The Philippines, through the Department of Finance (DOF), has begun negotiations with the Republic of Singapore to update the nearly five-decade-old 1977 Double Taxation Agreement (DTA) to keep pace with the demands of the modern economy and strengthen bilateral and investment relations that will translate to more jobs for Filipinos.
This is in line with President Ferdinand R. Marcos, Jr.’s agenda of attracting more foreign direct investments (FDIs) by enhancing investor certainty, lowering transaction costs, and enabling greater trade and technology transfer—all of which are expected to drive growth and create more opportunities for Filipinos.
“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.
“Sisiguraduhin ng DOF na magiging patas at pabor sa Pilipinas at Singapore ang kasunduang ito upang mas lumago ang ating investments na lilikha ng mas maraming trabaho para sa ating mga kababayan,” he added.
Secretary Recto stressed that the review is especially timely given significant developments in international taxation, the Philippines’ and Singapore’s robust trade and investment relations, and the presence of more than 200,000 Filipinos in Singapore.
The DOF successfully 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 September 2 to 4, 2025.
During the negotiations, Singapore Ambassador to the Philippines Constance See reaffirmed the positive and growing relationship between both countries, following the celebration of 55 years of diplomatic relations last year.
“Renegotiating the DTA will be very important to increase the flow of trade and investment and give a very positive signal to the business community that our governments share a commitment to enhancing the cross-border economic activity,” Ambassador See said.
The Ambassador reported that Singapore’s FDIs in the Philippines increased by 14% over the past five years, which reflects Singaporean businesses’ continued confidence in the Philippine growth story.
The Philippines and Singapore underscored their enduring partnership through stronger bilateral ties in trade and investment, security and defense, cultural exchanges, and people-to-people relations.
The Philippine delegation was led by DOF Assistant Secretary Dakila Elteen M. Napao, while the Singapore delegation was headed by Inland Revenue Authority of Singapore Assistant Commissioner Angela Ang.
DOF Assistant Secretary Euvimil Nina R. Asuncion, Bureau of Internal Revenue (BIR) Deputy Commissioner for Legal Group Larry M. Barcelo, and BIR International Tax Affairs Division Chief Robbie M. Bañaga also joined the negotiations.
