MANILA, Philippines — President Ferdinand Marcos Jr. welcomed Singaporean President Tharman Shanmugaratnam in Malacañang on Thursday where he reaffirmed his administration's continuing efforts to deepen and strengthen ties with the neighboring country.

Proof of this is the signing of two Memorandums of Understanding for trade and people-to-people exchange.

"As we have discussed before, Singapore continues to be an essential trade and investment partner of the Philippines, with Singapore businesses venturing into a wide sector of industries in the Philippines ranging from the hospital industry to the renewable energy sector," the President said.

The first document is the Memorandum of Understanding for Collaboration on Carbon Credits Under Article 6 of the Paris Agreement signed by the Department of Environment and Natural Resources (DENR) on behalf of the Philippine government and the Ministry of Trade and Industry of the Republic of Singapore

"Hopefully, with this memorandum, we will be able to incentivize both industries and individuals to actively work to reduce their carbon footprint, while allowing the government to mobilize financial resources to boost fiscal space," Marcos said.

The Memorandum of Understanding on the Recruitment of Filipino Healthcare Workers, on the other hand, was "achieved between the needs of the healthcare sector of both countries as well as the need for personal development and growth of our healthcare workers," the chief executive noted.

The MoU is the Philippines' way of expressing its confidence in Singapore's legal and judicial system, which will ensure that the rights, welfare, and well-being of Overseas Filipino Workers (OFW) will be protected as they pursue their careers in Singapore.

Apart from the two MoUs, Marcos also mentioned they touched on regional issues of mutual interest such as issues surrounding the South China Sea.

"So, we look forward to the opportunity to reaffirm our commitment to maintain and to promote peace, security, and stability in the region as well as our strong support to the peaceful resolution of any such disputes," the President said.

The President and First Lady Marie Louise "Liza" Araneta-Marcos led the arrival honors for Shanmugaratnam and his wife, Jane Ittogi Shanmugaratnam, at the Palace.

Among the Cabinet officials in attendance were Foreign Affairs Secretary Enrique Manalo, Executive Secretary Lucas Bersamin, Health Secretary Ted Herbosa, Environment Secretary Maria Antonia Yulo-Loyzaga, Migrant Workers Secretary Hans Leo Cacdac, and Communications Secretary Cheloy Velicaria-Garafil.

Prior to arriving at the Palace, the Singaporean leader offered a wreath at Dr. Jose Rizal's monument at the Rizal Park.

Shanmugaratnam's visit to Manila comes as the Philippines and Singapore celebrate 55 years of diplomatic relations.

Last year, the country's total trade with Singapore was at US$10.62 billion, with US$3.53 billion in exports and US$7.09 billion in imports.

In the same year, Singapore ranked as the country's 8th largest trading partner, 6th export market (out of 205) and 7th import supplier (out of 221).

Based on recent estimates, there are 200,000 Filipinos living and working in Singapore.