The Department of Finance (DOF) said the agreement, originally signed in 1977, needs to reflect the realities of today’s economy.
The review aligns with President Ferdinand R. Marcos Jr.’s agenda of attracting more foreign direct investments (FDIs) by providing greater investor certainty, lowering transaction costs, and fostering trade and technology transfer.
Modernizing a decades-old pact
“The DTA between the Philippines and Singapore has been in place for almost 50 years. It’s high time we recalibrate the terms to reflect the realities of today’s rapidly shifting global economy,” Finance Secretary Ralph G. Recto said.
He added that the revised terms would ensure fairness for both countries while promoting stronger investments that will generate more jobs for Filipinos.
Stronger ties with Singapore
The Philippines concluded the first round of negotiations on the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance from Sept. 2 to 4, 2025.
Singapore Ambassador to the Philippines Constance See said the review is “very important to increase the flow of trade and investment” and signals to businesses that both governments are committed to enhancing cross-border economic activity.
She noted that Singapore’s FDIs in the Philippines grew 14 percent over the past five years, underscoring confidence in the country’s growth story.
Filipinos at the center
Recto emphasized that the pact holds particular significance, given the presence of over 200,000 Filipinos living and working in Singapore.
The Philippine delegation was led by DOF Assistant Secretary Dakila Elteen M. Napao, while Singapore’s was headed by Inland Revenue Authority of Singapore Assistant Commissioner Angela Ang. Other Philippine officials included DOF Assistant Secretary Euvimil Nina R. Asuncion, BIR Deputy Commissioner Larry M. Barcelo, and BIR international tax affairs division chief Robbie M. Bañaga. — Ed: Corrie S. Narisma
