S'pore, Manila ink carbon credit, healthcare worker MOUS

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.

- Anjali Raguraman

President Tharman and Philippine President Ferdinand Marcos Ir 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 Aug 15, 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 developsustainability, inclusive growth," he said. "We see (you) as a partner for the long term." ment, 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.