and materials.
  
  

• Trends towards having smaller families, more women in the labor force and supermarket shopping have contributed to the demand for processed food in Singapore, e.g. ready to cook products.
  
  

• With the government policy of increasing the amount of land available for residential building, there will be continued public and private investment in housing construction and renovation. 
  
  

• Market for skin care products is expected to experience moderate growth over the next several years as consumer spending continues to increase especially among women. 
  
  

• The Philippines could take advantage of Singapore's uniqueness by promoting its service industries. This means providing an avenue for Philippine businesses abroad through a systematic organization of representative offices in the target market. Professional services, such as management consultancy, engineering, architecture, animation, among others, offer great potential to Philippine companies. 
  
  

• The DTI is focusing on gaming and animation work for creative media in addition to visual and the performing arts, to further promote services exports to Singapore. There is a strong demand for animated films for movie and television worldwide that offers attractive export opportunities for Philippine animation studios.
  
  

• The DTI is also targeting visual, sculpture, performing arts like theater, ballet, poetry, dance, music and the concert scenes. There is a perceived tremendous scope for cooperation and exchanges between the two (2) countries in this field. Exchanges in arts and culture will promote appreciation and business cooperation in this regard.
  
  Source: www.mti.gov.sg / www.iesingapore.com.sg

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1. http://www.mti.gov.sg - economic outlook; trade statistics. FREE access.
   
   

2. http://www.iesingapore.gov.sg - market and business opportunities. FREE access.
   
   

3. http://www.sedb.gov.sg - business requirements. FREE access.
   
   

4. http://www.sg - economic indicators. FREE access.
   
   

5. http://www.aseansec.org - trade statistics. FREE access.
   
   

6. http://www.adb.org - economic outlook; trade statistics. FREE access.

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