In 1986, Philip Yeo was appointed executive chairman of the Singapore Economic Development Board (EDB), with the task of restoring the manufacturing sector, encouraging export-oriented services, and building up small and medium enterprises to counteract Singapore’s first recession. Due in large part to Yeo’s efforts, Singapore's economy was repaired and full employment restored by 1988. Energized by his success in turning the economy around and inspired by what he had seen in the U.S. on his 1987 Eisenhower Fellowship, Yeo longed to do more. In late 1989, he proposed to the Singapore Government the creation of a public research and development facility which could help to support the building up of private R & D capabilities. The National Science and Technology Board (NSTB) was established in early 1991. In 2001, as Executive Chairman at NSTB, Yeo refocused the NSTB in two key areas: biomedical sciences research and the development of human capital. The name of NSTB was changed to the Agency for Science, Technology and Research (A*STAR). A next-generation science park was soon formed: “Biopolis”, a three and half million square-foot complex of 13 integrated research buildings for biomedical research, which houses leading international pharmaceutical companies and researchers in genomics, nanotechnology, and bio-informatics. By 2015, One-North Complex house the seven and half million square-foot public and private research facilities of Biopolis and the Fusionopolis for the engineering sciences. In 2002 Yeo launched a billion Singapore dollars 10 year program to train 1,000 young Singaporeans in PhDs studies in Science, Technology, Engineering and Mathematics fields. From 2007 to date, Yeo is Chairman of Standards, Productivity and Innovations for Growth (SPRING) to support and develop Singapore's Small and Medium Enterprises and encourage Start-ups.