Shangri-La Hotel, Singapore
19 November 2014

President Benigno S. Aquino III met with leaders from Temasek and the Government Investment Corporation (GIC), two of the biggest investment fund groups in Singapore.

The meeting aims to encourage more investments in the country since Temasek Holdings and GIC have existing business operations in the Philippines.

Temasek is an investment company based in Singapore and supported by 11 affiliates and offices in Asia and Latin America.As of 31 March 2014, the company owns a total of SG$223 billion (approximately US$175.95 billion) portfolio mainly in Singapore and Asia, covering industries such as financial services, telecommunications, media and technology, transportation, life sciences, consumer, real estate, and energy.

GIC’s private equity arm, on the other hand, is known for its strategic, long-term investments in East and Southeast Asia. Some of the recent investments of GIC in the Philippines include the following:

–       5.6% stake at BPI (12 Nov13)

–       P3.4B loan, with option to exchange to shares in Century Canning (02 May 2014)

–       14.4% stake in MPIC Hospital Group (16 May 2014)

–       P17.6 billion investment in Emperador, Inc. (07 November 2014)

Present during the meeting from the Temasek side were Lim Boon Heng, chairman; Lee Theng Kiat, president; Cheo Hock Kuan, strategic & public affairs senior managing director; Jeffrey Chua, managing director; Edphawin Eddy Jetjirawat, investments director and staff officer to president; and Law Heng Dean, strategic and public affairs associate director.

Officials from GIC included group president and chairman Lim Siong Guan, managing director & group chief investment officer Lim Chow Kiat and head of Asia Pacific equities Richard Chan Hiang Ngee.