The Philippines and Singapore have officially launched negotiations to modernize their 1977 Double Taxation Agreement (DTA), aiming to align the decades-old treaty with current global economic conditions and deepen bilateral investment ties.
The Department of Finance (DOF) announced that the first round of talks took place from September 2 to 4, 2025, as part of the Marcos administration’s push to attract more foreign direct investments (FDIs) by improving investor certainty and reducing transaction costs.
“It’s high time we recalibrate the terms to reflect the realities of today’s rapidly shifting global economy,” said Finance Secretary Ralph G. Recto. He emphasized that an updated agreement would help stimulate job creation and economic growth by enhancing cross-border investment.
Recto also noted the agreement’s timeliness, citing recent global tax reforms and the strong economic ties between the two nations. Over 200,000 Filipinos currently reside in Singapore, further highlighting the importance of updated tax cooperation.
Singapore’s Ambassador to the Philippines Constance See welcomed the initiative, calling it a “very positive signal” to the business community. She noted that Singapore’s FDIs in the Philippines have grown 14 percent over the past five years.
Both governments reiterated their commitment to strengthening ties across trade, security, and people-to-people relations. The Philippine negotiating team was led by DOF Assistant Secretary Dakila Elteen M. Napao, with participation from officials of the Bureau of Internal Revenue, while the Singapore side was headed by Assistant Commissioner Angela Ang of the Inland Revenue Authority of Singapore.
The updated DTA is expected to curb tax evasion, eliminate double taxation, and foster a more competitive business environment for investors from both countries.
