PH, Singapore renegotiate tax deal to boost jobs, investments

The Philippines, through the Department of Finance (DOF), has begun negotiations with Singapore to update the 1977 Double Taxation Agreement (DTA) to meet modern economic demands and strengthen bilateral ties.

The move is part of President Ferdinand R. Marcos Jr.’s agenda to attract more foreign direct investments (FDIs) by enhancing investor certainty, reducing transaction costs, and enabling greater trade and technology transfer.

“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.

Recto emphasized that the review is timely given recent developments in international taxation, the strong trade and investment links between the two countries, and the presence of more than 200,000 Filipinos in Singapore.

The DOF 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.

Singapore Ambassador to the Philippines Constance See said, “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.”

She also noted that Singapore’s FDIs in the Philippines have grown by 14 percent over the past five years, reflecting continued confidence in the Philippine economy.

Both countries underscored their deepening partnership not only in trade and investment but also in security, defense, cultural exchanges, and people-to-people relations.

The Philippine delegation was led by DOF Assistant Secretary Dakila Elteen M. Napao, while Singapore’s team was headed by Inland Revenue Authority Assistant Commissioner Angela Ang.

Also present in the talks were DOF Assistant Secretary Euvimil Nina R. Asuncion, Bureau of Internal Revenue (BIR) Deputy Commissioner Larry M. Barcelo, and BIR International Tax Affairs Division Chief Robbie M. Bañaga.