During the Philippines-Singapore Business Council (PSBC) meeting, Singaporean President Tony Tan Keng Yam announced that his country is conducting trade missions to the Philippines. Last year, government agency International Enterprise (IE) Singapore conducted seven missions to its neighboring country, according to Interaksyon.

Keppel Corp chief executive officer (CEO) and PSBC co-chairman Chin Hua Loh said seven Singapore-based companies are currently looking to invest in the infrastructure, transport, consumer services, and logistics sectors of the Philippines. These companies, who have joined Tan's visit, have been inspired by the success of Singaporean firms that have ventured in the Philippines. Breadtalk, SingTel, and Ascott are among those firms, the report detailed.

Loh said: "Likewise, Philippine iconic brands such as Ayala and Jollibee have made profitable inroads into the Singapore market.  With the Philippines' strong and steady economic performance in recent years, we expect more Philippine companies to do business in Singapore or to possibly collaborate with Singapore companies to enter another market."

Trade Secretary Gregory Domingo said investments between the two countries could still be increased. In 2013, Singaporean companies poured PHP9.24 billion into the Philippines, Interaksyon reported.