Singapore, Philippines ink agreements on carbon credits, healthcare workers

Singapore and the Philippines have agreed to strengthen cooperation on carbon credits and the development of healthcare workers, on the first day of President Tharman Shanmugaratnam’s state visit to the Philippines.

President Tharman and Philippine President Ferdinand Marcos Jr also undertook to strengthen and broaden the bilateral relationship, as the two countries celebrated the 55th anniversary of diplomatic ties.

At a joint press conference at Malacanang Palace on 15 August, Mr Tharman said Singapore believes in the economic potential of the Philippines, and that its companies are keen to invest in the archipelago.

“We see ourselves as a partner in the Philippines’ development in all aspects: economic development, sustainability, inclusive growth,” he said. “We see (you) as a partner for the long term.”

The two leaders had earlier witnessed the signing of two memorandums of understanding (MOUs), including one where both countries will work towards a legally binding implementation agreement for cross-border carbon credit transfers.
 

The Philippines has strong potential to tap carbon credits to unlock financing, such as through the carbon dioxide captured by its forests and oceans, said Singapore’s Ministry of Trade and Industry in a statement.

It may also tap transition credits, which arise from emissions reduced through a coal plant’s early retirement and replacement with cleaner energy sources.

The MOU is the Philippines’ first such agreement with any country, and is aligned with Article 6 of the Paris Agreement, an international treaty on climate change mitigation adopted in 2015.

Singapore has signed similar MOUs with countries including Laos, Cambodia, and Indonesia, and has also signed implementation agreements with Papua New Guinea and Ghana.

Companies are already lining up their projects to be able to take advantage of this pact once the implementation agreement is concluded, said Mr Tharman.

He cited Keppel and Temasek-owned investment platform GenZero, which are working with the Philippines’ Ayala Corporation to retire coal plants in South Luzon early to earn transition credits.

The other MOU on enhancing healthcare worker development was signed between Singapore’s Ministry of Health (MOH) and the Philippines’ Department of Migrant Workers.

MOH said the pact includes upholding fair treatment and promoting the welfare of Filipino healthcare workers in Singapore, and developing their skills to benefit the healthcare systems in both countries.

Mr Marcos noted that there are currently about 250,000 Filipino workers in Singapore, and that he is proud that they have contributed to both economies and societies while working in the Republic.

The agreement will balance the needs of both countries, protect these workers, and help them reintegrate into the Philippines once their contracts are up, he added.
 

Separately, Singapore will soon welcome a male Philippine eagle in efforts to establish a breeding pair at Bird Paradise.

This symbolises the countries’ shared commitment to conservation and biodiversity protection, said Mr Tharman during a toast at the state banquet hosted by Mr Marcos and his wife, Mrs Louise Araneta-Marcos.

Two eagles were loaned to Singapore in 2019, during the golden jubilee of Philippine-Singapore relations. But attempts to pair them were not successful. “It was a case of unrequited love,” quipped Mr Tharman.

The 19-year-old male eagle died in 2023 after succumbing to a severe respiratory tract infection.

The Singapore-Philippines relationship, on the other hand, is one that has been carefully nurtured over the years, by successive generations of leaders, he said.

Mr Marcos said relations have undergone “immense transformation” since they were established over five decades ago, and are today strong and multi-faceted.
 

Mr Tharman noted that besides talks about cross-border electricity trade and the need to work towards an ASEAN regional power grid, he and Mr Marcos also spoke about how the Republic can help with the digital transformation of the Philippines’ civil service.

“We’ve set a deadline for our officials to meet,” he said. “It’s a project that is of priority for the Philippine civil service, and we’re very keen to play our role.”

Earlier in the day, Mr Tharman and his spouse, Ms Jane Ittogi, visited the Jose Rizal Monument for a wreath-laying ceremony after they arrived in Manila.

Flags of Singapore and the Philippines lined the streets as the presidential convoy made its way to Malacanang Palace. On arrival, he was accorded honours that included a 21-gun salute, before he had a meeting with Mr Marcos.
 

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.