The Philippine-Singapore Business Council was launched on October 13, 1994 in Singapore in the presence of Philippine President Fidel V. Ramos and Singapore Prime Minister Goh Chok Tong.

The Council is composed of senior business executives from both countries and was established to promote cooperation on a regular basis between the business communities of the Philippines and Singapore. The Council's basic objectives are to identify and develop areas of cooperation between both countries' private sectors; to encourage and develop further investment in both the Philippines and Singapore; to encourage and develop trade links between both countries; to encourage joint exploration of business opportunities in third countries; to identify business opportunities, in particular small- and medium-sized enterprises; and to enhance networking, contacts, and exchange of information between the private sectors of both countries.

The Philippine-Singapore Business Council is co-chaired on the Philippine side by Mr. Guillermo O. Luchangco, Chairman of The ICCP Group, and on the Singapore side by Mr. Lim Chee Onn, Executive Chairman, Keppel Corporation Ltd.