The Philippines and Israel have vowed to strengthen bilateral economic relations by signing the Investment Promotion and Protection Agreement (IPPA), which could potentially bring the Philippines USD 150 million worth of investments from Israeli investors in 2022.
The IPPA covers national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investor-state dispute settlement.
The industries prioritized under the IPPA include agro-tech, life sciences and healthcare, water technologies, high-technology and semiconductors, cybersecurity, financial technology, defense industry, smart transportation, clean technology, smart manufacturing, and the diamond industry.
According to the Philippine Department of Trade and Industry (DTI) Secretary Ramon Lopez, “The Philippines eyes Israel’s expertise on innovation, especially in new and smart technologies that will bring about more competitive and efficient products. On the other hand, Israeli investors expressed interest in investing in the infrastructure, agriculture and water, and business process outsourcing (BPO) sectors in the Philippines.”
Notably, Israel ranked 34th as the Philippines’ trading partner, being the 39th export market and 31st import source.
(Sources: Philippines News Agency; Philstar.com)