Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
SINGAPORE: Renewable energy and carbon credits are among 'priority areas for cooperation' for Singapore and the Philippines, Prime Minister Lawrence Wong said on Wednesday (Jun 4).
'Our joint initiatives will support our climate goals, boost energy resilience and unlock new opportunities in the green economy,' he said during his first official visit to the Philippines since becoming prime minister last year.
Mr Wong said he and Philippine President Ferdinand Marcos Jr discussed ways to build on and enhance cooperation between the two countries.
They agreed that it was important to expand collaboration in renewable energy, with Mr Wong noting that Singapore companies are interested in projects in the Philippines such as solar and wind projects.
'Such projects can generate economic opportunities for the Philippines while supporting the Philippines' renewable energy targets,' he said.
The two leaders also agreed to accelerate efforts to achieve a power grid for the Association of Southeast Asian Nations (ASEAN), an integrated system to enable power sharing and improve cross-border electricity trade.
'This will improve energy resilience in the region and support ASEAN's green transition,' said Mr Wong, who was making his first bilateral visit since this year's General Election.
For carbon credits, the two countries signed a memorandum of understanding last August, and officials are working toward finalising a legally binding Implementation Agreement aligned with Article 6 of the Paris Agreement.
'This will facilitate commercial participation in carbon credits projects, which can spur technology transfer, green investments and create good jobs,' he said.
President Marcos Jr said it is hoped that the early completion of the negotiation on carbon credits will result in climate-friendly actions and increased investments in related sectors.
That would create meaningful and sustainable livelihoods and business opportunities for both countries, and produce good sustainability outcomes for communities, he said.
Mr Wong gave a toast speech during the official dinner and also held a joint press conference with President Marcos Jr.
Earlier on Wednesday, Mr Wong took part in a wreath-laying ceremony at the Rizal Monument and received a ceremonial welcome at the president's official residence.
Singapore and the Philippines have strong economic ties, with bilateral trade amounting to S$19.1 billion (US$14.8 billion) in 2024. The Philippines was Singapore's fifth largest trading partner in ASEAN last year, and Singapore's investments in the Philippines range from real estate and hospitality to telecommunications, consumer goods and utilities.
Many Singapore and Philippine companies work together for mutual benefit in areas including logistics and digital infrastructure, said Mr Wong.
'In trade and investments … our links have continued to grow over the years,' he said. 'Singapore has consistently been one of the top investors in the Philippines, and that testifies to the confidence that businesses have in your economy.'
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